Is 120k a year wealthy?


  1. Is 120k a year wealthy?
  2. Is 120k a year good for a family?
  3. How much house can I afford if I make $120000?
  4. What is a good income for family of 4?
  5. How much house can I afford making $120000 a year?
  6. How much money do I need to buy a 700k house?

Is 120k a year wealthy?

Earning $100,000 is not considered rich either. You are considered middle class to lower middle class in expensive coastal cities. $100,000 is considered upper middle class in lower cost areas of the country. Earning $100,000 a year is definitely not considered rich.

Is 120k a year good for a family?

Originally Answered: Is $120,000 combined income for a family a good income? That is in the top 15% of household incomes in the US.

How much house can I afford if I make $120000?

Safe debt guidelines If you make $50,000 a year, your total yearly housing costs should ideally be no more than $14,000, or $1,167 a month. If you make $120,000 a year, you can go up to $33,600 a year, or $2,800 a month—as long as your other debts don’t push you beyond the 36 percent mark.

What is a good income for family of 4?

California State Median Income for FFY 2018Estimated state median income for a 4-person family60 Percent of Estimated State Median Income*1-Person Family2-Person Family$80,458$25,176$32,922

How much house can I afford making $120000 a year?

Safe debt guidelines If you make $50,000 a year, your total yearly housing costs should ideally be no more than $14,000, or $1,167 a month. If you make $120,000 a year, you can go up to $33,600 a year, or $2,800 a month—as long as your other debts don’t push you beyond the 36 percent mark.

How much money do I need to buy a 700k house?

How Much Income Do I Need for a 700k Mortgage? You need to make $215,337 a year to afford a 700k mortgage. We base the income you need on a 700k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $17,945.