I came across an interesting article on MSN that discussed household income in major metro areas. It takes a lot more money to be "rich" depending on where you live. Not exactly rocket science, is it? One of the reasons DH and I were fine with moving down to Charlotte was because it is so much cheaper to live here. The primary expense being a house. A 2800 square foot house 5 miles from downtown would go for an absurd amount of money in Boston. Even with the falling house prices.
Overall the top 5% of earners in the country make $311,000. Obviously that is a lot of money but would you consider that to be rich? I think of wealth more than income when defining whether a household is "rich" or not. Americans are notorious for spending up to their income level. So it becomes difficult to build true wealth.
In Boston you would be considered rich if you are a family of 4 and make at least $633K. It takes even more in NYC, San Fransisco and DC. How ya feeling now about your earnings?
The article suggests that by forgoing kids and moving to smaller metro areas we will feel even richer. But if DH and I ever move back to Boston we will feel significantly poorer. I'm not sure I'm ready to face that! Especially with a baby on the way.
Assuming our wireless is working tonight I will upload photos of the nursery for my next blog post.
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