Reply to At what HHI did you stop feeling middle class?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The idea of socioeconomic class around here creates confusion as realistically the average HHI is significantly higher than elsewhere in the nation or even abroad. We are among the richest people in the world, here in the DC area. And yet when you look at your life, living in a small townhouse in a regular suburb driving a practical car like Subaru and sending your kids to public school, you feel like you’re just another regular American. The money doesn’t go far. A young couple bringing in 250k feel less than when really that’s top income globally.

At what point do you feel, well, not middle class? [/quote]

400k[/quote]

My husband and I make $435 and I feel very middle class (we are in our mid 30s). I’d say closer to $600K. [/quote]

You must be referring to feeling ‘upper’ middle class.  There’s no way at that hhi you would only feel middle class unless you have 10 kids or six figure debt or something.[/quote]

We’re both doctors who went to medical school relatively late and prior to medical school worked in poorly paid positions, so basically saved nothing. We started making a combined income around $300K a few years ago. We have focused a lot on paying down debt and only have about $35K left. We just bought a $1.3M house in a HCOL area (outside NYC) last year and took out a 401K loan of $45K to afford it and we’ve been paying that loan back this year, which has been tough. We also have 2 kids in preschool and a nanny, because our hours are long and unpredictable and we don’t have any family help. We have one fully paid off car (2018 Subaru) and are putting off buying another car for as long as possible. We haven’t taken a vacation since 2019. I realize that paying off our debt (minus the mortgage) is temporary. Maybe my perspective is skewed by the fact that I came from a very middle class background (HHI under 70K, both parents routinely worked more than one job) or that I live in a very HCOL area where everyone around me seems to make way more.[/quote]

You have a spending issue.  You choose to go to high priced schools and then bought an insanely expensive house.  You could have done cheaper housing, you could have done day care and a baby sitter.  Your choices don't make you middle class.[/quote]

Lol.[b] I don’t know of any cheap medical schools.[/b] I’m also pretty sure you wouldn’t want a doctor who went to one. Similarly, I’m sure if you or a family member ended up in the ICU you wouldn’t want your doctor to be unavailable because their low-paid babysitter wasn’t available. But sure, say it’s spending issues.[/quote]

+1. The UVA med school is $78k/year for residents. There are virtually no merit scholarships for the vast majority of the med students and definitely none that can make a dent in that tuition amount - mom with DC1 in med school.

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