13. They Own A House (Or Aspire To)
Most people who earn a middle-class income can buy a house with their household income, but it depends on where they live. For example, $75,000 per year would never be enough to buy real estate in a place like New York City. Other factors include monthly student loan payments, rent, and expenses so draining that they cannot afford a house for several years after graduating from college. Buying a house does take careful planning, because unlike a rental lease that will expire after one year, a mortgage can last for 30 years, sometimes even longer. The home to buy is one of the most important life decisions that a person will ever make.
Even if someone in the middle class doesn’t have a house yet, they will usually tell you that they want one. More often than not, they are not thinking of real estate as an investment, but rather a place where they want to raise their children. While the house’s value will likely increase with time, they are not thinking about selling it down the road so that they can buy something bigger and better. They will most likely only own this one house for the rest of their lives. In the past, people in the middle class could afford a second home on the beach or mountains.