How much money does it take to make a middle class family happier than they were before they had the check in hand?
This is an interesting question, and of course brings up all sorts of thoughts like, “Does money really buy happiness?” and “What about gratitude and finding satisfaction in life beyond money and things?” There are certainly deeper philosophical questions to be found in the midst of this discussion.
For our purposes, we’re talking specifically about studies that point to the “happiness threshold” for income among middle class American households. Basically, how much money is “enough” to make the typical middle class family happy, and at what point does more money stop equaling greater happiness – what is that threshold?
For Colorado families, a research-based article by the Huffington Post suggests the dollar amount for maximum happiness is $75,300 per year.
So households earning $60,000 per year would be happier with an additional $15,300 in annual income, but $20,000 more per year wouldn’t actually make them any happier than an increase of roughly $15k; the family would already have reached the likely happiness threshold for what money can do for them. The article points out that factors like the number of children in the household, debt levels and cost of living for a particular city or suburb play a role as well.
In Metro Denver, the median household income in 2014 was $66,870; based on the study data reported on by HuffPost, the median household in Metro Denver has an additional $8,430 worth of happiness available to them – if only they can find a way to increase their means.
We’re not suggesting money buys happiness; there is so much more that makes the world go round than little green pieces of paper! We do, however, believe in fair pricing for real estate services – and the ability of those fair prices to impact an individual or family’s bottom line for good. We are the beneficiaries of million dollar smiles every time a client saves money with our commission free business model, and participating in this kind of happiness-inducing exercise is extremely fulfilling for us as an organization.
Based on the research, the average TRELORA client is “$12,000 happier” on closing day than they would have been with traditional commissioned representation – and many of our clients save even more. Full disclosure: If you fall into the “median Metro Denver resident” income category, based on studies you may only achieve $8,430 worth of additional happiness – the rest will just be extra cash, no emotions attached. No matter the value of the positive feelings you have about keeping more of your home equity in your own pocket when you buy or sell a home with TRELORA, we’ll take it!
If you or someone you know is planning a foray into the housing market – buy or sell happy with TRELORA. We provide full service real estate representation for one flat fee. And that’s really something to smile about!