S/O What is middle class?

[crisi]

If you own a house in many places in California your net worth is at least a million. That is my diversification problem. My house is 60% of my net worth.

A lot of my California friends (for years I worked for a company that was headquartered in Silicon Valley) sell their homes when they retire, and move to somewhere else - Albuquerque was a popular choice for a while. Washington/Oregon away from the cities (not Seattle or Portland). A few even moved to Mexico - one to the Philippines. Their house is their retirement account.

 

[tvguy]

A lot of my California friends (for years I worked for a company that was headquartered in Silicon Valley) sell their homes when they retire, and move to somewhere else - Albuquerque was a popular choice for a while. Washington/Oregon away from the cities (not Seattle or Portland). A few even moved to Mexico - one to the Philippines. Their house is their retirement account.

My neighbor kiddie corner sold his tract home here in California for $400,000 and bought a bigger custom home in Mississippi on 5 acres for less than $100,000 including the 2 new cars he bought.

 

[Southernmiss]

My neighbor kiddie corner sold his tract home here in California for $400,000 and bought a bigger custom home in Mississippi on 5 acres for less than $100,000 including the 2 new cars he bought.

Umm...when and what area? This is quite a stretch to believe. This is unrealistic for desirable areas of Mississippi. While it's not California, my tract home in a decent neighborhood in a heavy military area and an area with desirable jobs, on a postage stamp lot is valued well over $150,000.

 

[MrsPooh]

I'm not so sure this calculator give a good indication of "middle class" except that it is in the middle of the income range.

At an income of $44,863 a family of four qualifies for reduced lunch at school but is considered middle class according to that website.

Odd, I always thought the free and reduced lunch program was for "low income" families.

 

[tvguy]

Umm...when and what area? This is quite a stretch to believe. This is unrealistic for desirable areas of Mississippi. While it's not California, my tract home in a decent neighborhood in a heavy military area and an area with desirable jobs, on a postage stamp lot is valued well over $150,000.

It was 10 years ago, and I have no idea, other than it was a city that I had never heard of.

 

[Southernmiss]

It was 10 years ago, and I have no idea, other than it was a city that I had never heard of.

Well there ya go. Not realistic to this discussion today.

And 10 years ago this home was valued at more than $150,000 as prices were inflated due to home losses after Katrina.

 

[crisi]

My neighbor kiddie corner sold his tract home here in California for $400,000 and bought a bigger custom home in Mississippi on 5 acres for less than $100,000 including the 2 new cars he bought.

One of my son's baseball coaches sold their California home and moved into Wisconsin - for the Twin Cities he is a LONG commute - its probably 45 minutes to his work - and work is on the East end of town. But for him - he got something like sixty acres, a lovely home larger than what he had in California, and a shortened commute - and money in the bank.

 

[MillauFr]

One of my son's baseball coaches sold their California home and moved into Wisconsin - for the Twin Cities he is a LONG commute - its probably 45 minutes to his work - and work is on the East end of town. But for him - he got something like sixty acres, a lovely home larger than what he had in California, and a shortened commute - and money in the bank.

What does someone do with 60 acres? I have 0.1 acres and spent quite a bit of time maintaining my yard. I keep pulling out more and more grass every year so I don't have to mow.

 

[tvguy]

Well there ya go. Not realistic to this discussion today.

And 10 years ago this home was valued at more than $150,000 as prices were inflated due to home losses after Katrina.

Monticello, I asked the guy who bought his house. It is very realistic as you can still buy a move in ready house on an acre for less than $100,000
First thing that came up http://www.realtor.com/realestateandhomes-detail/37-Ras-Case-Rd_Monticello_MS_39654_M81397-69928

 

[tvguy]

What does someone do with 60 acres? I have 0.1 acres and spent quite a bit of time maintaining my yard. I keep pulling out more and more grass every year so I don't have to mow.

LOL. My parents had 5 acres and it was too much work, so they bought a house on 1/2 acre. I looked at all the yard work with 1/2 acre, and bought a house on .17 acre! And since it is all lawn, IT is still a lot of work to keep up

 

[DaisyJ]

What does someone do with 60 acres? I have 0.1 acres and spent quite a bit of time maintaining my yard. I keep pulling out more and more grass every year so I don't have to mow.

Hunt, farm, have horses/other animals, etc.

 

[MillauFr]

LOL. My parents had 5 acres and it was too much work, so they bought a house on 1/2 acre. I looked at all the yard work with 1/2 acre, and bought a house on .17 acre! And since it is all lawn, IT is still a lot of work to keep up

I am trying to get rid of the lawn since it is high maintenance. Plus in Seattle you can't get away with watering with out risking the scorn of your neighbors. It looks terrible by about June and is practically dust by August since it doesn't rain much here from May to early October.

 

[Southernmiss]

Thanks for the reply, TV Guy Here's a bit more info on Monticello-- http://www.city-data.com/city/Monticello-Mississippi.html

While the average cost of a new home has been under $100,000 for the last number of years, to say that you can get 5 acres, a custom home and 2 new cars for under $100,000 even 10 years ago is still a HUGE stretch. I would not call this a custom home on 5 acres--
http://www.realtor.com/realestateandhomes-detail/37-Ras-Case-Rd_Monticello_MS_39654_M81397-69928


Monticello is a small town in Mississippi, about 50 miles from a decent size town for services. And according to statistics is in a bit of a decline in population and wages. So yes, I guess you could get value if you were not looking to have a job and raise a family.


