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Yea its a lot to consider. We have lived in 4 states in 4yrs, and Im still trying to find the right fit for me and my family. We have bought and sold 2 houses since 2004, so if we decide on the DC move, perhaps we should slow down and rent for a while before taking the plunge again.
Yes indeed we are like twins. My son is in the 4th grade, and we definitely need to find an area to live in that also has a good school district that wont break the bank. Our current jobs are also very stable which is in direct contrast to the current economic climate. Im beginning to think that we should stay put in STL untill the storm is over. Im just so tired of the low pay from our jobs and high attitudes from all the st louisians.
Our current standard is about average. 150K house in a decent suburban neighborhood. We live below our means so that we can save and enjoy our lives (travel, dining etc). I just dont want to make a move that will require us to down grade and be strapped for cash (been there done that while I was in school). I think we will take some more time to analyze the pros and cons of this move.
Yeah of course you can live off $110K in the DC area. I mean if you have to keep up with the Jones then no. You'd be bring home over $5K a month I don't bring home half of that and I'm still here to tell the tale. I think too much focus has been on homeownership. Not everyone needs to own a home and if you don't own home it doesn't make you less of a person. But I digress. So yes $110K should be fine. It will all depend on your particular lifestyle. Is owning a single family house a top priority? Do you have a lot of debt? Do you have to drive a fancy car? Do you have to live close to the city or can live further out? All that has to be taken into consideration.
This guy/gal hit the nail right on the head, in my opinion. I couldn't have said it better myself.
DC could be considered the Capital of Keeping Up With The Jones's. While there's no denying the cost of living in DC is high, be aware that the very people who suggest you couldn't live here on that salary are perhaps the very people who are slaves to their current mortgages, car payments, etc all in the name of keeping up.
I make nowhere near $110K per year, I rent, I own a car, and I enjoy life. I am not a slave to anything other than student loans. Living within your means is absolutely possible in this town.
There are some good school districts in Prince William County. The commute is much worse but you can definitely afford a house there. In the DC area, it's a huge trade off.
If you want a big yard, a good school district, and a large house: You get to commute a long time.
If you don't mind having a cement slab for a yard, you can get a townhouse and live closer in.
If you want to live IN DC, you can spend a TON of cash on a house in a good area and then spend a ton of cash on private school or you can spend slightly less cash and get a condo.
The DC area really is a huge trade-off in this regard. The further out you go, the more you can afford but the trip to and from work is hell (unless you have a very early schedule). The closer in you get the more it costs and if you get all the way into DC, it costs a TON (unless you don't mind living in bad neighborhoods) AND the schools suck.
I recommend Howard County and many parts of Montgomery Maryland. It's more affordable than DC and Northern VA. Both areas are fairly safe and has good schools. Northern VA is too expensive, crowded, safe, best shopping in the metro area, have some of the best school systems in the country but will be too far from your work location. If you want affordable, then there are many parts in Prince Georges county Maryland that you can get into a place for 200K. I've been to West County, Mo and yes it is bland. Good luck.
For $150K, you cannot get a single-family house in any suburban neighborhood in the DC area. Even for $300K, you'll be looking mostly at townhouses or older single-family homes in desperate need of serious $$$ renovation. Prince George's County in Maryland is more affordable, but the public school system is abysmal. You really need to plan on spending at least $400K to purchase a house in an ordinary suburb with a decent school system (and even then it won't be anything close to what you could buy in St. Louis for that sum).
Based on what you've posted, I don't think that you will be improving your family's material standard of living by moving to DC. The higher housing costs will more than offset the salary increase. To get a sense of what your money will buy, try looking at a realtor website for houses in these suburbs -- Rockville and Silver Spring in Maryland, and Burke and Springfield in Virginia.
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I'll play the devil's advocate....
