Re:Wealth is what you don't spend
by 3fe9a03ccd14ca5 on Saturday January 25, 2020 @02:16PM
(#22148022)
> That includes everything from married couples with kids in expensive cities to young single professionals in low cost cities.
Why do people keep writing stories like this without taking into account the city/local cost of living and inflation? It makes no sense!
Just yesterday there was a story about a 30 something year old who came out of early retirement because he couldn’t make it on 280K a year of passive income and everything in the article can be fixed by moving out of SF.
It doesn’t make any sense to talk about “budgeting” with a household income of $60,000. That includes everything from married couples with kids in expensive cities to young single professionals in low cost cities. It makes more sense to look at median income by household type: https://www.census.gov/content/dam/Census/library/publicatio...
As to geography, the states with a median income around the national median are Oregon, Wyoming, and Wisconsin. These are places where a family home can be bought for well under $300,000.
Additionally, the statistics include households of all age groups, including young single people. The median income for a family household is $80,000. For married couples it’s $93,000. For a family of 4 in Wisconsin, the median was $89,000 in 2017.
As to health insurance: In the $50-75k demographic, 90% of people are insured, so the cost of birth is covered by insurance. (Most children are born to lower income people, for whom Medicaid is available. Half of all births are covered by Medicaid.)