Thinking of relocating to DC - quality of life question

[Anonymous]

We currently live in New York and are thinking of relocating our family and our business to DC.

Would appreciate any thoughts on what kind of a quality of life we could afford with HHI of around $200K living in NW DC, renting a 2 bedroom apartment or house, and having a 3 year old in preschool. Will this be a stretch?

Thanks so much!

[Anonymous]

What's HHI?

[Anonymous]

HHI = House hold income

[Anonymous]

Based on what you're saying, I think you'll do very well in NW DC, as long as you don't mind paying a lot for a good preschool. Others can correct me if I'm wrong, but it seems to me a lot of other families live very well in NW DC on a lot less.

[Anonymous]

We just moved to NW DC (AU Park) from NYC and I think that as it relates to real estate the dollar goes further in DC (we got a single family house for the price of a amall two BR apartment in Brooklyn). That said I think that all other expenses (especially childcare) is the same as NYC and in some cases more. The quality of life question is really subjective - its all about how your measure. If you stick with renting I think that it is doable, but if you wanted to buy I think it would be a stretch especially if you want to be in the 2007/2008/20016 zip codes.

[Anonymous]

This is a stretch... but... you're not Lauren from Babycenter are you? I'm sure I'm wrong- it's a million to one...

[Anonymous]

Anonymous wrote:Based on what you're saying, I think you'll do very well in NW DC, as long as you don't mind paying a lot for a good preschool. Others can correct me if I'm wrong, but it seems to me a lot of other families live very well in NW DC on a lot less.

I think that this is true for people who have been in the area for a while (got their houses cheap) or are renting, but again, living well is also subjective. Compare to NYC, the biggest quality of life difference you will get is more (greener) space for less money.

[Anonymous]

You'll be perfectly fine! Great, even.

Our income is 100K/year take home. We rent a 2 bedroom, send our daughter to a pricey all day preschool and have about $1,000 left over/month after food/entertainment/401k/529 that we put toward savings, etc.

There are some great buildings in Upper NW with great public schools that are Metro accessible for about $2300-3000/month. Full day preschool will run you about $1300-1400/month. Get on preschool lists NOW.

[Anonymous]

I agree that you'll be just fine. We are a family of one income earner of about 190K and this past year bought a house in American University Park (zip 20016).
We have two kids under 3 and are surviving just fine! I think this boards portrays DC as far more expensive than it is. Spend enough time around here and you'll be
convinced that you need 500K/year to break even.

[Anonymous]

I am the OP of this topic.

Thanks so much to everyone for your feedback.

I have just been looking at the personal and business finances and have realized - once and for all - that we cannot afford to stay in NYC.

We can very comfortably divert about $200K from our business to ourselves as salary, but - what we are finding here in NYC (and we live in Brooklyn not even Manhattan) is that it appears to take about $350K to support the lifestyle I described. Which is just not where we are or where we will be in the next several years.

We have both lived in DC before and like it, so are considering it as an option, but I don't want to be idealizing it - so I really appreciate everyone's input.

I will continue to check the post.

(Not Lauren from BabyCenter, by the way...sorry!)

[Anonymous]

As a former Brooklynite, I'll tell you that your dollar will go further here. Housing, our biggest expense, is less here. Most other expenses are in the same range, but the money you can save in housing really makes a difference. The only things that I have found that are much more expensive here are pedicures, manicures, blowouts and dry cleaning.

Good luck.

[Anonymous]

OP here -

Thanks.

Hard to imagine that food will not be less in DC (talking diapers, milk, everything like that) as well. When we go out to Long Island to visit my partner's family, the cost in the stores there is sooooo much lower we are always blown away.

Private schools seem to be about the same (preschools a little bit lower) from the research I've done.

But it's the accumulation of day to day higher costs on everything that seems to suck you dry in NYC, in addition to insane housing costs.

[Anonymous]

19:00 PP here. I think that maybe if you do your grocery shopping in the more distant suburbs or costco or target, it may be cheaper. But when I need to just pick up a few things at the local supermarket it is the same as what I remember from the Met Food.

[Anonymous]

OP here.

May I ask what you pay if you rent? Thanks!

[Anonymous]

I pay $2000/month for a 2 bedroom in Upper NW DC on the red line.
We don't have a workout room or anything, but it's still a great place and well kept building.

The newer places will be upper 2,000 - 3000/month for a 2 bedroom (a place with a pool, etc).