What counts as rich?

number55 · December 2011

LINK to the article...apparently $150k a year is what most people consider to be rich.

I think cost of living in an area has to come into play. $150k in some areas definitely doesn't go as far as other areas...I mean, its a lot of money, but in some areas you would be loaded and in others you might just get by.

Thoughts?

This is a P&R, going to workout...

NJhousewife22 · December 2011

$150k seems low to me and what we make and we definitely aren't living large. Location for sure has a lot to do with it, we are just outside NYC and $150k isn't going that far in this area.

I'd say $250k is where I'd start to feel "comfortable".

[Deleted User] · December 2011

$150K for us would be rich. I can't even imagine making that kind of money. But for others I know, it wouldn't be due to different COL. It definitely depends on where you live and your standard of living.

anna.oskar · December 2011

I think rich is definitely defined by area but generally means to me that you'll always have more than enough money for any of life's unexpected expenses (water heater blows, must have a new car), enough money to adequately support all the things you wish(charities, college funds, investments), and still have enough money left over that you wouldn't need to save up and could just go on impromptu trips to anywhere.

150k out here IS rich. Heck, over 80k household probably is.

lbarr088 · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:caecdb22-37c2-43d3-96fd-5b024a587fb1">Re: What counts as rich?</a>:
[QUOTE]I think rich is definitely defined by area but generally means to me that you'll always<strong> have more than enough money for any of life's unexpected expenses (water heater blows, must have a new car), enough money to adequately support all the things you wish(charities, college funds, investments), and still have enough money left over that you wouldn't need to save up and could just go on impromptu trips to anywhere.</strong> 150k out here IS rich. Heck, over 80k household probably is.
Posted by anna.oskar[/QUOTE]

This exactly!

alynne1113 · December 2011

I think to be rich we would need around $250k a year.

Girlie1030 · December 2011

$150k in my hometown would be considered wealthy, down here it's above average but I wouldn't think it qualifies for rich status. I also don't feel it can be based soley on income as people who make $75k can be much smarter with their money than those that make $200k and and at the end of the year have a lot more in the bank than those who are considered "rich".

alynne1113 · December 2011

For the girls whose areas where $150k a year is rich how much would a normal, average home cost? (like 1600 sq ft 3 bed 2 bath is average to me and probably 400+k here)

[Deleted User] · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:d16ca343-3649-4571-b235-6e97017ddc0e">Re: What counts as rich?</a>:
[QUOTE]For the girls whose areas where $150k a year is rich how much would a normal, average home cost? (like 1600 sq ft 3 bed 2 bath is average to me and probably 400+k here)
Posted by alynne1113[/QUOTE]

It depends on the area. In the ritzy or historic parts of town, upwards of $250K, if not more (paying for location mostly). In other parts, $100-150K. It's really hard to say because the areas are so different. There is no normal or average price range, from my searches.

J&K10910 · December 2011

Living the in midwest, I don't consider that rich at all.

For reference, a 1600 sq ft 3bed 2ba in a good neighborhood here would be around $175k, as low as 125-150k in a crappy neighborhood. Up to about $200k for a brand new, pimped out house on a really large lot in a more exclusive neighborhood.

DNAtime · December 2011

Definitely not around here. We aren't as inexpensive as some places but not as much as other major metropolitan areas.

What I find interesting about this article is that based on current income, people have a different perspective of what the "rich cutoff" is. I really believe this is true. I feel like people always want a little more than what they have. Not in a really greedy way but I think most people (unless you a like loaded) could use a little more income. I was just thinknig about how it would be nice to put some more money for an emergency fund and a vacation fund at the same time, or buy a new car.

alynne1113 · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:72a403d4-c07b-499f-b0dc-25ee52d56c40">Re: What counts as rich?</a>:
[QUOTE]In Response to Re: What counts as rich? : It depends on the area. In the ritzy or historic parts of town, upwards of $250K, if not more (paying for location mostly). In other parts, $100-150K. It's really hard to say because the areas are so different. There is no normal or average price range, from my searches.
Posted by Seshat411[/QUOTE]
That makes sense on why $150 would be considered rich, you could probably buy a house cash In one-two years!

I work in a town about 30 min from a big city so I know in the city it would be a huge difference in price between neighbourhoods. But in my town you can't even buy a condo for $150k.

Steph0871 · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:d16ca343-3649-4571-b235-6e97017ddc0e">Re: What counts as rich?</a>:
[QUOTE]For the girls whose areas where $150k a year is rich how much would a normal, average home cost? (like 1600 sq ft 3 bed 2 bath is average to me and probably 400+k here)
Posted by alynne1113[/QUOTE]

<div>Our house was $127k, 1900+sqft, 3 bedrooms, 2 bathrooms, and about 1/3 acre of land. That being said, we got a fantastic deal, and we're not in the best area. (It's safe, but just an older area of town.) 15 minutes away, $250k wouldn't have gotten us a house this size with half the yard.</div><div>
</div><div>To the original question... $150k would probably be upper middleclass here. I wouldn't consider it rich though.</div>

anna.oskar · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:d16ca343-3649-4571-b235-6e97017ddc0e">Re: What counts as rich?</a>:
[QUOTE]For the girls whose areas where $150k a year is rich how much would a normal, average home cost? (like 1600 sq ft 3 bed 2 bath is average to me and probably 400+k here)
Posted by alynne1113[/QUOTE]

My last house was a 1300sq ft, 3 br, 1 1/2 bath that I bought at 87k and after reno is worth 134k.

Our current house Is 1900 sq ft liveable(i think), in a great neighborhood and is valued now at around 190k

lindseyann410 · December 2011

Ha..I'd feel rich at about $75,000. We make less than $50,000 combined right now, and that's in actual "careers" that require degrees. Still, we're basically living paycheck to paycheck with paying for basic living expenses and putting a tiny amount into savings.

$150,000? I wouldn't even know what to do with myself. I'm lying; I'm sure I could find plenty of ways to spend it.

I guess it all depends on your area's cost of living and what you consider to be a comfortable living.

azdancer8 · December 2011

$100K gets you a pretty decent house around here. I don't know what I would define as "rich" but I always thought my parents were very well off with $150-200K salary per year.

I've been reading the MSN articles about "we are the median". I would LOVE to be earning a combined $50K right now. DH and I base our budget off of about 18K per year, and actually spend less than that. It's quite a change from the lifestyle I grew up with.

arwo · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:a0eaa352-a2b3-4542-aef9-d9a8ba6f1ebe">Re: What counts as rich?</a>:
[QUOTE]Living the in midwest, I don't consider that rich at all. For reference, a 1600 sq ft 3bed 2ba in a good neighborhood here would be around $175k, as low as 125-150k in a crappy neighborhood. <strong>Up to about $200k for a brand new, pimped out house on a really large lot in a more exclusive neighborhood.</strong>
Posted by J&K10910[/QUOTE]

Woah. That's crazy cheap for Seattle. Houses in my neighborhood are in the million dollar range. (I live in an apartment.) Granted, I live in a pretty nice neighborhood, right in the city, but that would be insanely cheap for a house here. There are are nice condos in my neighborhood that cost more than $200k!

Still, I think we'd be really comfortable making $150k/year, especially if we kept living in the same apartment and didn't buy a car. We would be able to have California Closets come and make us closets!

SEWF · December 2011

I'd love to make $150k a year!

I think it varies even between areas of town. In the suburbs, it wouldn't get you far. In the heart of town, in some of the "bad" areas, it would be spectacular.

Although KC is weird in that you can be in a $500,000 dollar home area, drive two blocks, and be in the crime center of the city. Walking around can be complicated and dangerous sometimes.

J&K10910 · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:62c154c9-eef8-4dc2-a280-9a1f7415e1a3">Re: What counts as rich?</a>:
[QUOTE]In Response to Re: What counts as rich? : Woah. That's crazy cheap for Seattle. Houses in my neighborhood are in the million dollar range. (I live in an apartment.) Granted, I live in a pretty nice neighborhood, right in the city, but that would be insanely cheap for a house here. There are are nice condos in my neighborhood that cost more than $200k! Still, I think we'd be really comfortable making $150k/year, especially if we kept living in the same apartment and didn't buy a car. We would be able to have California Closets come and make us closets!
Posted by arwo[/QUOTE]

Yeah, we have major sticker shock watching shows like Property Virgins and seeing people in places like Boston and Toronto paying half a mil for a freakin' one bedroom condo.

