How rich are private school parents?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dual-income of $2.5 million. 2 in private in DC. We feel like most families are doing better than us.

Why? You know that this is clearly not the case.

Kids’ houses, cars, vacations, 2d homes, 3d homes.

A facade. I know a number of families that lease their shiny luxury cars, vacations are paid on credit, and 2nd homes belong to grandparents. My sister is a realtor in this area and is privy to a lot of financial information--according to her it is very unusual for private school families to have incomes in the 7-figures. Most hover in the $300K-$700K range. (Of course, this is still a ton of money in the grand scheme of things.)

Im calling bs on this. Its not possible to even live in DC on $300k.There is a lot od grand parent help there.

[Anonymous]

Anonymous wrote:Realistically, for a family with more than one child in private, it would be a financial strain if HHI were much lower than $400K. Sure some families do it on less, but most people opt out unless their income is high enough. So based on that, I would say a majority of families are making at least $400-500K.

Really depends on the school. Most at our schoolare not at this income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dual-income of $2.5 million. 2 in private in DC. We feel like most families are doing better than us.

Why? You know that this is clearly not the case.

Kids’ houses, cars, vacations, 2d homes, 3d homes.

A facade. I know a number of families that lease their shiny luxury cars, vacations are paid on credit, and 2nd homes belong to grandparents. My sister is a realtor in this area and is privy to a lot of financial information--according to her it is very unusual for private school families to have incomes in the 7-figures. Most hover in the $300K-$700K range. (Of course, this is still a ton of money in the grand scheme of things.)

Im calling bs on this. Its not possible to even live in DC on $300k.There is a lot od grand parent help there.

This is one of the most redic. comments I have read on DCUM. I live in DC in a home worth about a mil. 1 in private, 1 in public. Make a bit more the MOST of our friends in public, and in private some make a TON more, and some make less or the same (assuming obviously by the jobs and homes). I feel comfortable in both. We make about 400. However we have made MUCH less in the last 10 years, and NEVER found it impossible to live in DC. Ever.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dual-income of $2.5 million. 2 in private in DC. We feel like most families are doing better than us.

Why? You know that this is clearly not the case.

Kids’ houses, cars, vacations, 2d homes, 3d homes.

A facade. I know a number of families that lease their shiny luxury cars, vacations are paid on credit, and 2nd homes belong to grandparents. My sister is a realtor in this area and is privy to a lot of financial information--according to her it is very unusual for private school families to have incomes in the 7-figures. Most hover in the $300K-$700K range. (Of course, this is still a ton of money in the grand scheme of things.)

Im calling bs on this. Its not possible to even live in DC on $300k.There is a lot od grand parent help there.

This is one of the most redic. comments I have read on DCUM. I live in DC in a home worth about a mil. 1 in private, 1 in public. Make a bit more the MOST of our friends in public, and in private some make a TON more, and some make less or the same (assuming obviously by the jobs and homes). I feel comfortable in both. We make about 400. However we have made MUCH less in the last 10 years, and NEVER found it impossible to live in DC. Ever.

NW??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dual-income of $2.5 million. 2 in private in DC. We feel like most families are doing better than us.

Why? You know that this is clearly not the case.

Kids’ houses, cars, vacations, 2d homes, 3d homes.

A facade. I know a number of families that lease their shiny luxury cars, vacations are paid on credit, and 2nd homes belong to grandparents. My sister is a realtor in this area and is privy to a lot of financial information--according to her it is very unusual for private school families to have incomes in the 7-figures. Most hover in the $300K-$700K range. (Of course, this is still a ton of money in the grand scheme of things.)

Im calling bs on this. Its not possible to even live in DC on $300k.There is a lot od grand parent help there.

Maybe you should leave your bubble. The median household income in DC is $75k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dual-income of $2.5 million. 2 in private in DC. We feel like most families are doing better than us.

Why? You know that this is clearly not the case.

Kids’ houses, cars, vacations, 2d homes, 3d homes.

A facade. I know a number of families that lease their shiny luxury cars, vacations are paid on credit, and 2nd homes belong to grandparents. My sister is a realtor in this area and is privy to a lot of financial information--according to her it is very unusual for private school families to have incomes in the 7-figures. Most hover in the $300K-$700K range. (Of course, this is still a ton of money in the grand scheme of things.)

