There is no set amount of USD that defines the line between "wealthy" and "poor". Your $120k figure would go a lot further in Mississippi or Texas that it would go in California or Massachusetts, where that would be barely enough for a large family.

There's definitely a place (or two) in the US where a family struggles with $120k/yr. Sure, just move to Mississippi, I guess ...

Lots of people have families in high COL cities and live on significantly less money than that.

They would be considered "poor" there, or at least not wealthy.

I literally spent $24k on home repairs this summer, and I just pay it in payments, and I make 6 figures.

Well good for you, I guess.

No normal person pays this in cash, outright.

I guess I'm not normal.

My roof replacement a few years back was $8k

Good for you, that would get you half a roof here, and insurance won't cover if it's considered normal wear and tear.