Housing problem solved (well only kinda)

 When we moved here 5 years ago I pitched Aspen as a low cost alternative to Chicago.  People said, "what the heck", but I figured my $7.5k a month in rent ($90k annual) vs $45k in property tax in Chicago plus $70k in private school costs (total for my two kids) put me $25k ahead.

Now I am looking at $26.5k per month in rent for a similar type home (and let me be clear this is not a fab in aspen home this is a nice 25 year old home in horse ranch in snowmass).  For those of you not so math inclined that is a 28.7% annual increase each year for 5 years in a row.  

what $318k in rent gets you in snowmass

Yes that horse ranch house is 25% bigger but the price tag is 350% higher than my rent 5 years ago.  As someone who has been in the rental market for the last 5 years and knows it well these type homes have been renting for 10-15k a month for the past 5 years (even last year).  

So rather than paying $318 k per year in rent maybe I just do the following

sailing son at St. Georges (good prep school top sailing program)        $65k

Daughter dyslexic Forman (great boarding school for dyslexic kids plus hockey)        $84k

Me and wife Harvard MBA (including room and board)                                        $195k

Total                $344k

Now I know you are thinking well $318k is less than $344k and of course you are right.  I know this even without my MBA--however that $318 doesn't include utilities and the $5k charge we get hit with ever year for what is just wear and tear but owners won't tolerate wear and tear on their homes for $318 per year.  Add in utilities and standard damage charge you are at $344.6k per year.  But wait there is more---St. Georges and Forman costs include food--so I figure rather than paying 26.5k per month in rent me and the Mrs can get Harvard MBAs the kids get an improved education (sorry Aspen High) and my pocket book comes out $25k or so richer.

One sign the housing market has jumped the shark is when sending your kids to high end new england boarding schools and sending yourself and spouse to Harvard Biz school is a low cost alternative to rent.