This is closer to the truth.

PPs with millions, open your eyes and realize that you're the top of the money heap. There might be a few who spend it differently and make you think otherwise, and one family who is actually richer, but that's it.

[Anonymous]

Anonymous wrote:We make around 1M and we are in the middle as far as I can tell. It's obviously a good income but other parents have extensive family wealth and multiple homes, etc. Plus connections like legacy admissions to a particular ivy stretching back generations.

That's what you're dealing with.

I wouldn't do it if you're not making at least $750k.

Gosh, I should pull my kid out of private school because we are too poor! I just didn't know it! Our HHI is 180k, 1 kid, no FA. He's good, we're good. I try to pretend clueless folks like PP are trolls.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think we earn enough to afford private, but we are just another ordinary dual income professionals in the area, and we live in a very modest house

Can someone tell me what majority of private school families are like financially? I don’t want our kid to feel that he’s the poorest one in the class

Two public school teachers. Combined income was $160-180k and we got 80% FA. I felt we were on the poor side, but DC barely noticed except the size of houses for play dates.

Oh you are on the poor side.

80% FA for one child is equivalent to ~$30k net or ~$50k gross salary. Double that if you have two kids at privates ($100k gross), plus your $180K gross HHI. I'd be laughing pretty hard at those suckers paying full freight and no defined benefit plan + 401k and no summers off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dual-income of $2.5 million. 2 in private in DC. We feel like most families are doing better than us.

Why? You know that this is clearly not the case.

Kids’ houses, cars, vacations, 2d homes, 3d homes.

A facade. I know a number of families that lease their shiny luxury cars, vacations are paid on credit, and 2nd homes belong to grandparents. My sister is a realtor in this area and is privy to a lot of financial information--according to her it is very unusual for private school families to have incomes in the 7-figures. Most hover in the $300K-$700K range. (Of course, this is still a ton of money in the grand scheme of things.)

This is closer to the truth.

PPs with millions, open your eyes and realize that you're the top of the money heap. There might be a few who spend it differently and make you think otherwise, and one family who is actually richer, but that's it.

please don't conflate wealth with annual income. I'll take the former any day.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think we earn enough to afford private, but we are just another ordinary dual income professionals in the area, and we live in a very modest house

Can someone tell me what majority of private school families are like financially? I don’t want our kid to feel that he’s the poorest one in the class

Two public school teachers. Combined income was $160-180k and we got 80% FA. I felt we were on the poor side, but DC barely noticed except the size of houses for play dates.

Oh you are on the poor side.

80% FA for one child is equivalent to ~$30k net or ~$50k gross salary. Double that if you have two kids at privates ($100k gross), plus your $180K gross HHI. I'd be laughing pretty hard at those suckers paying full freight and no defined benefit plan + 401k and no summers off.

...and this is why some people develop a bad opinion of teachers, people like you, laughing at us because we are working harder than you and receiving fewer handouts from financial aid departments....

[Anonymous]

By so called DC private school standards we are poor.

We have a combined HHI of $220K (a top GS scale government employee and a teacher). We have two DC, one in private and one in daycare. While we get about 65% FA, we pay $1200 a month for tuition plus about another $300 month for afterschool care and activties -- a total of a minimum of $15,000 a school year (and we also contribute to the annual fund and participate in the annual scholarship fundraising auction); add in about $5000 for private school summer camps and we are looking at about $20K. When our second DC starts we can assume it will be another $15K - $20K per year. Call me silly, but what poor person can afford to spend $20,000 on something that is considered a luxury? And before anyone starts ranting and raving about whether we can actually afford to, yes we are saving for college and retirement. We own a 3000 square foot home (with a $3K monthly mortgage) in a suburb of DC. We drive cars that most of America would consider luxury vehicles. We take nice vacations as well. We do not care about fancy clothes or jewelry. We only shop when necessary and when we do, the most expensive place would be at Macy's and we head straight to the sales rack. We eat out ocassionally, but again we rarely go anywhere we have to spend more than $70 to feed all four of us. In what world, is this lifestyle poor?

