I think if we're going to determine that a baseline of $40 or $50K is hunky dory because people "seem" to be doing okay is a little shallow.
Take a peek at $45K in the 70's/80's when a lot of us were growing up and it's probably equivalent to the lifestyle you'd live at $80 or 90K.
"Doing OK" doesn't mean living paycheck to paycheck, completely leveraged and depending on SSI or sale of their "dood, lookit what my house it worth now!!!" for retirement.
Take a peek at $45K in the 70's/80's when a lot of us were growing up and it's probably equivalent to the lifestyle you'd live at $80 or 90K.
"Doing OK" doesn't mean living paycheck to paycheck, completely leveraged and depending on SSI or sale of their "dood, lookit what my house it worth now!!!" for retirement.