dominkay wrote:I don't think you understand what "poverty" actually means. Buying a house with 20% down is not a "basic need," even if it feels that way to you.
CoL index in NY is ~250. Take the national poverty level and multiply x2.5 and I assure you you'll get something close to $45k.
Merriam Webster Dictionary wrote:Poverty= the state of one who lacks a usual or socially acceptable amount of money or material possessions.
Hence, the definition of the word poverty is subjective. I define it as someone unable to:
1. provide for themselves any safety net (which I define as 8-12 months' expenses),
2. adequately address current needs without going into credit card debt, and
3. reasonably scale down their lifestyle to adapt to any reduction in income.
You're completely unable to save anything off a $60k paycheck in New York City, period, let alone $40k. That is, without living on cat food and cold cereal.