J&K10910 · December 2011

Milwaukee is the same way, SEWF. It's rather bizarre.

Steph0871 · December 2011

If H and I made $150k/yr, we'd be able to pay off our debt and live much more comfortably. We'd probably upgrade our house a little. (It's big enough, but I'd love to have a newer house and/or move to a nicer neighborhood.)

alynne1113 · December 2011

Are vehicles cheaper in your guys area too? Cause our two main vehicles cost 75K together, and neither are fancy smansy imo.....

Nebb · December 2011

I would consider 100-250K a year "well off", anything above that is rich IMO.

anna.oskar · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:33c2209e-3cd3-44db-b805-cdd21c8b5173">Re: What counts as rich?</a>:
[QUOTE]Are vehicles cheaper in your guys area too? Cause our two main vehicles cost 75K together, and neither are fancy smansy imo.....
Posted by alynne1113[/QUOTE]

I couldn't say. I drive an old blazer that I bought a decade ago for 1k. I can't get rid of a car if it still runs well.

Steph0871 · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:33c2209e-3cd3-44db-b805-cdd21c8b5173">Re: What counts as rich?</a>:
[QUOTE]Are vehicles cheaper in your guys area too? Cause our two main vehicles cost 75K together, and neither are fancy smansy imo.....
Posted by alynne1113[/QUOTE]

<div>I didn't think cars varried?</div><div>
</div><div>My 2008 Ford Fusion was about $19k when I bought in almost new... it had 3,000 miles.</div>

J&K10910 · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:b2999bf5-5cc8-4a53-bb81-db0e5e8b45ab">Re: What counts as rich?</a>:
[QUOTE]In Response to Re: What counts as rich? : I couldn't say. I drive an old blazer that I bought a decade ago for 1k. I can't get rid of a car if it still runs well.
Posted by anna.oskar[/QUOTE]

Your Blazer still runs well? You're lucky. Ours is a money pit.

alynne1113 · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:b2999bf5-5cc8-4a53-bb81-db0e5e8b45ab">Re: What counts as rich?</a>:
[QUOTE]In Response to Re: What counts as rich? : I couldn't say. I drive an old blazer that I bought a decade ago for 1k. <u>I can't get rid of a car if it still runs well.
</u>Posted by anna.oskar[/QUOTE]

I completely agree, unless of course, the gas costs more a year than a new vehicle as in the case of our old truck! (ok exaggeration a bit)

J&K10910 · December 2011

Well I got my Highlander for almost 7K under blue book value, but that's not the norm.

Steph0871 · December 2011

Yeah. I had my 95 Saturn (that we paid $2k for in 2001) up until I traded in for my Fusion. I still got $1k for it. Best $1k I've ever spent. I miss the gas mileage on that thing, too.

J&K10910 · December 2011

Though, I do think used cars are probably a little cheaper here, but I don't think that has to do with the COL as much as the climate. Here, a 10 year old vehicle is more likely to have rust, been in an accident, etc, than a 10 year old vehicle in...say Arizona.

anna.oskar · December 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_counts-rich?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:85b8dda9-c2b6-4f94-87d8-07bb358c7f66Post:cbd566d3-a5fa-4e8a-b16f-2205b2c642b9">Re: What counts as rich?</a>:
[QUOTE]In Response to Re: What counts as rich? : Your Blazer still runs well? You're lucky. Ours is a money pit.
Posted by J&K10910[/QUOTE]

Really? I've only put maybe 1k into it in ten years, runs great, currently sitting at 256k miles, and the only thing wrong with it is that the rear wiper's washer fluid doesn't spray.

Part of my 101 things in 1001 days list is learning to do all my own vehicle repair.

What counts as rich?

Re: What counts as rich?

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