GOBankingRates reports that a salary of six figures per year is not enough in CA, VA, or WA to cover the basic expenses.
Bob Nardelli claims that the price hikes will be the new standard of living.
Bob Nardelli is the former CEO of Home Depot and he gives his economic predictions on Maria Bartiromo’s Wall Street. He also discusses long-term increases in prices.
In some places, the value of a six-figure salary (or more) is diminishing. Some U.S. earners have been pushed into a lower middle-class status.
Andrew Murray, GOBankingRates lead content data researcher told Fox News Digital the bar for the middle class in America’s costliest cities has been raised. This is a significant increase compared to what it used to be.
A new study by GOBankingRates shows that a salary of $150,000 in certain high-cost cities barely covers a family. This is considered lower middle-class income.
Northern California, and Virginia have the highest median earnings. The range is from $128.964 for the lower middle class to $150.652 for the upper middle class.
The cities with the highest incomes in descending order are Arlington, Virginia, San Francisco, San Jose, California, Irvine, California, Seattle, Gilbert, Arizona, Plano, Texas, Scottsdale, Arizona, Washington, D.C., Chandler, Arizona.
To move up the income ladder in the top 15 cities, you will need to earn at least six figures or $150,000. Some Americans might prefer to live in cities that have lower income requirements.
According to the data analyst, housing and real estate costs can have a significant impact on affordability.
Eight out of twenty-five of the most populous cities are in Virginia, Washington, or Arizona. Murray noted that, while Virginia and Washington State generally have higher living costs, the cities in our list had very high median household incomes.
Seattle and Gilbert both have median household earnings above $115,000. The three Arizona cities that made the top 25 are all located in the Phoenix metro area.
California has dominated the top 25 because of the housing impact.
California has the highest housing prices in the nation. The Bureau of Labor Statistics estimates that Californians spend on average $30,000 per year for housing.
Jenna Stauffer is a global real estate advisor and says that the American dream of home ownership still exists.
Jenna Stauffer says this is the worst housing market in recent history.
He said that the study showed that to be able to live comfortably in California you need someone with a high income. ”
Murray explained this research supports that the location of your home can influence how rich or poor you become.
According to a recent study by GOBankingRates the income needed in Massachusetts to be deemed ‘rich’ (top 5% earners) was over $200,000.
Josh Altman: Beverly Hills has no room for affordable housing
Josh Altman from ‘Million Dollar Listing’ reacts to the controversial decision of a Californian Judge to stop building permits for affordable housing in Beverly Hills.
Murray’s study shows that income expectations are rising dramatically in high-cost urban areas.
A six-figure income isn’t enough in 15 cities to move up to the middle class. In three cities, even an income of $150k is not sufficient. Homebuyers should consider these income differences when choosing a place to live.
