Quote:
Originally Posted by Investing In Chicago
In Chicago - the challenge is High School, not K-8. There are very few quality public, non magnet, High School options in Chicago.
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i am aware of that.
i even directly said as much in this thread yesterday.
Quote:
Originally Posted by Steely Dan
the bolded is the tough part for chicago at the high school level.
we have a very good K-8 CPS neighborhood school that our kids are automatically enrolled in because we're in zone, but what comes after that is a phenomenally tougher gauntlet
as you noted, CPS has a handful of extremely excellent high schools, but as a white upper middle class family, it's gonna be tougher for us to get our two kids into one of them than it will be to get them into a good university. we might just have to bite the bullet and pony up for catholic high school.
i know the "high school issue" has caused many middle class families to move out to the burbs where they don't have to play any games once their kids are high school age.
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Quote:
Originally Posted by Investing In Chicago
a $420K mortgage (which would probably assume a purchase price just north of $500K) would equate to a total monthly payment of ~$3,000 (P&I + Taxes + Insurance) - this dual income family probably has daycare bills as well which would likely be, at minimum, $2,000 / month for 2 kids (we pay $30K annually for 1 kid).
Based on the above, that $420K mortgage is pretty unreasonable.
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no, i'm talking about a purchase price of $420K with 20% down, so a mortgage of $336K. a family with an AGI of $108K will qualify for that in most cases.
yes, daycare payments can complicate that financial picture, but daycare is also a short window of time that eventually goes away. we're living through it right now with two kids in full-time daycare to the tune of $26,000/year. but next fall our daughter goes to (
FREE!!!!!!!!!) all day kindergarten and our son will follow in fall 2021. it'll be like a $26,000 raise after all the belt-tightening we've had to do make it through the "daycare years".
i'm thinking about buying a Ferrari!