I don't think there are any areas of Cheltenham where being a multi racial family would be unusual, it's more diverse than most suburbs. The area you're familiar with is probably the least attractive part of Cheltenham. Driving to Route 1 can be a pain in the butt to get to Center City, but at least you get a yard and space when you move to any of the areas I've listed. Stenton/Cedabrook is also an area that you could afford to move to, which has lower taxes and is close to Mt. Airy, you will be able to afford to live in Germantown, specifically in Morton, a housing development area that gentrified around 2007 and now is one of the best in NW Philly. It's a quiet area, but again, taxes are about 2,000+ what you'd pay to live in the city. There is virtually no crime and it is separated from the Oak Lanes by Cheltenham Ave, so if you're worrying about being near the city, you'll be pretty much separated by all that traffic. It is also close to Broad St, so all you have to do is drive down to Route 1 to get to the Hi Way. It's a really nice Asian-American/white/black neighborhood with upper-middle class people living there. You might be able to afford to live in Melrose Park. Cheltenham is a nice area with really high taxes. I live in West Oak Lane, so I actually have had some experience in that area.
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