Middle Class Values | |||
---|---|---|---|
Category | Median | Our Status | |
Income | $81,000 | Lower, since we're retired | |
Home Value | $231,000 | Higher | |
Mortgage | $17,600 | mortgage paid off | |
Home Size | 2300 sq ft | Yes | |
Medical Expense | $5,100 | Yes | |
Car cost per year | $12,400 | Lower | |
College Savings per year | $4,100 | Higher | |
Vacations | $3,000 | Yes | |
Everyday expenses | $14,600 | Higher | |
Number of earners | 1.76 | 0.5 (1 person part-time) | |
Net Worth | $84,000 | Higher | |
Debt | 18% of income | zero debt |
Overall, I would assess our family as being middle class. The only number that didn't seem correct to me was the value for living expenses (utilities, clothing, food, entertainment. etc). A cost of $1,200 per month for living expenses seems low for a family of four making $81,000.
For more on The Practice of Personal Finance, check back every Wednesday for a new segment.
This is not financial advice. Please consult a professional advisor.
Copyright © 2010 Achievement Catalyst, LLC
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