We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Household Income...
HAMISH_MCTAVISH
Posts: 28,592 Forumite
Interesting comparison here......
http://www.channel4.com/programmes/how-rich-are-you
Loads of people guessing wrong in a DT thread just now.....
Confirmation bias galore.
Anyway, to keep this house prices related, to have 35% of households poorer and 65% richer than you, you'd need to have £1872 per month in net, after tax, income.
In other words, the homeowner bracket (65% of houses are O/O) starts at around 25k a year gross income.
The median bracket for that top earning 65% of households is £3000 a month net (after tax) income, so around 45K gross.
http://www.channel4.com/programmes/how-rich-are-you
Loads of people guessing wrong in a DT thread just now.....
Confirmation bias galore.
Anyway, to keep this house prices related, to have 35% of households poorer and 65% richer than you, you'd need to have £1872 per month in net, after tax, income.
In other words, the homeowner bracket (65% of houses are O/O) starts at around 25k a year gross income.
The median bracket for that top earning 65% of households is £3000 a month net (after tax) income, so around 45K gross.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
0
Comments
-
HAMISH_MCTAVISH wrote: »Interesting comparison here......
http://www.channel4.com/programmes/how-rich-are-you
Loads of people guessing wrong in a DT thread just now.....
Confirmation bias galore.
Anyway, to keep this house prices related, to have 35% of households poorer and 65% richer than you, you'd need to have £1872 per month in net, after tax, income.
In other words, the homeowner bracket (65% of houses are O/O) starts at around 25k a year gross income.
The median bracket for that top earning 65% of households is £3000 a month net (after tax) income, so around 45K gross.
More like 50k for 3k per month after tax. Does taking a median of a fraction of the population make statistical sense?
Out of interest what do you feel these numbers you quote are telling us?
Edit according to the calculator if you earn 50k and have 3 kids you are in the bottom decile?!I think....0 -
ding to the calculator if you earn 50k and have 3 kids you are in the bottom decile?!
Yeah, I entered 0 kids.Out of interest what do you feel these numbers you quote are telling us?
Telling you? Not a lot you don't know I'd imagine.
Pretty sure you're already aware that the average income of all people is not the same thing as the average income of the house buying population, and never has been.
The bottom third or so of earners have rarely been able to afford to buy a house....
At first glance this looked to be an interesting tool for comparing different segments of income. As it appears it's also adjusting for things like kids, then maybe not so much.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Interesting comparison here......
http://www.channel4.com/programmes/how-rich-are-you
Loads of people guessing wrong in a DT thread just now.....
Confirmation bias galore.
I was out by 3% (we were 3% higher than I guessed).Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
-
I guessed we were in the top 8% - actually in the top 2%.
Hard to believe that seeing some of the wealth in the area I live in.0 -
I was 18% higher than I guessed.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
-
I was 2% lower than I guessed. But I didn't include things like bonuses or personal/company pension contributions.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »I was 2% lower than I guessed. But I didn't include things like bonuses or personal/company pension contributions.
I also didn't include the employer's contribution to my pension, the tax saved from my own pension contributions or any capital gains (which are not income anyway until the gain has been realised).Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
HAMISH_MCTAVISH wrote: »I was 2% lower than I guessed. But I didn't include things like bonuses or personal/company pension contributions.
Hmm I didn't include those either, or overtime. I guess I was way out.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I'm top 1% (guessed top 10%).
It's not correct though. Big difference between your income and being 'rich'.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards