this post was submitted on 03 Jul 2023
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“Six figures.”
Can we retire this phrase? A lot of these people are earning multi-hundred-thousand dollar salaries. And many of them live in expensive areas where $100k is not some magic number that means you’re rich.
It’s just such a cringey phrase. Not specific enough to be useful, and loaded with economic misconceptions.
Agreed. Between my wife and I we gross close to 200k. With a house in a Boston Suburb and 2 kids, it’s solidly middle class. Certainly a far cry from rich.
I think that’s far from Tesla money. I drive a 10 year old VW (Passat) and she drives a 4 year old Honda (Odyssey).
Do you own the house?
Yes (mortgage) but even that was a bit of luck/circumstance. I’m the only child of an only child…when my grandmother died I bought out her house from the estate at a really good price.
Stayed there for five years and poured in a bit of sweat equity.
When we sold it went for over double what we paid. Our new house isn’t anything special (4bed/1.5 bath, 1100sqft 1970s cape-style), but it’s already risen in value nearly 50% since we bought it.
We also refi’d last year. My wife wants to move back to RI and closer to family, but even a lateral move (similar home, similar neighborhood, similar value) would still cost much more than I’d want to pay due to the higher interest rates.
Honestly if it weren’t for my grandmother dying I’d probably still be renting. I have no idea how people afford down payments while also renting and living a life.
Especially in a HCOL area. We aren’t “truly” a Boston Suburb. We are outside the 495 belt and closer to Providence. Still doesn’t keep my modest house from being worth close to half a million now.
The use of “six figures” as a measure of affluence goes back to at least the 60’s… if we use 1970 as a baseline, a salary of $100,000 then is $800,000 today, accounting for inflation.
Inflation isn’t the whole picture , but helps to demonstrate how dated the phrase is.
This is interesting, thank you for this. Makes me feel less bad
Agreed!