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How would you explain that? Most people I know (NYC Metro Area low 6 figure earners) who aren't, are getting a monthly stipend from their parents People get hi
by shmatt 4y ago
How would you explain that? Most people I know (NYC Metro Area low 6 figure earners) who aren't, are getting a monthly stipend from their parents
People get high paying jobs then rent a 1br for $4,000 (at that price its not even that nice a 1 br)
Yes they could make $120k and live with room-mates, but how many Americans do something like that?
- fragmede 4y agoIn San Francisco, roommates are expected, and many even actually like it, with community events and such.
- anonymouskimmer 4y agoAnd you can still get a 1 bedroom within commuting distance for less than $2k.
- ch4s3 4y agoYou're talking about one of the 5 highest cost of living cities in the WORLD, that goes out of it's way to make housing more scarce and more expensive. This doesn't generalize to the rest of the country.
- anonymouskimmer 4y agoI would attempt to explain the "living paycheck to paycheck" issue for higher earners by saying that many of them are putting most of their excess monthly pay into retirement savings. If they had instead put that excess monthly pay into a regular savings account that they could easily withdraw from without penalty, they'd have a lot less paper wealth, but would also technically no longer be "living paycheck to paycheck". To avoid this distortion voluntary retirement savings should be treated as regular savings in the "paycheck to paycheck" calculation. As an aside: $100k+ has been used as a benchmark for higher earners for years now. It's probably time to bump it to $150k or so.