I’m using this data to make a point, stand by and read on.
The East Coast of the United States, from where Maine meets Canada south to where Florida meets the Gulf of Mexico, is a collection of diverse states each offering different pros and cons for the people who live there. And their affordability varies widely, too, for those people considered to be middle class.
You’ll need a lot less money to live a middle-class lifestyle in some of the states than the others. Some have perks such as no state income tax, while others have benefits in terms of job opportunities and top-notch education that some of the states don’t offer.
GOBankingRates set out to find how much money you need to be considered middle class on the East Coast, using the Organization for Economic Co-operation and Development (OECD) definition of “middle class” as making 75% to 200% of a median income. GOBankingRates then determined middle class income range on the West Coast by analyzing median wage data sourced from the U.S. Census Bureau’s 2020 Income and Poverty report.
The average monthly mortgage payments in each state, plus payments for monthly car, student loan and credit card payments then were calculated and figured in.
There is some interesting info here. Take a look at these numbers:
- Delaware $474/$212
- DC $421/$388
- Florida $505/$196
- Georgia $458/$200
- Maine $453/$216
- Maryland $462/$216
- Massachusetts $416/$229
- New Hampshire $427/$213
- New Jersey $470/$226
- New York $475/$233
- Rhode Island $457/$218
- North Carolina $432/$199
- Pennsylvania $417/216
What do you think the numbers represent? I’ll give you a hint, one is ignored and the other has been labeled a life limiting crisis- by progressive politicians that is.
The first amount is the average car payment made by citizens in the given state AND the second number is the … average student loan payment.
Which payment do you think holds a person back, the the car loan/lease – most often a pickup truck unnecessary for transportation or the student loan payment created because of an investment in their future and the promise of higher earnings during ones working life?
Looking at total loan amounts and politicians cry “crisis” over student loans, looking at the reality of monthly payments, not so much.
Each loan was voluntarily incurred, each amount of the loan was known in advance. In the case of the car loan one had to demonstrate the ability to repay.
In the case of student loans … who cares? Nobody even asks how it was to be used.
There may be exceptions, there may be justification to lower or even eliminate student loan interest, but a blanket forgiveness of student loans is irresponsible and unnecessary … and grossly unfair.
How do you forgive all exiting student loans without consideration for the students entering college next year? Are we saying any and all college should be 100% free forever?