We don't even know how many students there are at Hogwarts. See How Many Students Are There At Hogwarts? at the Harry Potter Lexicon for a detailed discussion of the textual evidence as of GOF. It more or less boils down to many indications that there are about ten students per house per year, for a total of 40 incoming students a year, versus a few indications that there are about a thousand students total, which would be about 142 incoming students a year. Also, there are about 12 teachers.
"All children who are not Squibs are sent invitations to attend Hogwarts, but they don't all accept." (See the Harry Potter Lexicon again.) Also, Hogwarts is "the only Wizarding school in Britain for kids eleven and up." (See the HPL academics.)
We do know there are thirteen professional Quidditch teams in Great Britain and Ireland. (See the Harry Potter Lexicon yet again.)
We also know that in 2001, the United Kingdom census reported 58,789,194 people. This excludes non-Northern Ireland. The birth rate was estimated in 2003 at 11.74 births/1000 population. (Demographics of the United Kingdom) England alone had 49,138,831. (List of United Kingdom countries by population)
The population of England at the time of the Norman invasion in 1066 is estimated to have been about 1,100,000. In 1215, it is estimated to have been about 2,500,000. (Wikipedia: Population of England)
Premodern birthrates were significantly higher than birthrates today. I couldn't find any hard data on this in my quick Internet check, but apparently premodern birthrates could get as high as 60/1000 population, maybe even higher.
(40 births/year) * (1000 population / 11.74 births) = about 3407
That strikes me as way too small, especially given how many Quidditch teams they have, and how big the Ministry is.
(40 births/year) * (1000 population / 15 births) = about 2667
Oops.
(100 births/year) * (1000 population / 15 births) = about 6667
This is a move in the right direction, at least. However, the small Iowa town where I attended undergraduate school had close to half again as many people. More than that if you count the college students.
This last possibility seems quite reasonable. However, if there were a sharp drop in the birthrate during the war, I would expect to see a sharp rise immediately after the war -- this would be the class two or three years after Harry & co. This rebound to normal levels and beyond ought to be really darn noticeable -- "hey, the first-years outnumber us two or three to one" -- and I don't think it's been mentioned. It isn't out of the question that the wizarding birthrate is just generally lower.
I don't think we have had any indications that relatively few families send their (magically gifted) children to Hogwarts, but I'm not as sure we would have to. We are given that there are no other educational choices in Britain. We're left with going abroad or no formal education. If, as J.K. Rowling has said, all magical children are admitted to Hogwarts, why would they not come?
The closest we've seen to poverty in Hogwarts students is the Weasleys. Arthur Weasley has a white-collar government job, and at least in my experience would be considered middle-class no matter how embarrassing his children's secondhand dress robes are. They own a house. Molly Weasley is a housewife -- can afford to be a housewife. This is not the lower class. But when the Weasleys are the most impoverished people in evidence -- where is the actual lower class hiding? Or perhaps, where is it being hid?
I'm not suggesting over half the population is destitute and on the brink of starvation. A society that poor probably couldn't support thirteen Quidditch teams, either. I'm suggesting a society that is starkly stratified and severely resistant to social change. Forget no college -- kids here wouldn't get any schooling at all. I guess I'm just saying that in this scenario, Hermione might be well-advised to save the house-elves for later and look at a broader picture.
So maybe we have the number of Hogwarts students all wrong. Let's look at the thousand-student hypothesis, which, recall, gives about 142 incoming students a year. Let's raise the births/year rate to 150.
(150 births/year) * (1000 population / 15 births) = 10,000
That's better. I'm not sure if I'm happy with it, but it no longer looks absurd. Although it's less than a third as many people as there are in the suburb I grew up next to. (The suburb I grew up in is kind of puny.)
Since birth rates have tended to go down as life expectancy goes up, and wizards live longer than Muggles, it's reasonable to posit a lower yearly birth rate. Let's try... 8/1000 population.
(150 births/year) * (1000 population / 8 births) = 18,750
Better yet. Still smaller than many cities, though.
(Incidentally, applying the 8/1000 population birthrate to the 40 births/year model -- let's raise that to 50/year -- gives:
(50 births/year) * (1000 population / 8 births) = 6250
which is better, but not enough better.)
1000/12 = about 83
I don't think this is acceptable. Or likely. But what do I know, maybe they do all constantly use Time-Turners. Or maybe some of the staff just never come to meals or interact with Harry in any way. But it's still tough on the teachers who have to teach all the students.
Hypothesis One still seems more plausible.
The most simplistic method would be simply to assume the proportion of Hogwarts students to Muggle population stayed constant, and calculate thusly:
(280 students/49,138,831 Muggles) * (1,100,000 Muggles in 1066) = about 6
or
(1000 students/49,138,831 Muggles) * (1,100,000 Muggles in 1066) = about 22
This would work out to less than one student a year in the first case, or just over three a year in the latter. Either way, not very big. Fortunately, the above assumption is silly; it incorporates not only the assumption that the wizard-to-Muggle population ratio stayed constant, but that the per capita wizarding birthrate stayed constant, when it makes sense that it fell just as the real per capita birthrate did.
(18,750 wizards/49,138,831 Muggles)*(1,100,000 Muggles in 1066)*(24 births/1000 population) = about 10
Ten incoming students a year sounds quite workable.