First time buyer - purchase in an affordable housing neighborhood or buy in a regular neighborhood?

[Anonymous]

I qualify for an opportunity to live within a new affordable dwelling dedicated neighborhood outside of this region.

Would this be a good opportunity for a first time buyer or would you simply purchase something that you could find within your price range otherwise in a neighborhood that was not focused on affordable dwelling and housing?

DH is concerned about home value in the affordable focused neighborhood over time in comparison to a regular neighborhood. I have looked and schools are quite terrible for the neighborhood due to what appears to be language barriers perhaps or simply the lower income impacts. We have three children who would be attending school.

[Anonymous]

I would have the same concerns as your DH. Sounds like schools are a concern, too.

[Anonymous]

Visit the schools in both neighborhood and buy where it is better.

[Anonymous]

Silver spring is nice and fbi hq just moved within the commute. Get in get equity then figure out next moves

[Anonymous]

Be realistic, not idealistic. Locations designated for low-income housing are not going to appreciate like unregulated property where the free market dictates prices. The demographics, amenities, stores, schools, and other characteristics will always reflect the "low-income/subsidized" nature of the area, which will not be attractive to more affluent future buyers who want a different environment. Low-income housing will only attract low-income buyers in the future, obviously.

Thee may be a place for such properties, but if you're looking to future appreciation you probably should look elsewhere.

[Anonymous]

Op here. Thank you PPs! This is incredibly helpful to hear.

[Anonymous]

Don’t buy in a neighborhood with poorly rated schools. We bought a house in 2004 in Silver Spring zoned for Wheaton HS and it has appreciated significantly behind other school clusters.

[Anonymous]

Anonymous wrote:I qualify for an opportunity to live within a new affordable dwelling dedicated neighborhood outside of this region.

Would this be a good opportunity for a first time buyer or would you simply purchase something that you could find within your price range otherwise in a neighborhood that was not focused on affordable dwelling and housing?

DH is concerned about home value in the affordable focused neighborhood over time in comparison to a regular neighborhood. I have looked and schools are quite terrible for the neighborhood due to what appears to be language barriers perhaps or simply the lower income impacts. We have three children who would be attending school.

No one has a crystal ball, but many people are saying that given higher interest rates and the fact that home prices haven’t come down that much, buyers need to be very aware of the fact that prices aren’t just gonna keep going up up up. Strategic buying is important. Homes in neighborhoods with great schools and that are highly desirable and also highly desirable for other reasons will be less affected if prices come down.