What's upper middle class in the DC metro area?

[Anonymous]

Anonymous wrote:I grew up upper middle class so I know what it feels like. With our <$250k income and <$900k home (purchased this year) we are definitely not upper middle class. Maybe comfortably middle class, as money isn't tight and we're saving, but money isn't free flowing either and we have to watch our expenses.

To live comparably to the way I grew up, upper middle class, I'd say we'd have to be making closer to $300k, and live in a house about $1.2 million using today's sale prices (for neighborhoods like Arlington, Bethesda, NW).

Sorry to correct you, but you are upper middle class. Your parents may have had more purchasing power back in the day, but if you have graduated from college, have some graduate education (or the equivalent), have "white collar" jobs, were raised with upper middle class values, etc., etc., you are not middle class.

[Anonymous]

BTW, it is a peculiarly American to define oneself as middle class, regardless of one's level of education, income, profession, etc. But from a sociological perspective, there are certain characteristics (college graduate, white collar profession) that distinguish upper middle from middle.

Simply living in an expensive city where one believes one's income can't afford a particular lifestyle does not make one middle class.

[Anonymous]

What's most interesting about the postings denying upper-middle class status is how out of touch posters are with the financial realities of others around them. If you're in the top quartile of earners in your metro area (in this metro area by census data above approx. $150k above), regardless of you decide to spend your money, you are by definition in the top quartile, e.g. the upper-middle of income earners. Your own beliefs on what is commensurate capacity to consume is irrelevant! 75% of the people around you are earning less than you are.

[Anonymous]

There are 2 camps on this board - those who think "middle/upper class" is defined by how much you earn and those who think it's defined by what your life "looks like" (as in, can you afford a decent neighborhood, etc). I personally think that MOST (not all) in the former camp bought a long time and so are totally out of touch with how much is needed to afford the same type of life (not fancy - but primarily to afford a decent neighborhood/school) that others around here taken for granted and that most people around the country would view as middle class.

My criteria is to see what the family's life looks like w/o the salary knowledge - to me, that says if they're middle class/upper or not. And I would say that someone living in OH could make LESS a year than someone in the DC area but still qualify for a higher "class" bracket given the type of life that income lets them lead.

[Anonymous]

Anonymous wrote:There are 2 camps on this board - those who think "middle/upper class" is defined by how much you earn and those who think it's defined by what your life "looks like" (as in, can you afford a decent neighborhood, etc). I personally think that MOST (not all) in the former camp bought a long time and so are totally out of touch with how much is needed to afford the same type of life (not fancy - but primarily to afford a decent neighborhood/school) that others around here taken for granted and that most people around the country would view as middle class.

My criteria is to see what the family's life looks like w/o the salary knowledge - to me, that says if they're middle class/upper or not. And I would say that someone living in OH could make LESS a year than someone in the DC area but still qualify for a higher "class" bracket given the type of life that income lets them lead.

These are two important categories.. going along with this, I think another dimension is net worth, and another is commute. Given the first example, what the family has a nice house in a nice neighborhood and the HHI is over $200K, but the house is in South Riding and underwater, with a single-income earner in a shaky job (maybe biglaw associate) and six figures worth of student loans?

That is different from lots of equity in a modest home in North Arlington/McLean, and careers that are interesting, stable, and pay a comfortable salary, but maybe not so very lucrative over the long term, and little debt.

I'd say that having a lot of debt can be sort of a professional underclass.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm bored with this stupid thread. The classic difference between upper class and middle class is unearned (ie inherited) money vs earned income thru working. If you have to work you are middle class.

That's a great distinction. I've also heard that the difference between middle-class and upper-class is: middle class seeks to earn more, upper class seeks to preserve the wealth it already has. Not sure where upper-middle falls in this, but I'd guess it's families with a mix of income and wealth to be preserved.

Doesn't anyone with a 401K seek to preserve it? Especially if you aren't eligible to collect on it for 20 years.

[Anonymous]

We're upper middle class. Our earned income is about $435,000 a year. We don't look like it, because we live in a 20 year old house that's paid for and drive cars that cost less than $25,000 each, and send our kids to public school, but we are undoubtedly upper middle class.

[Anonymous]

Anonymous wrote:We're upper middle class. Our earned income is about $435,000 a year. We don't look like it, because we live in a 20 year old house that's paid for and drive cars that cost less than $25,000 each, and send our kids to public school, but we are undoubtedly upper middle class.

ummm no, you are rich.

[Anonymous]

Anonymous wrote:We're upper middle class. Our earned income is about $435,000 a year. We don't look like it, because we live in a 20 year old house that's paid for and drive cars that cost less than $25,000 each, and send our kids to public school, but we are undoubtedly upper middle class.

you are rich, not middle class.

[Anonymous]

16:47 - good on you. I have seen some people with few or no assets but lots of "flash", struggling to pay for private school so they can try their weak attempts at social climbing. What they don't realize, is that their DC's classmates can see right through it and are simply not interested. Save your money and start being wise with it!

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're upper middle class. Our earned income is about $435,000 a year. We don't look like it, because we live in a 20 year old house that's paid for and drive cars that cost less than $25,000 each, and send our kids to public school, but we are undoubtedly upper middle class.

ummm no, you are rich.

Why do you say that? We don't take fancy vacations or have a lot of "stuff." Our net worth isn't enough so that we could live on unearned income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're upper middle class. Our earned income is about $435,000 a year. We don't look like it, because we live in a 20 year old house that's paid for and drive cars that cost less than $25,000 each, and send our kids to public school, but we are undoubtedly upper middle class.

you are rich, not middle class.

Again, why? It takes two adults working 50+ hours a week, 50 weeks a year, to earn this income.

[Anonymous]

Anonymous wrote:We're upper middle class. Our earned income is about $435,000 a year. We don't look like it, because we live in a 20 year old house that's paid for and drive cars that cost less than $25,000 each, and send our kids to public school, but we are undoubtedly upper middle class.

Then what the f**k do you spend your money on? It makes no sense. Do you have drug habits or second families somewhere else?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're upper middle class. Our earned income is about $435,000 a year. We don't look like it, because we live in a 20 year old house that's paid for and drive cars that cost less than $25,000 each, and send our kids to public school, but we are undoubtedly upper middle class.

you are rich, not middle class.

Again, why? It takes two adults working 50+ hours a week, 50 weeks a year, to earn this income.

So if a family has two adults working 60+ hours a week 52 weeks a year to earn $80,000 would you consider them really rich? People with HHI over $400k are rich/wealthy/whatever euphemism you want even in DC-- the idea that if you work for your income you can't be rich is just silly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're upper middle class. Our earned income is about $435,000 a year. We don't look like it, because we live in a 20 year old house that's paid for and drive cars that cost less than $25,000 each, and send our kids to public school, but we are undoubtedly upper middle class.

Then what the f**k do you spend your money on? It makes no sense. Do you have drug habits or second families somewhere else?

We tithe. Until recently, we were throwing $5,000 a month extra at our mortgage. We invest the rest. Why do you assume we spend, rather than give away or save, the excess?