What It Takes to Be Rich: Methodology

How we calculated our thresholds for wealth

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Posted: October 9, 2008

We started with data on mean household income, by quintile, from the Census Bureau's American Community Survey for 2007. Where possible, we used data for metropolitan statistical area, which represents more people than for the urban areas at the core of each MSA. To estimate household incomes for a "rich couple" and a "rich family," we divided average income in each quintile by the average size of a U.S. household—2.54 people, according to the census. Then we multiplied that number by two, for a childless couple, and by four, for a family. The "rich" estimates, therefore, do not represent actual survey data for such households in each metro area but rather an index number that allows place-to-place comparisons.

What It Takes to Be Rich—Where You Live

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Teachers

Ummm...teachers do not get paid for 12 months. However, they have an option to divide their salary in 12 months. Just thought I'd clear up the ignorant comment.

Amy of TX @ Jul 28, 2009 20:06:03 PM

taxes

people in texas dont pay state taxes there for they should pay more federal taxes teachers dont work 12 months out of the year and get paid for 12 month quit complaining

tom of MN @ Jun 29, 2009 19:33:21 PM