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We are in our 50's with a 3-bedroom house, a child in private school, and good jobs in a small city in the southeast. My spouse grew up in the DC area but moved away decades ago. He still has family there, and we love the area. He has received a job offer in the District with a salary around $100,000 -- very good for our small town, okay for DC. I am reasonably confident I can find a job at a comparable salary. We are both very excited about the prospect of moving to a much larger, dynamic city closer to family, but are realizing the serious trade-offs we’ll need to make. Housing in the District or immediate suburbs is at least 5 to 7 times more expensive, and we don’t have the savings to make up the shortfall, nor as much time to recover economically as someone in their 20s, 30s or 40s. We’re not willing to endure a torturous, soul-sucking commute from a remote suburb, nor give up private schooling for our child. This basically puts us in the District as renters, with a massive share of our income going to tuition instead of home equity. Actually, just writing that down makes me think we're crazy for even considering a move. Yet, we love the DC area. It would be wonderful to retire there -- assuming we could afford to retire! Given the trade-offs we’re willing to make – and those we aren’t – can we make it work?
Doesn’t sound like a very feasible option. If you do end up landing a job with a salary close to 100K, as you mentioned, then it can definitely be possible but you may still need to forego some elements on the housing, your kid’s private school etc.
What kind of housing budget do you have in mind for DC?
We are in our 50's with a 3-bedroom house, a child in private school, and good jobs in a small city in the southeast. My spouse grew up in the DC area but moved away decades ago. He still has family there, and we love the area. He has received a job offer in the District with a salary around $100,000 -- very good for our small town, okay for DC. I am reasonably confident I can find a job at a comparable salary. We are both very excited about the prospect of moving to a much larger, dynamic city closer to family, but are realizing the serious trade-offs we’ll need to make. Housing in the District or immediate suburbs is at least 5 to 7 times more expensive, and we don’t have the savings to make up the shortfall, nor as much time to recover economically as someone in their 20s, 30s or 40s. We’re not willing to endure a torturous, soul-sucking commute from a remote suburb, nor give up private schooling for our child. This basically puts us in the District as renters, with a massive share of our income going to tuition instead of home equity. Actually, just writing that down makes me think we're crazy for even considering a move. Yet, we love the DC area. It would be wonderful to retire there -- assuming we could afford to retire! Given the trade-offs we’re willing to make – and those we aren’t – can we make it work?
Before you write-yourself off as crazy, what cities/areas are you comparing? I don't know where you're coming from, but from your salary information given, I'm going to make an assumption that you're not living in a $50,000 house. There are areas in DC that are very expensive, but there are areas that are much more reasonable. You might not be able to afford Great Falls, but I'm fairly confident that you can find a home that is not 5-7x the price of where you are now.
Actually, just writing that down makes me think we're crazy for even considering a move. Yet, we love the DC area. It would be wonderful to retire there -- assuming we could afford to retire!
Are you thinking of the real DC, or the dream DC where your life suddenly becomes awesome just because you've moved? No real warts-and-all place, like where you live now, stands a chance compared to a fantasy city. It seems like when you think about the real DC, it doesn't add up.
You must also factor the difference in tuition, unless you're talking Catholic diocese schools. Some of the Catholic schools are also independent (Stone Ridge, Georgetown Prep, Gonzaga etc and are very expensive). The diocesan schools are cheaper. DC area independent schools are very expensive (think $30k+) and extremely competitive for admissions. Then, keep in mind, there is a lot of "status" pressure if you do get into a good private, will your child always be the outsider if you're living in a significantly lower socio-economic area? It's a tough thing to consider but DC is a tough town.
In the original post you list lots of reasons not to move, so I wonder how truly interested you are in this, but I will play along.
Condos: these are an option. If you don't feel you can buy a house due to the exorbitant cost, why not look into a condo? There are tons of them in the city, and they are often more afforable than a SFH.
"Close in" suburbs: Why not look at Arlington, Alexandria, Silver Spring, etc? Anywhere with access to a metro will make your commute easier and the "soul sucking" hours on the road are not always necessary. Housing can be cheaper by quite a bit, and schools decent.
And why do you think you should have "no problem" making 100K? Its not as easy as you might think.
Reality Check: Moving here with a $100,000 salaray, suporting a family, sending a child to private school, paying for housing and still thinking you are going to enjoy the city is quite frankly unrealistic. And further, if you think landing a 100K job is not a problem, lol .. think again! In DC, people don't care what you know, you need to know people and know them well to have a 100K job land in your lap. Your husband may have done it and congrats to him, but the competition here for big paying jobs is out of control. If I were you, I would seriously way out the pros and cons as it pertains to your life goals and your future.
I just moved here and got a 118k position. Sounds good but it is not enough for decent life; starting at 57 without savings. Private schools are way too much for us. Grade scores from the public schools are only reported high in few small areas, in the whole DC, BALT Metro. Property Tax are high, and HOA is often high. Parking in the city cost allot, and many have waiting list. Driving to work commonly is traffic jam, and are variable every day. Supermarket pricing varies as much as 1 -$2 per pound on meats between the metro area. If you rent and put some belongings in storage that is high also. I was very flexible when I arrived here recently because my house was just foreclosed, my life savings depleted, and my wife was pregnant. If you are flexible you will make it too. If you are unwilling to sacrifice you will fail, your fist post sounds as though your are demanding and inflexible.
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