3 ms·

It varies by location and by what we mean by rich. In New York, for example, you're totally right. But for most of America the model is country club + suburb, 6

by ericmay 6mo ago

It varies by location and by what we mean by rich. In New York, for example, you're totally right. But for most of America the model is country club + suburb, 6,000 sqft house with a pool, big public school district that is very well funded, SUVs, &c. for the "rich". And in some cities you actually have both. Where I live we have these big, wealthy suburbs (New Albany for example), Delaware County in central Ohio is one of the top countries by income in the whole country - all suburban. Yet we also have some absolutely fantastic and premier neighborhoods in the Columbus area with prices to reasonably match given the scarcity of actual neighborhoods and such, though I actually think the homes in these areas are a bit under-priced and the large suburban homes a bit over-priced.

RajT88 6mo ago
The suburban wealthy are a little more McMansion/nouveau riche. Some of these people meet a certain definition of "rich", as in they never have to worry about money. Most suburbanites are not rich by that definition, there's a mix of negative net worth "keeping up with the joneses" types and the single digit millionaires who are a little less flashy and careful with their money. A useful example - I knew a guy who lived in Naperville and owned an insurance company, drove a hot Jaguar and lived in a huge house. When the housing market crashed, he gutted it and sold off all the parts he could before the bank foreclosed on it.
- karlgkk 6mo ago
  As a SDM, something about being able to retire immediately changes you. That violently brings into focus a new most important aspect of wealth. I’m still working (I enjoy it!). But, having a job is no longer stressful. Small stuff completely doesn’t matter and big stuff barely moves the needle. I screw up at work? What are they gonna do, fire me? lol who cares. Doing salary or raise negotiations? Max the band out. What are they gonna do, not hire me? lol who cares. Rumors of layoffs? lol who cares.
  - ranger_danger 6mo ago
    What is SDM?
    - deleted 6mo ago
      [deleted]
    - karlgkk 6mo ago
      Single digit millionaire
lanthissa 6mo ago
in new york you're not remotely right. the suburbs around new york are some of the richest in the world. Scardsale, every town near the ct border, rye, huge parts of li, montclair nj and the towns around it. the average household net worth in westchester which is a huge county is $1m, thats on the same tier as wealthy parts of any major city. Sames true of the suburban sprawl of the bay area and dc.
- ghaff 6mo ago
  I'm not sure you're contradicting the parent. There are "elite" suburbs/coastal towns surrounding a lot of "elite" cities. There's something of a preference (and life stage) whether someone has a nice condo in a city or a nice suburban/exurban home (or admittedly both in some cases). The balance doubtless varies depending on the locale; there are some cities that aren't generally considered very desirable while some of thee suburbs/exurbs/nearby smaller cities are.
- lotsofpulp 6mo ago
  Net worth means little when you have to spend 2+ hours commuting via public transit 5 out of 7 days per week, so that you basically only live for weekends. Obviously, it's a choice to give up your 30s/40s for a secure 50s/60s or whatever, but the definition of "wealth" is not so clear to me in that scenario.
cmiles8 6mo ago
Have you been to NY? It’s both. There are wealthy folks in the city but also some of suburbs are also some of the wealthiest places on the planet. Folks forget that you drive 30 minutes from the city center and you’re basically driving through neighborhoods of $1M+ homes that go on for miles and miles. It flies below the radar, which is precisely why so many wealthy folks hang out there.
- mancerayder 6mo ago
  1M is not a lot of money for a home in the NYC suburbs, at least where the schools are OK. I'm referring to the nice NJ towns, Westchester, etc. 1M is also the price of a one bedroom apartment in the city of 8.6M. That is, if you don't want a 45 minute one way commute.
- ericmay 6mo ago
  Yes, many times. Usually at least twice/year since it's such a short flight from my home town. I can be in Midtown in about 3 hours from my front porch which is cool. The OP wrote this: > As an American, I don’t think of the suburbs when I think of rich people. Which, I think is still the case in NY. Upper East Side, Chelsea, West Village, wherever. $40 million apartments, billionaire's row.... when I think the suburbs yea there are wealthy people there but you're talking $1mm for a house or something. In Ohio $700k - $1mm is pretty common in the suburbs around Columbus (and the downtown neighborhoods). The prices are usually higher outside of the city. I think this is typical, whereas NY it's the opposite. It's a little distorted because NY is so wealthy that you see the suburban prices and it tricks you a little bit, but it's really an inside-out model there and most of America is still priced from the outside-in.

