Income brackets: what is prception of low/middle high

SandC

In my area a family home of 3/4 bedrooms would be anywhere from £650 - £850 per month. So again, where I live that £2k would still go very far.

Pobby

Do remember that as a couple we have 2 x £6000 tax free allowance so we need to jointly earn a little over £28,000 per annum.I have to admit that if we had to find £700 to £800 a month for rent/ mortgage it would be a different affair.

skintchick

I have only read the first page, but here's my thoughts (I live in an affluent town in the SE):

Low: under 25k

Medium: 25k-40k

High: 40k-70k

Super-high: 70k plus

I've done it like this as I consider medium wages to be those on which you can just about manage to live in a single-wage household, low where you struggle, high where you are comfortable and super-high where money is not a concern.

lostinrates

beecher wrote: »

This is where the difference between single earners and couples comes into play though isn't it - no single person would need a family home. Where I live, it'd cost more than my monthly wage to rent a family home, but I'd still be rich on £2k.

Widows/widowers with children
Single parents
One income earning families.

skintchick

neverdespairgirl wrote: »

This chap's a survivor - he's worked in the past for both Lehman Bros and Bear Sterns....

So has my brother! And he is still earning a fortune in the Wharf so he's a lucky guy. He's been a super-high earner since I can remember.

lostinrates

skintchick wrote: »

I have only read the first page, but here's my thoughts (I live in an affluent town in the SE):

Low: under 25k

Medium: 25k-40k

High: 40k-70k

Super-high: 70k plus

I've done it like this as I consider medium wages to be those on which you can just about manage to live in a single-wage household, low where you struggle, high where you are comfortable and super-high where money is not a concern.

Do you class 70k the same as multi millions?

This is intersting. DH's salary is in your 'high bracket' and we do find money a concern and certainly don't buy verything we'd like to have. But yes, we are not in fear of being destitute the relief of which is priceless.

SandC

lostinrates wrote: »

Widows/widowers with children
Single parents
One income earning families.

£2k is still comfortable - remember if you have that kind of salary but 4/5 kids you will get tax credits. Single people with kids don't struggle if they are employed.

beecher

lostinrates wrote: »

Widows/widowers with children
Single parents
One income earning families.

Fair enough but by single person I was thinking about someone who lived alone. Obviously if you've got children, then the amount you need to earn is going to be greater.

Which leads me to think - is this thread about what income you need to maintain an average lifestyle, or about what low/middle/high incomes actually are? Since more people earn less than £25k, than earn more, then the majority of people in this country probably can't afford to rent a 'family home' privately. They'll be in social housing, or in cramped private accommodation, not in a 4 bed detached house. What we think people need to live comfortably and the reality is often very difficult, which takes us back to the fact that people think the 'norm' is what they have, or slightly more.

lostinrates

beecher wrote: »

Fair enough but by single person I was thinking about someone who lived alone. Obviously if you've got children, then the amount you need to earn is going to be greater.

Which leads me to think - is this thread about what income you need to maintain an average lifestyle, or about what low/middle/high incomes actually are? Since more people earn less than £25k, than earn more, then the majority of people in this country probably can't afford to rent a 'family home' privately. They'll be in social housing, or in cramped private accommodation, not in a 4 bed detached house. What we think people need to live comfortably and the reality is often very difficult, which takes us back to the fact that people think the 'norm' is what they have, or slightly more.

I'm always unsure how tax credits etc work having never recived or applied for them. I wonder what the lowest received income with those considerations would be for a 'normal' 2 adult two children family?

(The thread is about whatever direction you want it to take:D ).

Re normals: I think EARN more than normal but, by virtue of timing, have less for it than 'historically' normal.

beecher

People just spend what they have, don't they? Higher income = bigger house, higher mortgage, more expensive holidays, bigger cars. Then that becomes the 'norm' and life appears unaffordable. Spam Valley syndrome