<p>Madison, I know folks, lots of them here in very modest houses (wouldn’t go for $100K in most parts of the country, if that),two older cars, very few trips, vacations, and family, friends type when doing so, no second home, kids in public school and very little if any in savings, making about that much. I live in a very high housing cost area where the real estate taxes are ridiculously high so that such houses can encroach the million dollar mark in price (where my brother lives, the same. His house isn’t as big as trailer home and that’s the value of it). </p>
<p>The income is not middle class, in that there are far more in the area that make far less so it doesn’t make the mid 50% in income, by any stretch, but when one lives in such an area and strive to be in the better public schools, more upscale, safer, cleaner areas, one certainly feels middle class or even less. These things are a matter of perspective. But when it comes to college financial aid, it’s the raw numbers as put on the aid calculators that count. You can consider yourself rich, but if your reportable income for FAFSA purposes is under,say $20K or so, live in a $4milion dollar house, living off a HELOC on said house, your kids can have a zero EFC which means PELL and subsidized loan eligible. The PROFILE schools might not buy into this, but yes, in some cases, you can get full need met, living like a millionaire. You can also be eligible for zip in aid even having a hard time making ends meet in certain areas even with a 6 figure income.</p>