by ericmay 6mo ago

RajT88 6mo ago

The suburban wealthy are a little more McMansion/nouveau riche. Some of these people meet a certain definition of "rich", as in they never have to worry about money. Most suburbanites are not rich by that definition, there's a mix of negative net worth "keeping up with the joneses" types and the single digit millionaires who are a little less flashy and careful with their money. A useful example - I knew a guy who lived in Naperville and owned an insurance company, drove a hot Jaguar and lived in a huge house. When the housing market crashed, he gutted it and sold off all the parts he could before the bank foreclosed on it.

karlgkk 6mo ago
As a SDM, something about being able to retire immediately changes you. That violently brings into focus a new most important aspect of wealth. I’m still working (I enjoy it!). But, having a job is no longer stressful. Small stuff completely doesn’t matter and big stuff barely moves the needle. I screw up at work? What are they gonna do, fire me? lol who cares. Doing salary or raise negotiations? Max the band out. What are they gonna do, not hire me? lol who cares. Rumors of layoffs? lol who cares.
- ranger_danger 6mo ago
  What is SDM?
  - deleted 6mo ago
    [deleted]
  - karlgkk 6mo ago
    Single digit millionaire

lanthissa 6mo ago

in new york you're not remotely right. the suburbs around new york are some of the richest in the world. Scardsale, every town near the ct border, rye, huge parts of li, montclair nj and the towns around it. the average household net worth in westchester which is a huge county is $1m, thats on the same tier as wealthy parts of any major city. Sames true of the suburban sprawl of the bay area and dc.

ghaff 6mo ago
I'm not sure you're contradicting the parent. There are "elite" suburbs/coastal towns surrounding a lot of "elite" cities. There's something of a preference (and life stage) whether someone has a nice condo in a city or a nice suburban/exurban home (or admittedly both in some cases). The balance doubtless varies depending on the locale; there are some cities that aren't generally considered very desirable while some of thee suburbs/exurbs/nearby smaller cities are.
lotsofpulp 6mo ago
Net worth means little when you have to spend 2+ hours commuting via public transit 5 out of 7 days per week, so that you basically only live for weekends. Obviously, it's a choice to give up your 30s/40s for a secure 50s/60s or whatever, but the definition of "wealth" is not so clear to me in that scenario.

cmiles8 6mo ago

Have you been to NY? It’s both. There are wealthy folks in the city but also some of suburbs are also some of the wealthiest places on the planet. Folks forget that you drive 30 minutes from the city center and you’re basically driving through neighborhoods of $1M+ homes that go on for miles and miles. It flies below the radar, which is precisely why so many wealthy folks hang out there.

mancerayder 6mo ago
1M is not a lot of money for a home in the NYC suburbs, at least where the schools are OK. I'm referring to the nice NJ towns, Westchester, etc. 1M is also the price of a one bedroom apartment in the city of 8.6M. That is, if you don't want a 45 minute one way commute.
ericmay 6mo ago
Yes, many times. Usually at least twice/year since it's such a short flight from my home town. I can be in Midtown in about 3 hours from my front porch which is cool. The OP wrote this: > As an American, I don’t think of the suburbs when I think of rich people. Which, I think is still the case in NY. Upper East Side, Chelsea, West Village, wherever. $40 million apartments, billionaire's row.... when I think the suburbs yea there are wealthy people there but you're talking $1mm for a house or something. In Ohio $700k - $1mm is pretty common in the suburbs around Columbus (and the downtown neighborhoods). The prices are usually higher outside of the city. I think this is typical, whereas NY it's the opposite. It's a little distorted because NY is so wealthy that you see the suburban prices and it tricks you a little bit, but it's really an inside-out model there and most of America is still priced from the outside-in.