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][quote=Anonymous]It’s not a “stupid article.” It was vetted by FIRE proponents and they agreed with the estimates. As a family with HHI around $320K in NW DC, these estimates are spot on.

The trick is to get a job in DC or Boston, and then move to a LCOL area while continuing to telecommute with the same job. I have a few colleagues doing this and they are very happy, especially in the young kid years.[/quote]

What "middle class" neighborhood has a median home price of 1.6 million? It's definitely not Silver Spring, which is my definition of middle class in the DC area.[/quote]

No that is low class, bad schools and a high proportion of low income people (more than 10%)

Dont be fooled by realtors and other cheerleaders of real estate, Bethesda is middle class, it's just not as affordable as it was in the past. [/quote]

What happened is that the population of the DC metro area more than doubled in the last 40 years.  By the law of supply and demand, that means prices go up.  So what used to be middle class (e.g. Bethesda, Chevy Chase) is no longer middle class.  With rising prices, the standards go down as the prices go up.  So that means that the upper class now move from the downtown desirable areas to the nearby desirable areas formerly owned by the middle class.  This makes those prices go up and push the middle class out to the less desirable further out areas and so on.  So, the upper class cannot fully live in the upper NW area, and push out to the nearby suburbs like Arlington, McLean and Bethesda/Chevy Chase or EOTR in NE.  This is now the lower tier of the upper class.  The upper middle class is now living in Silver Spring, Rockville, Gaithersburg, Annandale, Vienna, Reston.  And the true middle class is living in PG county, Howard County, AA county, Prince William County, Loudon County.

With growing demand, you cannot call the same areas that were middle class 40 years ago, still middle class.  That just isn't the way real estate works. [/quote]

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