Ok can we stop saying $300k is "rich" in DC?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

Our housing costs are minimal, the private school is inexpensive, and our retirement contributions are pre-tax because of a 457b contribution. And we are not spenders. We probably spend less than 1k on clothes and eating out over the course of the year, and some years we don't bother with a full vacation other than visiting family. It's just the way we are but it's our choice, we don't think about money.

But you don't live IN DC. You have low housing costs and low private school costs. So your budget is about as relevant to someone who lives in Upper NW DC as someone who lives in Kansas or Idaho. That's the point. $300k in upper NW provides a stable lifestyle with occasional niceities, but when you factor in the high cost of living you are far from rich.

So do tell -- why live in NW then? And I do know someone who lives in Brightwood whose mortgage is about 1400 a month so there are choices even within DC.

People -- lots of them -- live comfortably in DC and arent rich earning $300K.

Sorry, screwed up the quote thing.. Again, I'm curious why. I'm bored fighting with the other idiot that insists on launching ad hominem attacks against me just because he is jealous that my commute isn't 90 minutes and I have a pool. I wasn't trying to be a jerk about it, I am genuinely curious. Throw the commute thing out for a minute. I spend 30 minutes driving each way so I don't really care if I can cut that in half because it wouldn't be worth it to me due to the other downsides I mentioned. Aside from the commute issue why do people want to live in NW. I know it's a nice area since my office is in NW, but I don't have any desire to live there.

[Anonymous]

Anonymous wrote:$2 million HHI PP here again. I dont understand how a smart, ambitious 40's plus couple working full time both highly educated earns only $300,000 or $500,000. Basically every couple we know with 2 fulltime workers makes seven figures or minimum very high six figures. $300k-$500k is good at late 20's early 30's. The numbers you read in these statistics include single family households and people with no education. Of course that brings the average way down. But most people in NW DC are two parent, 2 income
Households and making 7 figures HHI by early 40's, regardless of what this article says.

I don't understand how a couple of highly educated parents don't understand that one parent should be at home and not focusing on career. So sad.
I also don't understand who would want to spend long hours at work when they have kids. Sad again. Must be hating family life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not getting why housing in NW is so "high demand". Why would you want to live in a tiny old rowhouse with no yard for your kids to play in where it isn't safe for them to ride their bikes, etc. and the schools are absolute shit? I don't see the draw at all. So you can walk to cafes and Starbucks? So you shave 20 or 30 minutes off your commute? I must be totally missing something here.

Notice your three reasons right there - your kids, your kids, your kids. Funny, some people's reasons for buying property doesn't revolve around what their kids do or don't do. Some people want investments. Others can afford to send their kids all private or off to boarding schools. Others just don't have kids at all.

As for the commute...door-to-door its 15 minutes on foot. Compared to my colleagues who spend an 60-90 minutes by car and train not to mention the expense - its heaven.

So yeah, you're missing something - a life.

Hahahahahaaaaaa I enjoyed this +1000

[Anonymous]

Anonymous wrote:$2 million HHI PP here again. I dont understand how a smart, ambitious 40's plus couple working full time both highly educated earns only $300,000 or $500,000. Basically every couple we know with 2 fulltime workers makes seven figures or minimum very high six figures. $300k-$500k is good at late 20's early 30's. The numbers you read in these statistics include single family households and people with no education. Of course that brings the average way down. But most people in NW DC are two parent, 2 income
Households and making 7 figures HHI by early 40's, regardless of what this article says.

It was funny the first time. Don't overplay your hand.

[Anonymous]

The poors walk

[Anonymous]

Anonymous wrote:The poors walk

That is very true...in rural, low-income communities like the majority of West Virginia. I assume you also have that problem in your neighborhood if that's your view.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

Our housing costs are minimal, the private school is inexpensive, and our retirement contributions are pre-tax because of a 457b contribution. And we are not spenders. We probably spend less than 1k on clothes and eating out over the course of the year, and some years we don't bother with a full vacation other than visiting family. It's just the way we are but it's our choice, we don't think about money.

But you don't live IN DC. You have low housing costs and low private school costs. So your budget is about as relevant to someone who lives in Upper NW DC as someone who lives in Kansas or Idaho. That's the point. $300k in upper NW provides a stable lifestyle with occasional niceities, but when you factor in the high cost of living you are far from rich.

So do tell -- why live in NW then? And I do know someone who lives in Brightwood whose mortgage is about 1400 a month so there are choices even within DC.

People -- lots of them -- live comfortably in DC and arent rich earning $300K.

Sorry, screwed up the quote thing.. Again, I'm curious why. I'm bored fighting with the other idiot that insists on launching ad hominem attacks against me just because he is jealous that my commute isn't 90 minutes and I have a pool. I wasn't trying to be a jerk about it, I am genuinely curious. Throw the commute thing out for a minute. I spend 30 minutes driving each way so I don't really care if I can cut that in half because it wouldn't be worth it to me due to the other downsides I mentioned. Aside from the commute issue why do people want to live in NW. I know it's a nice area since my office is in NW, but I don't have any desire to live there.

And I dont have any desire to live in the suburbs. I like where I live, you like where you live -- its all good!!

