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

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make about $230k a year, but we bought our house in Georgetown for $200k in the 1880s, paid for our kid to go to private and then Ivy. We have over $2M in 401ks, so yes we feel rich.

. 230k income combined for a couple is very low for Georgetown area.

But $230K household income is very high for a family in the US, or in the world. That is wealthy by any reasonable standard. Just because there are some who are even wealthier does not make you poor. We have such hang-ups about social class in this country.

[Anonymous]

This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

[Anonymous]

Anonymous wrote:This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

+1

[Anonymous]

Anonymous wrote:This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

But the fact that you can afford that choice does make you richer than the vast majority of folks in this country.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

But the fact that you can afford that choice does make you richer than the vast majority of folks in this country.

Exactly. Let's say I earn $1 million a year, choose to live in Beverly Hills, and then keep insisting that in Beverly Hills $1 million a year isn't rich. Of course it's rich! Only the rich can afford to live there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

But the fact that you can afford that choice does make you richer than the vast majority of folks in this country.

Right, and this is what I don't understand. Saying that X dollars goes so far in Y neighborhood, or small neighborhood cluster, and pretending that is the COL in an area makes no sense. Unless you are required to live in that limited area. It only makes sense to look at the entire commuting area (however we decided to define it) when discussing the choices and trade-offs available to people.

[Anonymous]

Anonymous wrote:This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

Except that I lived in upper NW for 3 years (renting) making 48k to start, and working my way to 64k when I bought my house (in SE DC). I received 5k/year in child support, plus half daycare in child support. 1 kid, plus me and a cat.

So...you doing it on 300k sounds pretty cushy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

But the fact that you can afford that choice does make you richer than the vast majority of folks in this country.

Exactly! The fact that you live there at all means you are RICH. You have options. You may not *feel* rich all the time if you are living in NWDC and only have one car while your neighbor has two, or have to gasp send your kid to public school instead of private - but YOU ARE RICH.

[Anonymous]

Anonymous wrote:This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

No, you are rich. You are rich: HENCE YOUR RICH ASS CAN CHOOSE TO LIVE SOMEWHERE EXPENSIVE! JUST BECAUSE YOU SPEND ALL OF YOUR MONEY DOES NOT MEAN YOU ARE NOT RICH! YOUR CHOICES, OWN THEM. RICH ASS

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

But the fact that you can afford that choice does make you richer than the vast majority of folks in this country.

Exactly. Let's say I earn $1 million a year, choose to live in Beverly Hills, and then keep insisting that in Beverly Hills $1 million a year isn't rich. Of course it's rich! Only the rich can afford to live there.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:This whole debate feels similar to a thread earlier this year where people debated whether when they travel they tell strangers they are ""from DC." When they actually live in the far suburbs. If you don't actually live in upper NW DC, then you really have no idea how expensive it is to live here. It's not just housing that is 50% more expensive than the burbs. It's also child care, insurance, parking, food. You name it. Yes it is obviously a choice, no one is debating that. But from a mathematical COL perspective, $300k is not rich here.

But the fact that you can afford that choice does make you richer than the vast majority of folks in this country.

Seriously. You could take your $300K and live a whole lot higher on the hog somewhere else, but you're choosing to spend it on location -- and that's FINE, but it doesn't make you poor, it makes you someone who prioritizes an expensive location over other things. And you may live among people who make substantially more than you, but that's just a relative perspective.

And I always love the "unless you live X, you have no idea Y". You don't have to live things first hand to have some knowledge of them. It is possible to have researched (a lot) of real estate and COL expenses in NW and decided, you know what, this isn't worth the premium cost. It's not like you move in, and then they tell you exactly how much it costs to live there. Every significant expense can be identified and researched in advance. People failing to do that doesn't make them poor, just bad planners. Do small things pop up? Sure. but if you don't know with pretty good precision how much your house, insurance, parking, child care, and utilities cost before moving in, you need a better spreadsheet and Google-fu next time.

[Anonymous]

Why don't I feel rich when we make double that? Sigh. I really don't get it.

[Anonymous]

Anonymous wrote:Why don't I feel rich when we make double that? Sigh. I really don't get it.

You make more than $600,000 a year and don't feel rich? You make more than 99% of the country and must live extremely well. Families are earning less than 10% of that, on average.

[Anonymous]

Anonymous wrote:Why don't I feel rich when we make double that? Sigh. I really don't get it.

Post your budget and we will find money for a fantastic vacation. Then you will feel better!

[Anonymous]

It is rich and if you cannot live on $300,000/yr then you are a very poor money manager.