OP, when you choose to send your DC to private school in DC (and you are not one of the million plus dollors a year familes) whether or not you are poor is quite frankly a state of mind. I do not feel poor and when my DC even begins to venture into "why don't we have X or Y" mode, I am quick to point out how much more DC and sibling have in comparison to what many others living less than 15 miles away have, and certainly how much more than I had at DCs age. There will be people of all income levels at any private, and there will be people who care and people who do not care. There will be people who will assume who is on FA and who is not -- and they over and under estimate on many. Another family at DCs schools make substantially less and they do not get any FA. They did not apply because their DCs grandparents (on both side) each contribute 1/2 towards the monthly tuition. Their DCs grandparents are not wealthy by any strech of the imagination. They are retired with minimal expenses and take pride in doing for their grandchild what they were not able to do for their own children. Many assume that family is on FA. The parents and I often giggle over this.

My mom was poor and I had no idea. Back in the 80s/90s she made $40K and raised 2 kids as a single parent. We always had a roof over our head, clean clothes that were not second hand and we never went hungry. We had no idea we were living very much within poverty standards.

So when I hear people say that $200K income is "poor" - in any setting - I can only shake my head. People who make millions and look at people who make $200K and think those people are poor are pathetic quite frankly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dual-income of $2.5 million. 2 in private in DC. We feel like most families are doing better than us.

Why? You know that this is clearly not the case.

Kids’ houses, cars, vacations, 2d homes, 3d homes.

A facade. I know a number of families that lease their shiny luxury cars, vacations are paid on credit, and 2nd homes belong to grandparents. My sister is a realtor in this area and is privy to a lot of financial information--according to her it is very unusual for private school families to have incomes in the 7-figures. Most hover in the $300K-$700K range. (Of course, this is still a ton of money in the grand scheme of things.)

This is closer to the truth.

PPs with millions, open your eyes and realize that you're the top of the money heap. There might be a few who spend it differently and make you think otherwise, and one family who is actually richer, but that's it.

please don't conflate wealth with annual income. I'll take the former any day.

Sorry, but $300K-$700K HHI is wealth by any standard. You need a more accurate perspective on relative wealth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dual-income of $2.5 million. 2 in private in DC. We feel like most families are doing better than us.

Why? You know that this is clearly not the case.

Kids’ houses, cars, vacations, 2d homes, 3d homes.

A facade. I know a number of families that lease their shiny luxury cars, vacations are paid on credit, and 2nd homes belong to grandparents. My sister is a realtor in this area and is privy to a lot of financial information--according to her it is very unusual for private school families to have incomes in the 7-figures. Most hover in the $300K-$700K range. (Of course, this is still a ton of money in the grand scheme of things.)

Im calling bs on this. Its not possible to even live in DC on $300k.There is a lot od grand parent help there.

This is one of the most redic. comments I have read on DCUM. I live in DC in a home worth about a mil. 1 in private, 1 in public. Make a bit more the MOST of our friends in public, and in private some make a TON more, and some make less or the same (assuming obviously by the jobs and homes). I feel comfortable in both. We make about 400. However we have made MUCH less in the last 10 years, and NEVER found it impossible to live in DC. Ever.

NW??

Yes- in NW is a desirable area. Home value is a bit unknown to me, but we purchased for less. However, I have thought about moving to 16th st heights since we can still get more for our money there, and we are private and charter. The thought that you cant live in DC under 300k is insane- and out of touch. Although not a surprising DCUM post...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think we earn enough to afford private, but we are just another ordinary dual income professionals in the area, and we live in a very modest house

Can someone tell me what majority of private school families are like financially? I don’t want our kid to feel that he’s the poorest one in the class

Two public school teachers. Combined income was $160-180k and we got 80% FA. I felt we were on the poor side, but DC barely noticed except the size of houses for play dates.

Oh you are on the poor side.

80% FA for one child is equivalent to ~$30k net or ~$50k gross salary. Double that if you have two kids at privates ($100k gross), plus your $180K gross HHI. I'd be laughing pretty hard at those suckers paying full freight and no defined benefit plan + 401k and no summers off.

I wouldn’t laugh too hard, even paying full tuition, I spend a smaller percentage of my income on tuition than you do.

[Anonymous]

Gawd, if you're trying to talk yourself out of private, this is a great thread to read. People, rich and "poor," get a grip and some self-respect and go about your business.