Reply to WWYD: 1 BR APT + Preschool Tuition in NW or 2BR APT or house + Charter School in NE

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Reply to "WWYD: 1 BR APT + Preschool Tuition in NW or 2BR APT or house + Charter School in NE"

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[quote=Anonymous][quote=Anonymous]Some people may think this belongs in a school or real estate forum, but I'd love to get purely financial input.

We have a HHI of $148K, take home $8000 but live paycheck to paycheck and in a 1 BR NW Apt with our toddler. We are really feeling cramped, but can't really swing a 2 BR apartment if we stay in this part of the DC.

We have been offered a slot in a charter school in NE, but also have also been offered a slot in a private preschool in NW. The charter school commute would be about a 40 minute trip back to NW in rush hour traffic if we had a second car. On public transportation, it will be 1.5 hours (metro and bus combos). Husband works 35 miles away from DC, so he will would do drop offs and I would do pick-ups since I work in NW DC.

Our monthly finances:

Nannyshare: $2100 (until Fall)
Rent: $1551
School loans: $1100
Credit Cards:$1000 (way too much consumer debt/husband was unemployed for a good 6 months last year)
Groceries: $650
Car/insurance: $400 (one car)
Cell phones: $200
Internet/Cable: $150
Dining out:$300
Kid classes/entertainment:$200.
Shopping: $150 for 
Medical: $100

Our DC is really ready for school, so our childcare costs will go down either way. If we go the preschool route, it costs $1425 a month. In NW DC, you can't really find a 2 BR that is kid friendly for less than $2200.

Obviously, charter school is free and we'll have to pay aftercare. If we get a car (even a beater, that's about $400 a month in insurance, gas and car payments.) On public transportation, it's probably $170 a month in fares, but loads of time if we stay in NW DC. I've been looking at NE apartments near the charter school, but to be honest, they are really student housing or low income housing. Buying a place seems like the best bet, but we don't have the downpayment and in this market, I doubt we will find something that is affordable. Moving would probably cost $1500.

Is it financially worthwhile to move to be closer to the charter school for only 2 years so we can have a larger place and pay off some debt? The inbound elementary school in that part of Ward 5 is not good and I worry that after PS/PK the classroom dynamics might change. I think we'll still need a second car in NE DC because the walk to the school is a bit iffy.

Thanks so much all your advice.[/quote]

You can get a two bedroom apartment in The Cloisters on Michigan Ave for about $1775. The college kids that live there are not rowdy at all, most go to CU.[/quote]

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