Since I don’t commute, I can’t say for sure, but I doubt its more than 90 minutes to NYC in the morning, probably a bit less on the way home (assuming you don’t leave the city at 5:00). I know several people that do commute, and aside from the occasional mis-hap, no one is talking 2.5 hour rides (for that, I could live in the could live in the mtns all year).
Obviously, you can’t just up and move. But you (presumibly) knew the cost of living in Teaneck before settling down, and tuition is part of that COL.
The differnence between losing your stock value as oppposed to losing your home value is this: If your stock goes to nil, its a paper loss. If your home goes the same way and gets forclosed your’re out on the sidwalk or forced to move in with your kids (not sure which I would dread more, if C’V I ever came to that).
As far as cost caps (both tuition, staff salary, school spending) if some sort of equitable formula was in place, everyone would benefit. That’s what analysis is all about. It helps you plan for the future. And yes, if a rebbie (or teacher) knew their salary was going to be a) capped and b) based on performance (a lot like mine is) he / she would plan accordingly. I do this, why should’nt they?
But one funny idea did come to mind yesterday on the way home; if the “better education” the NNJ schools promote fiscal irresponsibility (using home equity to fund tuition!) and highly educated (and most likely college educated) parents are not saving at least 10% of their income, than how are those kids (and at the costly tuition) any better off than their BP or Lakewood bare-bones tuition counterparts?
Makes you wonder….