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I think a more apt question is: what is it about our economic system that creates a situation where the people in the top 25 percentile of earners are incapable of supporting themselves financially?
That said, with a few lifestyle changes, I believe someone making $150k per year could make it work in most, if not all, major US cities. It might be a small one bedroom apartment, and you might need to walk or take a subway to work, but it can probably be done.
I think a lot of people who grew up in the 90s and early 00s working class kind of saw $100k/year something to aspire to (at least where I grew up). Like, if you could make that much, then that would mean you'd be more than set. These days, not so much. It's hard (for me at least) to remember sometimes that it's really not that much money anymore.
Oh absolutely. Looking at median home prices by state and even then choosing a lowball estimate for a mortgage ($275k, 0 down) at today's rates (7-8%) you're looking at nearly a $3k/mo house payment. So, like 30-40% of your income. This doesn't include taxes/insurance, so that $3k is probably $3500 being again extremely generous, so that's just about half of your income. And that's for a house with no heat, water, electric...
I have a family of 6-8, and make just over this amount between our incomes, and it's tricky. Absolutely wouldn't be possible for us if we hadn't bought our home 6-8 years ago.
Exactly. People need to remember that $100k in 2023 is different than $100k in 2003.
They don't realize that they're falling right into the trap of class infighting. You can absolutely make $150k and still be a "working class family" in certain areas of the US in 2023. These aren't the people we should be focusing on.