Do people in DC really live this way? (home, universities)
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"Wealth" in DC means something like 630K/household per year at the low end. That stat came out right before I moved out of town. So a HH income of $140K falls far far below what it means to be wealthy. It boggles the mind, but its true.
The OP doesn't ask what is considered a "wealthy" household in DC. In fact, I didn't even take it that the OP was referring to only DC proper. But I guess I may have been wrong about that.
What DC do you live in? I know a hell of a lot of black middle class people. I interact with black middle class people everyday. I am a black middle classian.
+1 to the entire post. DC is home to one of the most prominent HBCU's in the country - I can't believe the earlier poster claims only disenfranchised blacks live in the metro area.
$10K per year per kid for a 529 college savings program?? I know you said you intentionally inflated your numbers to make a point, but this figure doesn't even pass the laugh test.
$180K for college per kid? Not in your wildest dreams is that necessary for 99.9% of kids/parents in America.
I can agree that its not necessary for 99.9% of kids/parents in America, but it is for 0.1% of kids/parents in America; i'm quite sure that is the audience chicagotodc was writing for. Whats the cost of tuition at an Ivy League school? $30,000-$40,000, correct. If your child plans to do the traditional 4 years, thats around $150,000 for an education, not including other costs.
99.9% of parents are not sending their kids to the top tier schools, mostly because they cant afford it. But the lady he was replying to had the ability to do that.
What DC do you live in? I know a hell of a lot of black middle class people. I interact with black middle class people everyday. I am a black middle classian.
I was saying the same thing.
To GoldenChild, in my opinion i dont think race has anything to do with whats going on with the overall economy today. I can agree that it is a factor, though. If your black in this country you are more likely to be poor, or become poor. But the average white person in America is far away from living that "Northwest DC privileged white person lifestyle." Heck, the OP is from Minnesota (a predominantly white area) and seems to be a liitle surprised that people really live this way here.
Plus, there are some High status black people in DC. Ive seen them with my own eyes, and I dont think race is that big of a factor in their everyday lives. They have a higher socioeconomic status than the average person in America, regardless of race.
I can agree that its not necessary for 99.9% of kids/parents in America, but it is for 0.1% of kids/parents in America; i'm quite sure that is the audience chicagotodc was writing for. Whats the cost of tuition at an Ivy League school? $30,000-$40,000, correct. If your child plans to do the traditional 4 years, thats around $150,000 for an education, not including other costs.
99.9% of parents are not sending their kids to the top tier schools, mostly because they cant afford it. But the lady he was replying to had the ability to do that.
Obtaining an Ivy League education is not solely about cost. You can have every dollar in the world in your bank account, but if your kid doesn't have the academic accumen to get in, then there's no such need for that much money saved for college. I understand your point, but you make it sound as if money alone will get someone into an IL school. That's not the case in the slightest.
As for the "audience chicagotodc was writing for," lets just say that he has vastly overblown many of his anecdotal figures. It seem he doesn't really understand the vast majority of households in this city and is just making up things to fit his perception. That's why it's important for contributors on this thread to counter his fallacious assertions.
If you make $140K a year living in the D.C. area and you're not traveling to places like western Europe, Hawaii, east Asia or Australia every few years, then you're not managing your finances properly. IMO.
If you make $140K a year living in the D.C. area and you're not traveling to places like western Europe, Hawaii, east Asia or Australia every few years, then you're not managing your finances properly. IMO.
I agree with your general premise. A single person making $140K is PLENTY to live in the DC area. In fact, a two-income home could easily get by on $140K as well. It all comes down to disposable income. The albatross around the neck of a large portion of DC workers/citizens is student loans. DC is a highly educated city, and with that comes outsized student loans. It should not be underestimated the number of people.....young and old......who are slaves to student loan debt on top of mortgages/high rent and car payments. A recent study shows that Maryland leads the nation in student loan debt. That's pretty amazing considering MD is a small state with relatively few colleges and universities. Graduates are dumping into the workforce with unprecedented debt loads, and they're staying in DC because of the relatively robust job market.
The $140K figure is PLENTY to survive on this area......it's all about the other debt people are carrying around that makes living here more difficult.
Obtaining an Ivy League education is not solely about cost. You can have every dollar in the world in your bank account, but if your kid doesn't have the academic accumen to get in, then there's no such need for that much money saved for college. I understand your point, but you make it sound as if money alone will get someone into an IL school. That's not the case in the slightest.
As for the "audience chicagotodc was writing for," lets just say that he has vastly overblown many of his anecdotal figures. It seem he doesn't really understand the vast majority of households in this city and is just making up things to fit his perception. That's why it's important for contributors on this thread to counter his fallacious assertions.
In reply to a kid needing "academic acumen", go tell that to George H.W. Bush.
In reply to "it seem he doesn't really understand the vast majority of households in this city", As I said before the man was not writing for the MAJORITY (99.9%) of households, but for the MINORITY (.1%) of households. From reading his post I saw that it had nothing to do with "regular people." Therefore I didn't expect him to give a "regular person" answer. It seems that you're not getting who it was written for.
Where is chicagotodc? I've defended you twice on this thread homie; I need rep points!!
I agree with your general premise. A single person making $140K is PLENTY to live in the DC area. In fact, a two-income home could easily get by on $140K as well. It all comes down to disposable income. The albatross around the neck of a large portion of DC workers/citizens is student loans. DC is a highly educated city, and with that comes outsized student loans. It should not be underestimated the number of people.....young and old......who are slaves to student loan debt on top of mortgages/high rent and car payments. A recent study shows that Maryland leads the nation in student loan debt. That's pretty amazing considering MD is a small state with relatively few colleges and universities. Graduates are dumping into the workforce with unprecedented debt loads, and they're staying in DC because of the relatively robust job market.
The $140K figure is PLENTY to survive on this area......it's all about the other debt people are carrying around that makes living here more difficult.
Ha, even if someone has 200k in debt making 140k, they should be able to pay that off within 2-3 years.
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