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Making a decision to become house poor? - Page 4

post #61 of 87
Quote:
Originally Posted by wildmonkeys View Post
We actually are Catholic - the cost of K-8 for the Catholic School at our church is about what you said, but the local Catholic High Schools I priced were about $15,000 - $20,000 per kid per year. I was pretty surprised myself...
Holy Cow! Are you sure you're not looking at an independent PRIVATE school that just happens to offer Catholic religious instruction as opposed to a Catholic PAROCHIAL school connected to the archdiocese? There's a big difference. Here, independent schools with Catholic religious instruction are part of the New York State Association of Independent Schools while the Archdiocese (i.e. Catholic Church) runs the Parochial schools.

Here in NYC:

Cathedral High School (Parochial, Archdiocese) - Yearly tuition=$6,025
St. Jean Baptiste High School (Parochial, Archdiocese) - Yearly tuition=$6,450

Covent of the Sacred Heart (Independent, private school with Catholic Instruction, NOT connected to archdiocese) - Yearly tuition=$30,000.
Loyola High School (Independent, private school with Catholic Instruction, NOT connected to archdiocese) - Yearly tuition=$25,680

The Archdiocese here will advertise and promote all schools that provide a Catholic education, but they are only in charge of the Parochial ones. The private ones run themselves with no input from the Church with regards to curriculum. There is a HUGE price difference between the two.

In my non-Catholic opinion, the Catholic Church does an excellent job educating kids, far better than the city.

Hope I didn't get too complicated.
post #62 of 87
Thread Starter 
We are in Maryland and we do not have open enrollment. I have to say that even if we did, I would have to move before the kids were in high school for MY WELL-BEING. I can stick it out in this neighborhood for a few more years for the sake of the kids because the elementary school is good and all that, but schools aside, dh and are are really unhappy here for ourselves. It actually makes me really depressed to live here and I am a pretty happy person who has been able to make the best of lots of different places, (Chicago, DC, Kentucky, West Virginia, Peru, DC, and other parts of Maryland). We will move - it is just a question of when and to where.
post #63 of 87
Thread Starter 
KateKat - Sorry I cross-posted. Now that is a good question, I am not sure if they are affiliated or what the actual arrangement is? We are pretty far out in the suburbs and I checked the 8 schools that I have heard of people around here sending their kids to for high school and that is what I came up with...there are schools farther away, but for my initial research I pretty much limited to the ones that all the kids around here seem to go to (for carpooling, social, distance reasons, etc.)

Anyway, fabulous questions. I will do more research!!!
post #64 of 87
Quote:
Originally Posted by wildmonkeys View Post
I can stick it out in this neighborhood for a few more years
Then that is what I would do.
post #65 of 87
No it's not "smart", but honestly you seem to have the best hold financially of anyone I have ever seen who did it.


Fix your house, put it for sale, let the kids finish the school year. Save up more and make it 12 months EF for the NEW place.




You only live once. Happiness is worth it. Make sure you have life insurance to cover it. And keep your eyes PEELED for better deals in AND around your "ideal". Get a home warranty and an EXCELLENT home inspection.


Have a plan B for if hubby's work changes or something "bad" happens.



Good luck.
post #66 of 87
Ours was:

stay in our house and put kids in private school

or

move and put our kids in public school

We chose to move. The education is just as good and we have the house of our dreams, for the same price.

We are beyond happy.
post #67 of 87
Here in the Chicago area, Catholic K-8 is about 2K-4K per child depending on school and parish. Catholic HS is 9K-14K depending on the school. That is just tuition though. If you child does a sport or dance team etc add another 5K per year per child. Also add all the fundraising you have to do for any Catholic education and involvement in the school and church.
post #68 of 87
Which burb are you in, OP?
post #69 of 87
Thread Starter 
We are in Elkridge, MD which is in Howard County near Columbia.
post #70 of 87
We are very house poor right now because we own a house and then bought a property that we plan to build on. We are handling 2 mortgages and are self financing the construction as much as possible. But we went into it with a LOT of savings. My DH's business is always on the verge of collapse so it is nerve wrecking at times. But I am also enjoying the challenge. We never had to think much about our spending before and now we do. I have cut our budget to a minimum in every area other than house payments. The property we bought is awesome and we love spending time there. Once the house is built and we sell this one, I can go back to work (until then I will be the general contractor for our home construction) and things will be a little better. I would much rather have our dream house than waste my $$ on cable TV, eating out, or buying crap I don't need. But if we didn't start with a big down payment, lots of savings, and equity in our current house I would not have done it.
post #71 of 87
65% % of your income on housing is insane in this economy. Many people are having to take pay cuts to keep their jobs. I'd stay put.
post #72 of 87
Thread Starter 
Funny...since it is the weekend my husband took a few minutes to read this thread and pointed out that I have overstated how big of a jump it would be...

He pointed out that our current mortgage is actually about 40% of our take home pay since we have so much automatically deducted for savings. It would be 25% of our new take home pay. We currently never feel tight and feel like we have saved enough to take a break for a few years...

Anyway, I think consensus would probably still be that we shouldn't do it right now, but he pointed out that my math is fuzzy

straighthaircurly - I am with you in that we would rather have the home that we want than extra opportunities to eat out, buy stuff, etc. We aren't really consumers and only buy things we need, more because of who we are than because of $. We also have a ton of savings (probably because we don't enjoy spending money on anything except travel...)

