Commenters debate missing cost-of-living adjustment
4 Nov 2 11:32 PM · 8d ago · 6 comments · 1 source · development 4 of 4
Several HN users argue the benchmark ignores cost-of-living differences across cities, disagreeing over whether living in a lower-cost area actually helps young households build wealth.
“There is a small group of people who might benefit from being in a LCL area, its people with remote jobs and no kids.”
bad_haircut72Keeping Up Inc Publisher of the net worth benchmark pagejpmulhausen Hacker News submitterFederal Reserve Source of underlying Survey of Consumer Finances data
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What people said 8 voices · verbatim
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“Kids these days” are lazy and entitled. Can’t blame them; they grew up with a screen in front of their face all the time. Their attention span is limited and their critical thinking skills are lacking. However, even with these major disadvantages, I still believe a young’n could make a great living if they just put their head dow, gain a skill…
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The median is actually surprisingly high. How did someone who is in their early 30s and has been in the workforce for only about 10 years and presumably has university debt, manage to accumulate $68k?That's $7k per year, which they have to save from the surplus after paying their rents, groceries, healthcare, university debts and everything else.
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There is a small group of people who might benefit from being in a LCL area, its people with remote jobs and no kids. If you need to find work locally LCL doesn't help and is actually worse, and if you have kids the schools in these areas inevitably push you back to HCL sooner or later.
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One thing it doens't do is account for cost of living for a given city. Sure it looks nice that NYC, SF is higher than everyone else but I'm sure there's a very large group living in LCL areas that have far less stress compared to the bigger cities when it comes to budgeting.
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I'm in Austin and money goes seriously far compared to the seven cities above it. There's a 2015-built home on Zillow for $199,000 1346 sq ft just 2 miles from the Tesla factory.
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Growing up in a LCL area, there are few jobs, and young people tend to leave for opportunities. The ones doing ok are retired or working a government job.
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Yes, why would someone want to uncover a person's income and email from an audience of likely high net worth individuals? Gosh, such a mystery.
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I suppose that's what happens if demand goes up for external reasons while supply doesn't follow.
All 4 developments of Keeping Up's claim of a 23% net-worth drop for under-35s… →
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