Single-family new house construction building permits:

• 1997: 11 buildings, average cost: $75,100
• 2000: 4 buildings, average cost: $87,500
• 2001: 4 buildings, average cost: $87,500
• 2002: 2 buildings, average cost: $150,000
• 2004: 4 buildings, average cost: $62,500
• 2005: 1 building, cost: $66,000
• 2006: 1 building, cost: $110,000
• 2010: 2 buildings, average cost: $87,500
• 2011: 2 buildings, average cost: $87,500
• 2012: 2 buildings, average cost: $87,500
• 2013: 3 buildings, average cost: $87,500
• 2014: 3 buildings, average cost: $87,500

Population in 2014: 1,525 (0% urban, 100% rural). Population change since 2000: -11.6%
Estimated median household income in 2015: $25,707 (it was $27,109 in 2000)
Monticello: $25,707
MS:$40,593

Estimated per capita income in 2015: $15,927 (it was $16,013 in 2000)
Estimated median house or condo value in 2015: $100,676 (it was $63,000 in 2000)
Monticello: $100,676
MS:$112,700

Mean prices in 2015: All housing units: $117,248; Detached houses: $126,181; Mobile homes: $71,122


Read more: http://www.city-data.com/city/Monticello-Mississippi.html#ixzz4ZHsvPMq7

Read more: http://www.city-data.com/city/Monticello-Mississippi.html#ixzz4ZHsY3Lkk
Read more: http://www.city-data.com/city/Monticello-Mississippi.html#ixzz4ZHsRGIca

Read more: http://www.city-data.com/city/Monticello-Mississippi.html#ixzz4ZHsHrl55



Read more: http://www.city-data.com/city/Monticello-Mississippi.html#ixzz4ZHqTruD1


https://en.wikipedia.org/wiki/Monticello,_Mississippi and Lawrence County https://en.wikipedia.org/wiki/Lawrence_County,_Mississippi

 

[crisi]

What does someone do with 60 acres? I have 0.1 acres and spent quite a bit of time maintaining my yard. I keep pulling out more and more grass every year so I don't have to mow.

It was beautiful - mostly woods, a trout stream running through it. A huge grassy meadow. Not much was maintained as lawn - and for that you use a big lawn tractor.

 

[arminnie]

My 2BR/2BA condo in the San Francisco area (20 miles away) is now selling for $900,000. My 2 BR/2BA condo in the best area of Little Rock is worth about $110,000 (or less). And that's after it was gutted to the studs and upgraded with top of the line everything - granite, new kitchen, custom built cabinetry, real wood floors - solid wood not veneer. Every molding and door was replaced.

I am lower middle class (at best) based on my income (social security). My other home is in New Orleans. I have memberships in some very, very exclusive social organizations. So I am probably upper class based on my social connections. Who cares.

 

[michelleh1]

I am trying to get rid of the lawn since it is high maintenance. Plus in Seattle you can't get away with watering with out risking the scorn of your neighbors. It looks terrible by about June and is practically dust by August since it doesn't rain much here from May to early October.

What are you doing to make your yard less maintenance? We are on 1/3 acre and it's almost entirely grass. We hate how big it is and how much time/money it takes to maintain. I'm trying to find some options that don't require fighting weeds all of the time.

 

[Heffalump2761]

In the UK class has very little to do with income, you can be dog poor, living on benefits but if you have the right family background you are and will always be upper class and of course anyone with a hereditary title. Likewise you can be as rich as croesus and still be working class. It is all about background, education etc. rather than income. These days though the lines are more blurry with businesses which are global and less about the old school tie and did you go Eton. Some of that still exists but much less so. We are a much more egalitarian society but it is interesting to see the difference between cultures on what determines class.

 

[havaneselover]

What does someone do with 60 acres? I have 0.1 acres and spent quite a bit of time maintaining my yard. I keep pulling out more and more grass every year so I don't have to mow.

I have a quarter acre and it's too much for me. My BF has 30 acres and wants more. He hunts on it, manages timber, has a small orchard, and loves the privacy. He has a tractor and except for right around the house only cuts the grass twice a year.

 

[tvguy]

Thanks for the reply, TV Guy Here's a bit more info on Monticello-- http://www.city-data.com/city/Monticello-Mississippi.html

While the average cost of a new home has been under $100,000 for the last number of years, to say that you can get 5 acres, a custom home and 2 new cars for under $100,000 even 10 years ago is still a HUGE stretch. I would not call this a custom home on 5 acres-i

Well, they did it, and others do it too. Jobs aren't an issue, I am speaking of retirees on pension and social security. No stretch at all. Lots and lots of small towns in America where this is still possible.

 

[Dakota731]

That's why I laugh when people want to tax the upper class more until they realize they are the upper class! It's sad to me that success and hard work have become dirty words in this country. You can't generalize entire classes of people. Not all wealthy people are greedy and selfish and not all the poor are victims and righteous.