A boomer couple in Seattle who bought a $90k home in the early 90s

Paid it off over 30 year mortgage.

The value of they're home that they raised their millennial kids in and kept up with self taught handy skills is now worth just under a $million.

Now lives on a combination of social security and pension benefits.

By the metrics, that couple is regarded as a "millionaire" when in reality they are just true middle class.

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Northwest · M

In the meanwhile, their property tax bill has risen to $9,200 because they live in King County, and hopefully they don't have HOA dues.

I live in King County. A $1M home is not a middle class home. You would have to go to $2M to be lower middle class.

But yes, I get your point.

MoveAlong · 70-79, M

As I understand middle class isn't solely determined by how much money you have or make. It's more defined by combinations of education, income, social activities, property values and living conditions. The lines are fairly blurred too. An upper class person in Memphis might be trash in The Hamptons.

jehova · 31-35, M

That equation is nearly impossible now the land is 90k at least a prefab double wide fully furnised is about 120k. A million? Must be a good area?

thisguy20 · 41-45, M

Well, having a net-worth of $1,000,000 or greater does make them millionaires.

Wouldn't surprise me if the bulk of the wealth of a significant portion of those with a net-worth of $1,000,000+ is home equity

Roundandroundwego · 61-69

The GDP is based on such things.

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