Reply to Earning Well but Drowning in Debt...how to dig out?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]"Our house is extremely modest and too small for a family of 5" -- yet it's worth $800K.

I don't understand this. How can something be "extremely modest" and cost $800K? We are a family of 5 living in a 3BR condo in Columbia Heights like this one, on the market for $325k, and we're doing ok.
https://www.redfin.com/DC/Washington/1429-Girard-St-NW-20009/unit-305/home/96098202

I can't wrap my head around the numbers the OP is saying. Holy moly, you earn more than three times what we do and you burn through SO MUCH every month.[/quote]

I agree.  This is exactly the kind of place OP should be living in given her childcare costs and debt.  it would afford her to pay off her student loans.  The extra 1-2n a month she would save in housing could go to the cc debt.  She could take transit to work for free since she's a fed and sell her car.  She could save a good 750 a month there.

Even better - she could hire a nanny and improve her quality of life by not having to do drop offs and pick ups for the kids.  [/quote]

Repeat, what school would the kids go to in Columbia Heights?[/quote]

Two of my kids go to a charter school and one goes to a public school. Please don't belittle someone posting at DCUM for living in DC and using DC schools.[/quote]

Right, that's fine...and that's your decision with your children's educational priorities. But why would OP give up a terrific school district (I am guessing Arlington) to move into a condo in columbia heights, where she will have to hit the lottery to get a decent charter school?  Let's be realistic. She is putting her kids' education first, and I don't blame her.[/quote]

+1. OP's mortgage is $3400/month and house is currently valued at approximately $800k. So they probably paid somewhere in the $500s for it when they bought, depending on downpayment. Good schools is key.  Moving to Columbia Heights condo with less than desirable schools, and having to play the charter lottery, just doesn't make sense, especially if one kid will be out of daycare next year and into good public and the third will be out of daycare and into good public in a couple of years.[/quote]

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