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A crucial element that has been touched on but not said explicitly is that while only a small portion of the total population is datable, a much larger portion of the people you run into on a daily basis are datable because you tend to run into people similar to you.
This is especially true for the age, intelligence and socioeconomic status issues. People tend to work and socialize with people of similar age, intelligence and who make similar money. College is a great example, but even after college you probably go to bars attended by similar people your age, have hobbies that people your age have, etc. People who make similar amounts of money shop in the same grocery stores, buy houses in the same neighborhoods, take the same kinds of vacations and income is highly correlated with intelligence (or at least formal education).
In statistical terms, there is considerable selection bias in the people you have a chance to meet and therefore date; it is not a random sample of the population.
There is, of course, a great Seinfeld about this, but I think they come up with 5% of the population.
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