How can rates go up?
according to the U.S. Federal Reserve data, while the median price of all U.S. homes rose to a record $353,900 in October, the National Association of Realtors reported, 13.1 percent higher than just a year earlier.
Housing should take no more than 30 percent of a household’s gross income, economists like to say.
Using that guideline, a family or individual would need an annual income of $144,192 to afford to own a home, more than twice the U.S. median income of $69,178
The New York Times did a really interesting study back in 2017 where they analyzed how wealthy the average student at a particular college is by looking at millions of anonymous tax returns and tuition records. I attached the link to all the data at the end of the post.
WashU took first place with the median student coming from a family that earns $272K annually.
Some of the other notable top private college and big state schools are below:
*Keep in mind the US national median household income is $68,000 & poverty threshold is $26,200.
Georgetown ($229,100)
Tufts ($224,800)
Vanderbilt ($204,500)
Brown ($204,200)
Dartmouth ($200,400)
UPenn ($195,000)
Boston College ($194,100)
Yale ($192,600)
Duke ($186,700)
Princeton ($186,100)
Johns Hopkins ($177,300)
Northwestern ($171,200)
Harvard ($168,000)
Stanford ($167,500)
USC ($161,400)
UVA ($155,500)
CMU ($154,700)
UMich ($154,000)
Cornell ($151,600)
Columbia ($150,900)
Northeastern ($150,900)
NYU ($149,300)
Boston University ($141,000)
Emory ($139,800)
MIT ($137,000)
UNC ($135,100)
UChicago ($134,500)
UC Berkeley ($119,000)
University of Florida ($106,700)
Ohio State ($104,100)
UCLA ($104,000)
Rutgers ($103,500)
Penn State ($101,800)
Indiana U ($95,800)
U Wisconsin ($95,700)
UC Davis ($95,400)
Stony Brook ($88,300)
UCSD ($82,000)
UC Riverside ($68,700)
UC Merced ($59,100)
Also some Liberal Arts Colleges (LACs) for those of you attending or interested:
Colgate ($270,200)
Washington and Lee ($261,000)
Middlebury ($244,300)
Colby ($236,000)
Davidson ($213,900)
Kenyon ($213,500)
Hamilton ($208,600)
Skidmore ($208,000)
Bucknell ($204,200)
Claremont McKenna ($201,300)
This is the link to all the data: https://www.nytimes.com/interactive/projects/college-mobility
You can search for your college on the above page.
On a related note, check out this link as well:
This is another related article from NYT and it records where children from the top 1% went to college. NYU was the most popular place for the top 1% to attend, with USC and UPenn following as second and third. BC, Vanderbi
... keep reading on reddit ➡
u/Airjordanshoe2 made a (now removed) post asking about "social classes" for a single person in the United States. This was removed as it wasn't really relevant to r/Bankruptcy. However, one thing that is relevant to both u/Airjordanshoe2 and this subreddit is Median Income. Median income may be used as part of qualifying for a Chapter 7 bankruptcy. The data comes from the census bureau and is based on median family income by family size. Generally (although, not always) if someone earns below median income, even if by only $1.00, the courts will say there is no presumption of abuse (i.e., it's ok) for that person to file a Chapter 7 bankruptcy and not repay any of their creditors. You can find a listing of median income for cases filed after May 15, 2021 here.
Real median family income:
Eisenhower: Start: 35,650 End: 42,574 Overall Growth: 16.26%
JFK: Start: 42,574 End: 45,733
LBJ: Start: 42,574 End: 55,745
Nixon: Start: 55,745 End: 60,493
Ford: Start: 60,493 End: 61,281
Carter: Start: 61,281 End: 62,275
Reagan: Start: 62,275 End: 67,072
George HW Bush: Start: 67,072 End: 65,508
Bill Clinton: Start: 65,508 End: 75,526
George W. Bush: Start: 75,526 End: 73,320
Barack H. Obama: Start: 73,230 End: 77,459
Trump (only to 2019) Start: 77,459 End: 86,011
Source: https://fred.stlouisfed.org/series/MEFAINUSA672N
I can't help but feel a little drained just thinking about that. What do we do as Millennials? My parents never made that kind of money and I make more than that and I'm STILL feeling like I have no shot at home ownership, like zero. My income is too high for a lot of the government subsidized programs, but it's too low to qualify for a mortgage.
Feels like I'm stuck in the mud, and my wheels are spinning.
Sorry for the rant. Feeling a bit frustrated.
This might be an r/AskTO thread, but I wasn't exactly sure if mods could please clarify. Thanks!
Edit: WOW!! I didn’t expect this much discussion, it seems like a lot of us are in the same situation, the participation and upvotes clearly indicate that
My friends talk about their ~60k salaries like its giving them a hand-to-mouth existence.
But according to the 2019 census, the median NJ income is $38,238 $42,745 and median household income is $82,545. I imagine its become even more of a struggle since the pandemic.
How does anyone afford to live here when the median cost of a home is $397,900, estimated monthly apt rent is $1,100, and we have one of the nation’s highest cost of living?! How are yall putting anything in savings?!
Source: https://www.census.gov/quickfacts/fact/table/NJ/SBO001212, https://www.bestplaces.net/cost_of_living/state/new_jersey, https://livingwage.mit.edu/states/34
Hello! So, I am doing a write-up on the participants sections. It's got your basic demographics information: Gender I used the N of each ( x male y females). Age I used M, SD and range. Sexual orientation and race/ethnicity I used percentage. But I'm wondering, for family income should I use median? (30k-50k,51k-65k, etc.) Would I be leaving out too much information about the other income groups? Should I include a figure of income distribution or is that overkill?
I'm sure I am overthinking this, but any help would be greatly appreciated :)
PS If I do report median is there a symbol you should use in the write-up? Like "M" is Mean "SD" is standard deviation....
Is this some propaganda piece trying to normalize that extremely low average salary or just an idiot who needs to do more research?
https://www.marketwatch.com/story/the-highest-paid-job-in-america-pays-200-000-and-the-number-of-job-openings-are-growing-11642009851
“The highest-paid job Now for the $200,000 question: The Bureau of Labor Statistics lists physicians as the “highest paid occupations” in the country, citing psychiatrists, obstetricians, gynecologists and surgeons among the best paid.
They make a median salary of $208,000 a year with 3% growth over the next decade, equivalent to approximately 24,800 jobs. That salary is equivalent to roughly 3 times the annual median wage.”
If billionaires are getting their money by stealing wages from workers, how come workers are richer where there are more billionaires and poorer where there are fewer of them?
Shouldn’t these be inversely related?
https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_income
https://en.wikipedia.org/wiki/List_of_U.S._states_by_the_number_of_millionaire_households
https://en.wikipedia.org/wiki/List_of_U.S._states_by_the_number_of_billionaires
https://www.nytimes.com/interactive/projects/college-mobility
For reference, this median family income is above institutions like:
UC Berkeley ($119,000)
University of Florida ($106,700)
UCLA ($104,000)
Rutgers ($103,500)
Penn State ($101,800)
UC Davis ($95,400)
Stony Brook ($88,300)
UCSD ($82,000)
I was completely blown away in undergrad that most of my cohort didn't have to hold down night/weekend jobs but this right here would be a good explanation.
This is where you'll find data for KU. The page formatting is kinda wild on my phone/laptop, though. *You can also just search KU from the main page
