this post was submitted on 17 Mar 2024
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“There's this wild disconnect between what people are experiencing and what economists are experiencing,” says Nikki Cimino, a recruiter in Denver.

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[–] [email protected] 6 points 6 months ago (4 children)

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

[–] [email protected] 5 points 6 months ago (1 children)

She's paying $1650 for a house? You'd pay more for a house in a neighborhood where every night is the purge here.

[–] [email protected] 1 points 6 months ago

That's supply and demand, for you.

[–] [email protected] 1 points 6 months ago (1 children)

$1650/mo hopefully includes taxes and homeowners insurance

[–] [email protected] 1 points 6 months ago

Yes, mortgages include an escrow payment for these

[–] [email protected] 1 points 6 months ago (2 children)

It's always been pretty interesting to me how crazy the price of living changes. $1650 a month for a house seems insane to me.

[–] [email protected] 1 points 6 months ago

$1650/mo for a mortgage in Denver, CO at 5.25% interest is a fantastic price. You're going to find it can be a lot less in a lot of places in the US, but not in highly desirable major metropolitan areas

[–] [email protected] 1 points 6 months ago (1 children)

lol i'm looking at paying ~4500/mo for a 3br 2ba ~1300sqft.

[–] [email protected] 1 points 6 months ago

That is absolutely ridiculous

[–] [email protected] 0 points 6 months ago* (last edited 6 months ago) (1 children)

...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.

[–] [email protected] 0 points 6 months ago (2 children)

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

[–] [email protected] 2 points 6 months ago

"affordable" health insurance

At that income, you would qualify for Medicaid.

[–] [email protected] 1 points 6 months ago

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.