Anyway, we are looking at some different options based on feedback here, but my husband agreed with several posters about the issue really being if the budget is doable rather than what % of our income it would be right now...
post #73 of 87
In that case, if you have a lot of savings, I would consider doing this with a bigger down payment so that the mortgage payments would not exceed 25% of income.
post #74 of 87
Quote:
Originally Posted by KateKat View Post
Have you considered Catholic School? I imagine the cost of living where you live (DC) is roughly comparable to where I live (Manhattan/NYC). Here private schools run $25,000-$35,000 a year, but Catholic schools are just a fraction of that in the $2,000-$7,000 range.

You do not have to be Catholic to attend. I'm a happy non-Catholic school graduate and I would guess that roughly 1/3 of the kids I went to school with also were not Catholic. It wasn't a big deal.

Here for the most part, the $25,000-$35,000 private schools are where the celebs and CEOs send their kids. The middle class use Catholic schools, and the lower class sends their kids to public schools.
Catholic high schools in my area are 15k+/year (one is $24k, I believe), which is better than $35k but still $$$.
post #75 of 87
Quote:
Originally Posted by KateKat View Post
Holy Cow! Are you sure you're not looking at an independent PRIVATE school that just happens to offer Catholic religious instruction as opposed to a Catholic PAROCHIAL school connected to the archdiocese? There's a big difference. Here, independent schools with Catholic religious instruction are part of the New York State Association of Independent Schools while the Archdiocese (i.e. Catholic Church) runs the Parochial schools.

Here in NYC:

Cathedral High School (Parochial, Archdiocese) - Yearly tuition=$6,025
St. Jean Baptiste High School (Parochial, Archdiocese) - Yearly tuition=$6,450

Covent of the Sacred Heart (Independent, private school with Catholic Instruction, NOT connected to archdiocese) - Yearly tuition=$30,000.
Loyola High School (Independent, private school with Catholic Instruction, NOT connected to archdiocese) - Yearly tuition=$25,680

The Archdiocese here will advertise and promote all schools that provide a Catholic education, but they are only in charge of the Parochial ones. The private ones run themselves with no input from the Church with regards to curriculum. There is a HUGE price difference between the two.

In my non-Catholic opinion, the Catholic Church does an excellent job educating kids, far better than the city.

Hope I didn't get too complicated.
My husband and I both work for Catholic high schools (actually, one diocesan and one not) and there's a little misinformation here. What you're calling "private with Catholic instruction" are schools run by6 particular Catholic orders (so most definitely still Catholic schools). Loyola, for example, is a Catholic, Jesuit school.
post #76 of 87
Quote:
Originally Posted by jennybear View Post
My husband and I both work for Catholic high schools (actually, one diocesan and one not) and there's a little misinformation here. What you're calling "private with Catholic instruction" are schools run by6 particular Catholic orders (so most definitely still Catholic schools). Loyola, for example, is a Catholic, Jesuit school.
There's no misinformation.

Loyola is an independent private school that is NOT run by the archdiocese. Admission is granted through ISEE/SSAT standardized testing, which is the same test used to determine admission to the other independent private schools that have no religious association, like Dalton, Horace Mann, and Riverdale Country Day. The ISEE/SSAT is also used to determine admissions to other PRIVATE schools with non-Catholic religious instruction. Trinity (EPOSCIPAL) requires it. Friends Seminary (Quaker) also requires it.

Admissions to the high schools that are part of the archdiocese is done through the COOP examination and the COOP is only used for Archdiocese Catholic School admission.

Religious orders has nothing to do with anything. St. Vincent Ferrer (CATHOLIC ARCHDIOCESE) is under the Dominican Order. Xavier High School (CATHOLIC ARCHDIOCESE) is under the Jesuit Order. Loyola High School, while Jesuit like Xavier, is NOT an archdiocese school run by the Catholic Church. It is an independent PRIVATE school.
post #77 of 87
I still say research the scholarship aspect of private education.
post #78 of 87
Thread Starter 
That is very good advice, thanks! We will not be income qualified, but hopefully the kids will have some special talents that makes that an option.
post #79 of 87
Quote:
Originally Posted by wildmonkeys View Post
That is very good advice, thanks! We will not be income qualified, but hopefully the kids will have some special talents that makes that an option.
You may be surprised. Here, a household size of 2 with an income of up to $36,963 qualifies for an Archdiocese scholarship. As does a family size of 3 with incomes up to $46,359, a family size of 4 with incomes up to $55,755, and a family of 5 with incomes up to $65,151. Quite generous and based on income, not grades.

One of my cousins tried to do the private school route with her kid. She made about $30,000 a year and the schools she was applying to were $25,000-$35,000 a year. Kid got rejected from every school but one, which gave $20,000 in financial aid. Problem is, is that even with the aid, if you're making $30,000 you can't afford to pay $10,000 in tuition. Kid ended up in Archdiocese Catholic School with a financial need based scholarship.
post #80 of 87
Thread Starter 
DH and I have come up with a new plan :

Because of the COL in the area in which we live, saving enough to make a change in the downpayment isn't as realistic as saving enough to make up the change in monthly payment for the next several years. Since I am going to look for pt work we will save that money in a new account - we already have an emergency fund so this will be different. We will save enough money to make up for any difference in our monthly budget for at least two years. Hopefully we won't need it because we figured out a workable budget if I get a pt job for the estimated amount of a new mortgage. But this way we would have enough money stashed (minor emergency fund) to not have it be tight or tip into our emergency fund for several years even if something happened with my pt job. If dh lost his job, we would have the emergency fund. If we find the new mortgage to be no problem we can use that money to replace a car or dump into the kids college savings plan.

Anyway, I know I have posted a ton on this thread. I appreciate all the feedback, it has really helped us think through a reasonable plan. It is going to take us a bit longer to be ready to move, but it seems much less of a throwing caution to the wind scenario. Wish me luck - I am going to go and clean up my resume!

KateKat - thanks again, I will look into that option as well.
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