Job Discussion Forums

Super Frank · Joined: 03 Feb 2006 Posts: 365

To get on the property ladder in London, 1 bed flat in suburbs you need to be earning �25,000-�30,000, (�50,000). Not sure if that has anything to do with the middle classes though

thrifty · Joined: 25 Apr 2006 Posts: 1665 Location: chip van

25-30 000?

How do you work that one out?

Could you please show the maths?

Will. · Joined: 02 May 2003 Posts: 783 Location: London Uk

What is middle-class in your country?
Most of the people I would describe as middle-class in my part of London would describe themselves as working class. It is is a label we append to people but have no definition of this to hand other than personal
I feel that it is time to upgrade this distinction of class. The Dagenham council housing estates, 140, 000 identical houses differing only by the colour you could paint the door, were built for the workers of the East End of London moving East to work at the Ford plant, and others. They were working class. The family offspring still live and work there but the houses have been bought from the council. Now home-owners are they no longer working class? Is an Underground train driver, at �32,000+ a year, no longer working class because they can afford to get on the property ladder?
A distinction could once be drawn by the weekly or monthly pay packet, any others?

Super Frank · Joined: 03 Feb 2006 Posts: 365

1 bed flat, Neasden, Wembly, Stanmore area, N/W London around 140,000 pounds.

25,000 get 100% mortgage, 25 years around 900 pounds a month. Take home per month 1,500. 200 quid food, 150 travel leaves naff all for enjoying yourself, but doable, as a lot of my friends are. Not enough to raise a family, but enough to get on the ladder.

Nuff said.

guty · Joined: 10 Apr 2003 Posts: 365 Location: on holiday

Frank,
I thought you could only get a mortgage for 3x or sometimes 4x your annual salary? A mortgage of 140000 is nearly 6x an annual salary of �25,000

valley_girl

Super Frank · Joined: 03 Feb 2006 Posts: 365

You can get more than 4x, mortgages are a bit more flexible nowadays, you can use a mortgage broker or find property developers who can arrange things for you.
Or you can join a housing association and do part rent/buy schemes, lots of options available if you look around

moot point · Joined: 22 Feb 2005 Posts: 441

If you want to go by averages, then it would be C$68,100 for a family of two or more.

Source:
http://www40.statcan.ca/l01/cst01/famil22a.htm

ls650 · Joined: 10 May 2003 Posts: 3484 Location: British Columbia

When I left Canada three years ago, I was earning about $50 thousand (CN) per year. That was enough to afford to rent in decent apartment or to qualify for an entry-level home purchase. It was considered a pretty decent income but nothing out of the ordinary.

The_Hanged_Man · Joined: 10 Oct 2004 Posts: 224 Location: Tbilisi, Georgia

Where I am in south Texas, the salary I make as a school teacher ($35k US), puts me firmly in the middle class. I can afford a good lifestyle, rent in a good apt. or the payment on an entry level house, and save a modest amount.

However, if I was still living in NYC I could barely scrape by on the same salary. I could probably pay rent in a cheap apt. and manage the bills, but forget about buying a house or saving.

avolkiteshvara · Joined: 15 Feb 2006 Posts: 33 Location: Seattle US

Justin Trullinger · Posted: Fri Jun 16, 2006 11:53 pm Post subject:

I always find the vocabulary "middle class" to be interesting. As a child, I always assumed it meant "in the middle," or approximately average. I have noticed that the "adult usage" of the term seems to imply something quite different. In the US, middle class might be more accurately described as "comfortably off." My experience with how it was used in England makes it seem like a more accurate term would be "bloody nearly rich."

Best,

Justin

william wallace · Joined: 14 May 2003 Posts: 2869 Location: in between

nothing

yaramaz · Posted: Sat Jun 17, 2006 5:56 am Post subject:

I suppose the other question to ask is: what are they spending the surplus of their after tax income on? Here in Turkey, I'm surrounded by a lot of people who make the same amount of money as I do, andhow much we claimpoverty really varies. I save $1000 (cdn) each month without even thinking, but I know others who struggle to stay out of debt while earning more than I do. It was the same situation back home. People seem to have very different relationships with moneyand how much they spend and how much they consider to be enough.