OK, which household is richer:
1. Couple, both earners in the mid/high 100s, two kids, mortgage paid off years ago.
2. Couple, one earner in 500s, two kids, just bought a detached house in Toronto w/ mortgage 20% down.
I agree with some of the comments about "if you know a couple who are both mid-career professionals" and they've been living in Toronto for awhile (in the housing market for 10-20 years) it's likely they are far more wealthy, in practical terms, than the freshly minted golden paycheque earners.
ie the concept of "upper middle class" is a huge sliding window of circumstance, it's not just determined by your most recent T4 numbers.
1. Couple, both earners in the mid/high 100s, two kids, mortgage paid off years ago.
2. Couple, one earner in 500s, two kids, just bought a detached house in Toronto w/ mortgage 20% down.
I agree with some of the comments about "if you know a couple who are both mid-career professionals" and they've been living in Toronto for awhile (in the housing market for 10-20 years) it's likely they are far more wealthy, in practical terms, than the freshly minted golden paycheque earners.
ie the concept of "upper middle class" is a huge sliding window of circumstance, it's not just determined by your most recent T4 numbers.
Si Tacuisses, Philosophus Mansisses