It’s not even close."
He clarified, “First of all, $74,000 is much higher than the average income.
Most Gen Z’ers are probably making anywhere from $40 to $50k, maybe $60k.”
He continued, “But let’s use 74k.”
Second, “The average college monthly payment on a loan is about $500.
You’re down to $3,800.”
In regards to living costs, Freddie took a conservative estimate.
Then, he listed car costs (presuming this person has a car).
And lastly, “$100 for a cellphone leaves you $950.
This is no savings, no investments, no emergency fund.
They’re left with only $650.”
They are splitting a two-bedroom apartment with a friend.
Somebody making $74,000.
But the reality is, neither scenario is really realistic for most young people.
Today, a large percentage of average families cannot qualify, which is forcing them into renting."
Some argued that $100k$120k still feels like the bare minimum.
Once they make a road map, it’ll be easier to work toward that goal."
He said, “Though housing has changed, it doesn’t mean it’s impossible.
Success comes in many forms outside of homeownership.”
Let me know what you think, though do you consider $74k middle class?
Is home ownership still a delineation for the middle class?
