More middle class Manhattan

Evan Newmark says:

Is a $112,000 average Wall Street bonus excessive? Not to me. In the greater New York area, the tax rate is effectively 50% which leaves you about $56,000. That won’t even cover the average annual rent of $60,000 for a two bedroom apartment in Manhattan.

But consider that the median price of a U.S. home is about $175,000 and you can understand why the rest of America feels differently than me.

Previous thoughts rounded up here. Here is a post where I determine that buying 1 house in California is equivalent to buying 14 houses in Iowa.