this post was submitted on 16 Aug 2023
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They absolutely do not live remotely like middle class people from 2003. I graduated high school in 02 and my parents were mailmen. The difference in living standard is not even close.
It is crazy that you think this.
I wasn't saying that I thought that, I didn't give my take at all, I was trying to be helpful in explaining what the other commenter meant. But since you're calling me crazy....
To give my take on it, you're right, there's all sorts of ways that the lifestyles aren't at all comparable, many things haven't had the insane inflation that real estate has, so a person making 250k can obviously take a lot more vacations, go out to dinner more, buy more tech, etc than a middle class person from a few decades ago. But when it comes to buying homes, it gets a lot more comparable. Homes where I grew up have increased 4-5x in price over the last 25 years, so a family with a household income of 60k-ish (which is solidly middle class) buying a house that's 3x their annual income would have been pretty typical in the early 2000's. Now, if those same houses are being bought by households making 250k, it would be basically the same ratio of 3-4x their income.
So in home purchasing power (and that area only) low 6 figures is absolutely middle class, and anyone making under 6 figures has the home purchasing power of what used to be lower class