@jzducol It would seem that it would be affordable to most people. I get it.
However It’s not even being close to being true. Maybe in this case. For a an average family. let’s take a look if it is actually “totally affordable”
300k less state and federal taxes is 30 percent and 10 percent state. Eliminate local. 180k range net, as an example.
Low range and guesstimate averages.
Health insurance 15k
Mortgage 40k
Property tax 10k
Less two cars 12k
Less car insurance 4K
Homeowners insurance 2k
Food 24k
Life insurance 2000
Cell service for 3. 3600
Internet and cable 1500
Electricity 1500
Heating oil or gas 3600
Gasoline 5000
Haircuts, clothing, dry cleaning, cleaning supplies, shampoo, housing items, prescriptions, glasses, deductibles, dentist, dog food, water or sewer taxes, tools. Etc 10k
Harvard 75
Travel to Harvard and back and holidays. Etc 5k
Books and sundries for year 3k
218k. Less 180k. That’s a 38k shortfall. Every year. Or $152000 over college alone. Ok maybe the may have 100000 saved for college. That’s still 52000 short!
That’s not the worst part. That’s not realistic. Look below.
There’s no retirement savings. There’s no emergency savings. Hopefully there’s no other child. Or future college. Or elderly parents. No vacations. No theatre. No movies. No restaurants. No unexpected expenses. No gyms. No house repairs. No painting. No new roof. No major car repairs. No car servicing at all.
And man. You better not lose your job or get sick.