Wealth Inequality in America

[PorkChopSandwiches]

https://www.youtube.com/watch?v=QPKKQnijnsM

[Pony]

I want my FAIR share!

[PorkChopSandwiches]

I like that he at least disagreed with socialism, but the visual reality is a bit disturbing

[Pony]

I like that he at least disagreed with socialism, but the visual reality is a bit disturbing

Absolutely disturbing. I wish there was an easy solution.

[PorkChopSandwiches]

Me too, the middle class is disappearing. We will all be poor and on the dole soon

[deebakes]

Me too, the middle class is disappearing. We will all be poor and on the dole soon

:-k

http://i65.tinypic.com/8yhngl.jpg

[Pony]

Me too, the middle class is disappearing. We will all be poor and on the dole soon

The good news is that when that happens we can all just go on the govt. tit and get for "free" nearly the same amount as our future salaries.

[RBP]

I get that this is wealth not income. But what always made these issues less shocking to me is to look at the actual income break points. I have pissed a lot of people off who were screaming about how only the top 10% make any real money, by telling them that they were in the top 10%.

I am sure it's changed (I haven't looked in a while), but the top 10% FAMILY income was just over 100k. And depending on where you live and the size of your family, that may not be a lot of money.

[PorkChopSandwiches]

If you were starting a job @ 100k in Southern California today, it would still be tough to buy a house in a decent area. The average home cost is $400,000 or so. I used a Affordability calculator and if you had the 20% to put down (70,000) and only had $1000 in other monthly expense. You could afford to buy a $431,000 house. I can tell you it wont be in an ideal area. And your payment would be $2000 with tax and insurance for 30 years.

If you took out 30% of the 100,000 for taxes, medical, SS all that, you are at 70,000. Which leave you 5800 a month, minus the $2,000 mortgage payment. You have less then $1000 a week for anything else.

That could work if you were single, but then try to raise a family. $100,000 doesn't go far out here

[DemonGeminiX]

If you were starting a job @ 100k in Southern California today, it would still be tough to buy a house in a decent area. The average home cost is $400,000 or so. I used a Affordability calculator and if you had the 20% to put down (70,000) and only had $1000 in other monthly expense. You could afford to buy a $431,000 house. I can tell you it wont be in an ideal area. And your payment would be $2000 with tax and insurance for 30 years.

If you took out 30% of the 100,000 for taxes, medical, SS all that, you are at 70,000. Which leave you 5800 a month, minus the $2,000 mortgage payment. You have less then $1000 a week for anything else.

That could work if you were single, but then try to raise a family. $100,000 doesn't go far out here

You should see what $400k could get you here in GA. Practically a mansion. The cost of living here is ridiculously cheaper than where you're at.

[PorkChopSandwiches]

CA is probably the 2ND highest after NY. I could have a mansion and a boat in AZ :lol:

[fricnjay]

Makes me thankful I live in Texas. 400,000 dollar home here is on a decent stretch of land and well over 3000sqft with all super nice amenities.

[FBD]

Absolutely disturbing. I wish there was an easy solution.

There is - it involves the owners of the central banks of the world swinging from lamp posts.

[Muddy]

400k gets you in a nice place here.. Nothing crazy though..

[PorkChopSandwiches]

Not by me, it's 5+

[Noilly Pratt]

In Canada it's a new ballgame. I live near Vancouver and my townhouse is worth nearly 400k - last year it was barely worth 300k. Average houses are 900k+. It's now a regular occurrence to have solicitations in the mail "Are you selling? We have qualified buyers waiting..."

Nice position to be in as I'm owning only 50k on the place, but I'd have to move 100s of miles away to get anything similar.

[FBD]

Vancouver is the new real estate bubble of the world, you should git out while the gittin's good. I'm still pissed about missing out on a 50k profit from my old condo, if I had moved when I wanted to move instead of dealin with bitches

[Noilly Pratt]

That's what I'd do if I was in it just for the money. But, people want to live here for a reason. It's nice, the schools are relatively good and things are very accessible here. Winter usually means rain, and only 1 week of snow.

Staying put for now.

[FBD]

I hear ya man...same reason I am still participating in society...