>If you're making a high wage but can't convert that to assets where you live, are you really middle class?
Well, a family of two folks making valley sysadmin/programmer wages is making like $200K/year. Even single-earners in that tax bracket can buy real estate. (during the crash, I know a lot of single people who bought condos.) Real-estate here is not unaffordable for employed Engineers.
I would certainly have a fairly nice place (or several shitty rentals) if I wasn't spending all my money on servers.
But yeah, I agree that if you only have income from labour and don't have any assets, well, you aren't really middle class in a meaningful sense of the word. I'm just saying that it's pretty reasonable for people in my industry to buy real-estate around here. And that's not the only 'means of production' you can buy; that's just the easiest means of production to get loans on. All my money goes to servers (well, I buy servers... I actually spend more money on labour, electricity, and data-center space, but I rent those things, which is a rather different thing.)
Edit: most of my developer friends aren't big spenders; if they don't own a house, they have a thick 401k, and often a stock portfolio outside of that 401K. Most of them have substantial savings. I think it's fair to call them upper-middle class, even if they don't own the house they live in.
(Note, I'm mostly speaking of the previous generation here; the 30+ folks who came of age during the first dot-com.)
Well, a family of two folks making valley sysadmin/programmer wages is making like $200K/year. Even single-earners in that tax bracket can buy real estate. (during the crash, I know a lot of single people who bought condos.) Real-estate here is not unaffordable for employed Engineers.
I would certainly have a fairly nice place (or several shitty rentals) if I wasn't spending all my money on servers.
But yeah, I agree that if you only have income from labour and don't have any assets, well, you aren't really middle class in a meaningful sense of the word. I'm just saying that it's pretty reasonable for people in my industry to buy real-estate around here. And that's not the only 'means of production' you can buy; that's just the easiest means of production to get loans on. All my money goes to servers (well, I buy servers... I actually spend more money on labour, electricity, and data-center space, but I rent those things, which is a rather different thing.)
Edit: most of my developer friends aren't big spenders; if they don't own a house, they have a thick 401k, and often a stock portfolio outside of that 401K. Most of them have substantial savings. I think it's fair to call them upper-middle class, even if they don't own the house they live in.
(Note, I'm mostly speaking of the previous generation here; the 30+ folks who came of age during the first dot-com.)