[Anonymous]

This thread amuses me. Thurston and I never hobknob with the poors earning $300k. I am glad to read here that they know their place, saves me the time of snubbing them when they try to climb their great prole unwashed selves into our class.

[Anonymous]

I know a loser who is 28 years old, and she still hasn't hit $200,000! How does she live?

[Anonymous]

People are so deluded about how privileged they are. I know a lawyer earning $150,000, and she compares herself to all the big-time lawyers making $800,000 and has therefore convinced herself she's one of the poors. She complains all the time about how she can't afford to eat out unless she has a 1/2 price coupon, and even refused to take a $15 taxi home at midnight, preferring to save the $11 on Metro (and walk home four blocks in the dark.)

[Anonymous]

Anonymous wrote:People are so deluded about how privileged they are. I know a lawyer earning $150,000, and she compares herself to all the big-time lawyers making $800,000 and has therefore convinced herself she's one of the poors. She complains all the time about how she can't afford to eat out unless she has a 1/2 price coupon, and even refused to take a $15 taxi home at midnight, preferring to save the $11 on Metro (and walk home four blocks in the dark.)

...I should add that her house is paid off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

Our housing costs are minimal, the private school is inexpensive, and our retirement contributions are pre-tax because of a 457b contribution. And we are not spenders. We probably spend less than 1k on clothes and eating out over the course of the year, and some years we don't bother with a full vacation other than visiting family. It's just the way we are but it's our choice, we don't think about money.

But you don't live IN DC. You have low housing costs and low private school costs. So your budget is about as relevant to someone who lives in Upper NW DC as someone who lives in Kansas or Idaho. That's the point. $300k in upper NW provides a stable lifestyle with occasional niceities, but when you factor in the high cost of living you are far from rich.

Do you realize what a nitwit you sound like? The luxury your income is paying for is living in Upper Northwest and paying for private school. Do you not see that many many people with incomes lower than yours cannot afford those?

Just because you choose to spend your money on different things doesn't make the money not exist. Where you live and where your kids go to school is in fact a luxury. Even if you're not wiping your bum with hundred dollar bills.

Absolutely agree -- if you can afford a nice home in NW -- you are rich in my book. The middle class can't afford that.[/quote

$300k and no way can we afford a nice home in NW.

[Anonymous]

If you make 300K and you can't afford a nice home in NW, then you are spending your money somewhere else: student loans, tuition, debt. Whatever the case may be, you should be able to swing a home in NW DC with that income.

[Anonymous]

Anonymous wrote:
But you don't live IN DC. You have low housing costs and low private school costs. So your budget is about as relevant to someone who lives in Upper NW DC as someone who lives in Kansas or Idaho. That's the point. $300k in upper NW provides a stable lifestyle with occasional niceities, but when you factor in the high cost of living you are far from rich.

You realize that there are other parts of Washington DC where you can live that are less expensive, right? Brightwood, Brentwood, Brookland, most of NE and SE are all less expensive.

Essentially you are saying that even thought who make over $1M but live in Manhattan are middle class because they don't have a lot of disposable income left after paying the mortgage on their $2.5M condo. It's ridiculous.

Your class is based on what you earn BEFORE you spend on life style choices. You have a lower lifestyle because you commit a huge portion of your income to living in the most expensive part of town. That doesn't change your class, it just means you prioritize location over other luxuries. And it doesn't make you middle class. As another PP mentioned, the true middle class does not own property in NW.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I earn a little less than 200k together and we are rich. We save about 60k for retirement every year, and can cover all of our expenses, like private school for our kids, and a lot of what we want, even in this area. No, we don't live in a prestigious zip code, and my commute is about 45 minutes, but that's because of choices that we made.

Damn. I'd love to see your budget.

Not seeing how the math works on this. After saving 60k and paying taxes you are spending in the low 100s, and covering more than one private school tuition, and all other expenses, comfortably?

Our housing costs are minimal, the private school is inexpensive, and our retirement contributions are pre-tax because of a 457b contribution. And we are not spenders. We probably spend less than 1k on clothes and eating out over the course of the year, and some years we don't bother with a full vacation other than visiting family. It's just the way we are but it's our choice, we don't think about money.

But you don't live IN DC. You have low housing costs and low private school costs. So your budget is about as relevant to someone who lives in Upper NW DC as someone who lives in Kansas or Idaho. That's the point. $300k in upper NW provides a stable lifestyle with occasional niceities, but when you factor in the high cost of living you are far from rich.

Do you realize what a nitwit you sound like? The luxury your income is paying for is living in Upper Northwest and paying for private school. Do you not see that many many people with incomes lower than yours cannot afford those?

Just because you choose to spend your money on different things doesn't make the money not exist. Where you live and where your kids go to school is in fact a luxury. Even if you're not wiping your bum with hundred dollar bills.

Absolutely agree -- if you can afford a nice home in NW -- you are rich in my book. The middle class can't afford that.[/quote

$300k and no way can we afford a nice home in NW.

what are you doing with your money?
We make $300K and live in a nice house in AU Park.
The vast majority of our neighbors make a similar salary--some a bit less, some a bit more.
But a tremendous number of families here are 2 income fed families or something every similar.