I make 1MM/yr and I feel like I'm middle class?

I need to understand whether this is 'normal' in this city: I thought I made a very good income, been around 1M for the past couple years, and I've got a couple megs in liquid assets. Yet despite the financial crisis, wall st massacres, etc I feel like I'm living in the middle class. Every parent at my kids school is running around buying 6M condos like its the standard, literally. Meanwhile I'm... [more]

I need to understand whether this is 'normal' in this city: I thought I made a very good income, been around 1M for the past couple years, and I've got a couple megs in liquid assets. Yet despite the financial crisis, wall st massacres, etc I feel like I'm living in the middle class. Every parent at my kids school is running around buying 6M condos like its the standard, literally. Meanwhile I'm (relatively happily) living in a downtown 3BR condo rental paying a fraction of the carrying costs of buying the equivalent unit and I think I'm real smart. But the wife is getting frustrated because she wants to make it her own place and put up wall paper, built ins, etc but it doesn't seem that wise given that its not our permanent home. WTF is going on here? I just need to know if I'm delusional or what does it take to live comfortably in NYC. I thought I was doing pretty well but I realize I can't afford a 5M condo like apparently all these other people around me can. Granted I am in my mid 30's and these other families are in their early 40's. Maybe I need to get more comfortable with being highly leveraged. I could move to Westchester and get a mansion for 2M but don't really want to sell out like that, yet. Maybe inevitable though as I don't see my income increasing 3 fold in the near term. [less]