<p>Is 150k+ household income really the top 5% of households in America? I thought the top 5% would be 500k+. Where I live I can’t see how the majority of households could be living on less than 100k. Is the data that I found incorrect, or is this the reality of American life?</p>
<p>Very much the reality.</p>
<p>You probably live in the Northeast or California (as do I), where both incomes and the cost of living are very high. $100k will get you a very nice life in most of the South or Midwest.</p>
<p>I used to work for a telcom that tied its wages to the cost of living of where you lived. I remember the California engineers were making a lot more money than the Montana engineers but the numbers showed the life styles and buying power were about the same. There was about a 30K difference. It was an interesting practice. </p>
<p>I know in much of the mountain west 150K is still a pretty decent house while a 250K house is very nice, like 2500 sq feet, and on an acre of land.</p>
<p>$250k in Eastern Mass will get you a 1200 sq ft condo in the outer suburbs.</p>
<p>2500 sq ft, 1 acre? Minimum of $500k, could be a lot more, depending on the town. I don’t know how my kids are ever going to afford a house (sigh).</p>
<p>2500 sq ft, 1 acre is 1.5million minimum where I live.</p>
<p>mdt: do some basic googling about US median income.</p>
<p>Here’s a useful fact: half the world’s population lives on under US$2/day. About half of them live under US$1/day.</p>
<p>I recall reading that about 20% of the world population doesn’t have ready access to potable water.</p>
<p>You need to do some travelling when you get the chance mdt. The USA is the richest nation in the world ever.</p>
<p>According to the article below, in 2005, only 3.17% of households had incomes of $150k or above and only 1.17% had incomes between 200k and 249k.
<a href=“http://en.wikipedia.org/wiki/Household_income_in_the_United_States[/url]”>http://en.wikipedia.org/wiki/Household_income_in_the_United_States</a></p>
<p>^ 5.85% of households had incomes of 150k+
So technically, you’re not in the top 5% if you make 150k.</p>
<p>
I think the most I have ever made in a single year might be around $70-$75K. Generally my income hovers somewhere around $50K more or less. (I’m self employed so some years are better than others). I live in the SF bay area - but other than housing costs and the cost of gas, I think that costs here are not much different than anywhere else. Actually, I think that most consumer goods are cheaper, with the various outlet stores and discount malls within easy driving distance. I do think that housing costs are through the roof and it would be hard to buy a home in today’s market… but I think if I did not own a home then I would simply end up living in a smaller apartment. A “1200 foot condo” is bigger than my 3-bedroom house, which is only 1150 square feet. And which cost damn near $250K when purchased 19 years ago. </p>
<p>Anyway, the point is that the vast majority of folks living in an “expensive” area do so on well under $100K a year. My son was living quite comfortably in SF on less than $25K a year, though of course he was living in a room in a shared apartment. (with a larger room than he had in my house, so from his perspective it wasn’t bad).</p>
<p>Here are the exact figures, from the US Census Bureau for 2005 (the last year for which such figures are available)
Income/number of households/percentage</p>
<p>$100,000 to $149,999 11,194 9.89%<br>
$150,000 to $199,999 3,595 3.17%
$200,000 to $249,999 1,325 1.17%
$250,000 and above 1,699 1.50%</p>
<p>Is the $150K the “real” income, or the adjusted taxable income?</p>
<p>Marite, so only 1,699 – that is, one thousand six hundred and ninety nine --households had income above $250,000? </p>
<p>That seems surprisingly low. In my town alone, there are probably 500 families in that category.</p>
<p>Or are there three zeros after these numbers??</p>
<p>Edit: I just answered my own question by looking at the percentages. It’s got to be one MILLION, six hundred and ninety nine THOUSAND households.</p>
<p>There are only 1,699 households in the US with incomes over $250,000 and above? That doesn’t seem right to me. NYC, Silicon Valley, Seattle…?</p>
<p>How can you find out how many households in the US earn even higher amounts, say $500,000 or in the millions? Just wondering…</p>
<p>“Where I live I can’t see how the majority of households could be living on less than 100k.”</p>
<p>In San Francisco (usually considered the highest cost place in the nation), the median household income is around $60k, which means half earned less than that.</p>
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<p>You must live in a gated community… without a key.</p>
<p>MDT,</p>
<p>Ever think about adopting a 50-year old man? :D</p>