Agree with Rabbi Reisman's comment of the dangers for children of having a standard of luxuries will be bad for them. I'd expand requiring a high income and his figures of minimum required are above that what is the median income in NYC area. Sadly, what too often happens is that too many are needssly being pushed away by unnecessary requirements from following dvar hashem. Far from every Yid has the potential to even have high paying jobs, BTW children by high school may well know that they won't be able to afford the lifestyle of what a "frum" community requires -and sadly many leave on their terms.