As to income viability...

The large government run National Household Education Survery which is the best data available shows little difference in homeschool and public income demographics. Over the last 4 surveys('99,'03,'07,'11) homeschoolers have had ~20% in poverty and 50+% within 200% of poverty.

http://www.responsiblehomeschooling.org/homeschooling-101/ho... is a decent summary of the data with links to the most recent Department of Education surveys.

http://www.responsiblehomeschooling.org/wp-content/uploads/2... is a single graph of the above data from 2003