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Build a PC
1. I'm cheap
2. Second child on the way so I'm getting even cheaper
3. Wife using study more often so I'm looking to use the living room TV
Why not just move it?
Because when my wife is watching TV I won't be able to play games unless I keep moving it back and forth
Get a second one by why change platforms? Then your games/progress are all the same no matter what... and then the controllers (when your kids aren’t hiding them) al match. Pick up used or refurb console from GameStop.
Probably just do the second Xbox then. Your profile can exist on both so you keep game progress on both systems
I play in the living room while my wife watches tv since we converted the study to a nursery. You should seriously consider building a pc - which will save you money on singleplayer games that you can torrent. Also, consoles generally require more space than a pc because they are played on tvs. Pc masterrace
If she's not using Xbox, you can use a Windows 10 PC to stream from your Xbox. You can play games anywhere
PC master race
On the cheap, watch out for those ebay 20% discount deals. I got a One X and extra controller for roughly 370. The 4k and HDR is quite spectacular. No gaming PC will come close ( in this price range).