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New tiny baby emerging 🥰🌱
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Seems about right
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Thoughts on living in North Arlington?
Man, these definitions of upper middle class are wild. But I guess that’s what keeps the wheel turning, upper middle class is always a little more than you have now 😂
210k in Frisco is plenty
you’d have to define upper middle class, but I don’t think it is.
Dallas has a lot of wealthy oil money people, and you’re not going to come close to keeping up with appearances here. At 210k you should probably be looking at an $800k house, which could be a nice 2000sqft townhome in a fun area like knox/henderson, a luxury 800sqft condo in a down down high rise, or a suburb home 30 min from downtown that is 3000sqft and new.
Car wise, you are both going to be in the 40-50k range to stay comfortable. Buys a nice car but again, Dallas crowd tends to flash money, and your BMW sedan just won’t compare to a brand new 100k range rover that is on every corner.
So while it is definitely enough to live comfortable with no kids, have nice things, and still save some money, at the end of the day 210k is the salary of two married consultants with 3 YOE. Outside of downtown that’s great living but you’ll feel the “keeping up with the joneses” constantly at 210k
You basically described my parents when I was growing up in your post except we lived in the suburbs so no need for private school and we were more than comfortable at ~200-250k combined income.
Grew up ages 7-18 in the Plano/Frisco area.
My parents had a HHI of ~$130-$170k from 2000-2018. So accounting for inflation, a little less than your HHI.
I'd say we lived a barely upper middle class lifestyle.
Some notes:
- Had the option of private school, but didn't take it
- fairly frugal, no German cars or anything until recently (mom has a Lexus)
- my college/grad school fully paid for
- my brothers college/med school paid for
- vacations once or twice a year
- $300k house in 2000, upgraded to a $500k McMansion in 2012
My dad was frugal (Asian) and invested INCREDIBLY well and lucky.
We were definitely not UPPER UPPER middle
Class, but we were above middle class from what I remember.
I remember I got into Baylor for college ($60k a year or something like that) and my parents told me they might not be able to afford it fully. Went to a public state school instead @$10k a year and they paid it all.
200k in Frisco now, wife and no kids. Plenty, plenty comfortable.
Grateful for your perspective
well, this thread shows me there is a lack of understanding of what can be classed as middle class. There is real poverty and extreme wealth which i think puts your salary easily in upper middle class!!!
210k HHI is easily enough for you to enjoy a very comfortable life in dallas!
To me, yes. But some ppl may say upper middle class is 4 luxury vacations a year plus private school. In that case, probably not.
DTI only considers actual debt like a car loan or student loans, the items you mentioned are discretionary and not used in the DTI calc. So sure, with kids in private school and living a luxurious life 800k is not doable but living modestly it’s definitely comfortable. Take home at 210k is probably around 11k. payment including taxes and insurance around 5k. I could live comfortable on 6k cash a month
Depends on where in Dallas. Dallas proper will be a tough stretch but probably fine in one of the suburbs.
Suburbs (Frisco, Plano, etc.)
What are you trying to do?
Will kids be in prep school or public schools? If prep school, are we talking St. Marks /Hockaday or something a little more affordable?
Something more affordable. Private school tuition is about 1700/month for 2 kids.
You can buy a 500k townhome in frisco, get in the good school districts, and drive a Honda Accord. Would not be a stretch at all. As your income increases you can do more if you want.