How to afford a single family house with 4 kids in Loudoun? (Chantilly: mortgage, daycare)

[Flyers5150]

Hello all,

My wife and I currently live in Aldie, VA. We have triplets that are 21 months old and a son that is 3.5 years old. My wife makes $70k and I make $120k. You would think $190k would be plenty to afford a nice single family house in many parts of Loudoun in the $600k to $750k range. However, daycare for 4 young kids is $4k a month! This pretty much wipes out my wife's salary so it's really doesn't make a difference in our financial picture if she works or stays home with the kids.

On my salary of $120k, I can support our family in our 2600 sq foot town house (3 bedroom/3.5 bath) that we purchased for $417k in 2007. The mortgage payments are only $2200 a month which is do-able. The problem is that $120k really isn't an adequate income to purchase a home that will likely up my mortgage payment to $4k a month without being house poor. Since we both work in Fairfax County (Chantilly and Herndon), I really don't want to move out further to find cheaper housing.

We aren't desperate for a new house as our town house is a decent size. However, when the kids get bigger, we will want more space. Seems like I am stuck until the kids are in school and our daycare costs go down?

[CaliTerp07]

Seems like kids getting bigger will trigger a) less daycare costs and b) need for more space. Sounds like you wait a few years.

How much would it cost to hire a nanny full time to stay at your house with the kids? I don't know the going rate, but for four kids it might be cheaper?

[Flyers5150]

Part of the problem is we have both a nanny for the triplets and put the older sibling in daycare. We could probably find a cheaper nanny and pull the older sibling out of daycare but were really not willing to go cheap on childcare as we have a really good setup right now. I think were stuck with these big daycare bills until all the kids are in school.

[hilsmom]

Yeah, if you can hold out in the TH for a couple more years and figure out if you can reduce the childcare expense, things will be much easier.

A 2600 sf TH is a good size - that is bigger than my SFH in Fairfax/Chantilly (2200 sf). Although, I think the bigger problem is only 3 BR, right? Is there a way to create a BR anywhere else in the space, like a basement? Just curious.

[mdcrim]

What about an au pair for all four kids? I think they are relatively inexpensive compared to the cost of daycare. Just a thought!

[FCNova]

Originally Posted by Flyers5150

Hello all,
We aren't desperate for a new house as our town house is a decent size. However, when the kids get bigger, we will want more space. Seems like I am stuck until the kids are in school and our daycare costs go down?

This pretty much. You may get some creative answers but if you don't want to move further out your best option is really just to wait. 4k a month for daycare is brutal. I have 2 kids and the costs are definitely hindering my ability to upgrade from TH to house too. I kind of want a 3rd down the road but then I think about 5 more years of daycare costs. It's tough

[PolandSprings]

OP, I mean no offense, but I think you are looking at too much house for your income (unless you will have a very large DP or stay closer to $600k). Yes, your childcare costs will go down, but you will still have child related expenses - before/after school care, camps, increased grocery bills, vacations, college, increased clothing costs. You should be able to find a nice SFH, larger than your current TH, in Aldie for $600k or less. So yes, I think you can afford to stay in Aldie.

[BT Lover]

It seems like it would be more cost-effective for your wife to stay home with the kids and save the 4K a month if it is essentially her entire salary. But, it may be best to talk to a qualified financial planner to hash out all the financials and come up with a plan for the future. If possible, it may be worth your wife having a part-time job in the meantime so there isn't a gap in her work experience and to save a bit more money for that house. That isn't necessarily a possibility in every job field, but it may be a good short-term solution.

[Flamingo13]

Just a reality check - do you realize that many of us were raised in MUCH smaller homes and we survived?

[Flyers5150]

Thanks all for the advice. I agree with everything that was suggested. The current living arrangements work as the desire to move is much more of a "Want" than a "Need". Most of us that are age 40+ did grow up in homes that were 1500 sq feet so we will survive. We will likely revisit the idea of moving in maybe 2 or 3 years. It's not unrealistic that our income might also go up another 20k in that time as well.