“There’s this wild disconnect between what people are experiencing and what economists are experiencing,” says Nikki Cimino, a recruiter in Denver.
“There’s this wild disconnect between what people are experiencing and what economists are experiencing,” says Nikki Cimino, a recruiter in Denver.
Her mortgage is $1650/mo, which is incredibly reasonable in Denver. I think this specific person’s problems have more to do with her recent divorce. She was used to splitting costs, and probably spent quite a bit on the divorce itself
She’s paying $1650 for a house? You’d pay more for a house in a neighborhood where every night is the purge here.
That’s supply and demand, for you.
…that’s more than I’d make with minimum wage in my state, which I don’t think is that far behind colorado. Yikes.
ETA: ok nvm I did math and if you make a little over $10/hr 40 hrs a week, your entire paycheck would go just toward that.
You’re still off unfortunately.
Full time at $10/hr is $1600/month before income tax. For simplicity, we’ll say federal+state tax is 15% so now we’re at $1360. Social security is 6.2% so take away another $100.
Then, of course, this is the United States where most people have to rely on their employees for “affordable” health insurance - and often still have money taken out of their check for it.
So now we’re at $1000-1260 monthly take home pay for a full time job at $10/hr
The standard deduction is $13850 so there’s no way you’re paying 15% tax on an income of $20,000
You’re paying about a little over $600 federal plus whatever state tax and usually state tax is less than federal, but depends on the state. In some states you don’t pay state income taxes.
So best case scenario you pay a little over 3% federal and no state.
At that salary you’d also get EIC and likely pay no taxes at all.
At that income, you would qualify for Medicaid.
Also I don’t think you pay income tax when your income is that low.
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Someone making minimum wage is unfortunately not likely to be getting a mortgage.
I pay more than $2k for a 1-bed apartment in Seattle. Would love that rate for sure.
As someone with mortage of 520€/month there’s nothing reasonable in what she’s paying. I don’t care if it comes with 6 bedrooms, a maid, cook, gardener and a chauffeur - I’m not paying that. I’m more than fine in my tiny granny cottage on the outskirts of a middle sized city.
You couldn’t rent a shack that had a floor made of perpetual dirty needles for $520/month near me.