<p>what income bracket do you generally consider is upper middle class? what about middle class? poor? just wondering</p>
<p>Wikipedia states:</p>
<p>Though net worth usually determines social class, incomes between $20,000 and $75,000 are generally considered middle class. Most economists define "middle class" citizens as those with net worths of between $25,000 (low-middle class) to $250,000. Those with net worths between $250,000 and $500,000 typically are categorized as upper-middle-class.</p>
<p>Middle Class are those that have enough money to not qualify for grants and financial aid, but not enough to pay for everyhting outright.</p>
<p>Is $500,000 really upper-middle class?</p>
<p>Excellent. I agree completely. :)</p>
<p>citygirlsmom, are you talking about my house?</p>
<p>I'd disagree about 250-500k as upper middle class. That bracket shoudl be cut off at maybe 350k whihc is already stretching it.</p>
<p>If we're talking about net worth, below $500,000 is not upper middle class. Income of $300,000-$500,000 is upper middle class. Most people with this income would have a net worth of several to many million.</p>
<p>Sorry, but an income of 300k-500k is upper class unless you have terrible money management skills.</p>
<p>What is upper class and what is upper middle class ohnoes? Almost no one becomes wealthy over time on incomes under $500,000/yr. A lot depends upon where you live. Im LA, $300,000/yr dosen't alalow you to live anywhere close to a "top" neighborhood. Nor does $500,000. In most of the country, you'll live well but still never become rich as investment vehicles that make you wealthy tend to need a minimum of $1 million in cash investment. My kids have a hard time understanding this, so I suspect most do.</p>
<p>My family cannot even approach the numbers you cite, yet we live in an affluent Boston semi-burb. It's all about money management. Spending needn't scale with income.</p>
<p>I grew up in a household with less than $10,000/yr, so I understand. Yet to be really upper middle class today, it requires hundreds of thousands of dollars.</p>
<p>"Income of $300,000-$500,000 is upper middle class."</p>
<p>That seems odd. Only 5% of households bring in more than $150,000. <a href="http://www.census.gov/hhes/www/income/histinc/h01.html%5B/url%5D">http://www.census.gov/hhes/www/income/histinc/h01.html</a></p>
<p>"Individuals within [the upper middle class] typically make between $75,000 and $200,000 per year."</p>
<p><a href="http://en.wikipedia.org/wiki/Class_in_the_United_States%2C_circa_2004%5B/url%5D">http://en.wikipedia.org/wiki/Class_in_the_United_States%2C_circa_2004</a>, go to "Five-Class Model"</p>
<p>who in here even makes more than 500K?</p>
<p>Less than $500,000 I would not say is upper-class. I agree with kirmum that even with having an income of $450k, you cannot spend it frivolously as "upper-class" defines, such as making investments on Private Amtrak coaches, coach buses etc. Middle class involves a wide-spectrum of the US. The spectrum of income isnt divided up proportionately that 33.3% of America is lower, middle, and upper. I wouldn't classify more than 3-4% of the US as upperclass.</p>
<p>As for who makes over 500k, I know a number of people at my school whose parents make that amount. Although it is 1 school, I can guarantee you that there are handful of areas out there where 500k income is common.</p>
<p>For me, upperclass means buying a Ferrari Enzo or Bugatti Veyron without breaking a sweat.</p>
<p>I would hardly categorize an annual income of $75000, or even anything under $200,000 as upper-middle class. Yall do realize this income is before all income tax where it can go as high as 35%. Having an income of $500,000 per year may allow you to live comfortably, but I would not say luxuriously.</p>
<p>For me, upperclass means buying a Ferrari Enzo or Bugatti Veyron without breaking a sweat.</p>
<p>ahh, but no one (not even super-ridiculously rich) could just go out and buy a Ferrari Enzo. Ferrari hand-picked who it sold each Enzo to - you had to get an invitation from the company to have the privilege of paying $700,000 for one of only 399 built.
and who would want the ugliness that is the Bugatti :)</p>
<p>"Having an income of $500,000 per year may allow you to live comfortably, but I would not say luxuriously."</p>
<p>I live in a very affluent neighborhood consisting of the millburn/short hills/livingston/summit area in nj so i see my fair share of wealthy families and such and i can tell you right now 500,000k a year WILL allow you to live very very comfortably. I don't understand how many of you say you can't live luxuriously with a 500 grand income. either you guys are super rich and think 500 grand is nothing or you guys have terrible money management skills. my parents make a pretty good salary (not quite as much as 500 grand) and i would say I'm fortunate enough to live a very comfortable life. they're paying for college in full without any loans or anything (NYU no less), they drive nice cars, big house etc......if that's only living "comfortably" then what do you classify people with sub 100 grand incomes as? IMO, I think anyone with a six digit salary can live comfortably as long as they manage their money well and not spend frivolously on unecessary things.</p>
<p>"For me, upperclass means buying a Ferrari Enzo or Bugatti Veyron without breaking a sweat."</p>
<p>David Tepper (CMU Tepper School of Business) lives in my town and I can assure you after going to their house for a grad party, he doesn't own a ferrari or bugatti of anykind. Guess it means he's not upper class.</p>
<p>Those numbers seem big. I live in a pretty snooty Boston suburb, one that I'd classify as half upperclass, half upper middleclass, and I live on the middleclass side of it, and my parents make nowhere NEAR $200k, and housing here's insane--not as bad as LA, but bad--so I think that seems like a lot...</p>
<p>Nom: where do you live? North shore or south?</p>