Reply to Study shows that 350k/year is barely scrapping by as middle class

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Reply to "Study shows that 350k/year is barely scrapping by as middle class"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I know I'm just another dumb guy living in an average DC family (HHI $90k at age 50) but sending three kids to private school at $50k each is not middle class. When you get into three times the average income for an area, the violin gets very small.[/quote]

I am the poster above you. Of course that's not middle class. In fact if you can afford even one 50K tuition you are not middle class. The question is can you afford this on $300K, and i will say resoundly NO.
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Why not?  If you are paying for private, then you don't need to pay the premium for living in an area with a good school district.  That premium for the good school district becomes a luxury if you are sending your kids to private school.  Instead, you can spend a lot less on a nicer home in a weaker school zone and lower your mortgage.  However, I find that too many people attending privates, have a "keeping up with the Jones" mentality that they need to live in  a good area with a home to which their kids won't be embarrassed to bring friends home.  And they don't want to be the old beater in the line of Range Rovers, BMW's, Lexi and other luxury SUVs so they spend money on living up to those wealthier than they are.
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