Upper Middle Class Income in your area?
- Thread starter The Critic
- Start date
Have relatives in the Bay Area who purchased their house in the 60s and 70s. One elderly relative just recently sold their 1967 purchased home for 83 times what they paid for it back in 1967, and it's not even in a good area (East San Jose). Her husband died and she moved into a smaller place that had AC and was nearer to adult children.
CPI Inflation Calculator
www.bls.gov
This shows a buck in 1967 inflates to $8.18 today. So beating inflation by 10x. Nice!
2019/20 census lists $157,768 as the median household income.
Owner occupied housing rate is 92.9%.
Median price of owner occupied housing is $771,400.
JHZR2
Staff member
That’s right about the same as the umc areas here. I don’t believe it one bit.
The legal definition is "household", meaning people who live together sharing income and expense.
Not sure if you're quoting that right, must be some other qualifier as 92.9% is too high unless there's typo somewhere. About 68.5% according to this site and other census publications.
U.S. homeownership rate 2023 | Statista
The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011.
www.statista.com
Median is interesting though, remember it's half is above and half below which is different than the average.
But what is the mode value, to get to the meat of the matter.
About 80-100k per household per year here. That's enough to pay the rent or an existing mortgage, keep good cars, and have a little fun. But like everyone says the bump to get pretty nice property in this market would need an additionally crazy income, probably 200-250k. We've got a lot of WFH people parachuting in and buying stuff up, so... gentrification.
I own my house outright so might qualify as "upper middle" on that, but that's an asset, not an income level. And I can't do anything with it without being homeless. Shudder to think that "not homeless" is a quantifier for upper middle class.
I own my house outright so might qualify as "upper middle" on that, but that's an asset, not an income level. And I can't do anything with it without being homeless. Shudder to think that "not homeless" is a quantifier for upper middle class.
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JHZR2
Staff member
Not sure if you're quoting that right, must be some other qualifier as 92.9% is too high unless there's typo somewhere. About 68.5% according to this site and other census publications.
U.S. homeownership rate 2023 | Statista
The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011.
Median is interesting though, remember it's half is above and half below which is different than the average.
That’s across the country. The inner cities versus high-income areas vs low income areas are all going to vastly differ.
Yeah, that must be local to a metro area. You'll have high ownership occupation rates where the rents give you a low capitalization rate. Not good for an investment if you only make a few percent return on investment or if it's negative. On the other with hand owner occupied properties, they can pay way over market because they're living in it.
It is a town of about 12k people and we have very few rental homes. I think there is only one apartment complex.Not sure if you're quoting that right, must be some other qualifier as 92.9% is too high unless there's typo somewhere. About 68.5% according to this site and other census publications.
U.S. homeownership rate 2023 | Statista
The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011.
Median is interesting though, remember it's half is above and half below which is different than the average.
Where can you find this type of information?
My previous figures were from the census.gov website.
JHZR2
Staff member
Which I can’t believe if you at least live as UMC in the nice inner ring suburbs of NYC and Philly.
$75k will keep a married couple with no kids comfortable around here, $80-100k will keep a family of 4 pretty happy if you aren't stupid with your money. Upper middle class is probably in the $150-200k and that would get you a second cabin on one of the smaller lakes or a piece of hunting property to go along with your 2500-3000sf house again if you aren't stupid with your money.
Oh you can believe the information from the government. Never believe someone else reporting the information from the government. Trust but verify. Very easy to leave out important information such as the area that it is referring to. The information was incomplete which would have given you the wrong impression if you don't dig deeper. The government is actually one of the few organizations that actually collect that type of information but of course it's only going to be as accurate as the people reporting it. Like some owner occupancy information is derived from mortgage application and some people just lie on those and say they're going to live it in when they're planning to rent it out where as census questions might actually just be whether you live in the home you own.
Curiosity how far in from coast of ME are you?
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