How does a single person buy a house around here

[Anonymous]

I’m 31, 350k job, I’m already past the age of average marriage and first born child and don’t run into too many other people my age with this income. Statistically in the top 1-2% income for my age bracket.

Still I feel I cannot afford a decent house around here. Take home pay is 16k a month after 401k and a 1.5M house runs 10k a month at least.

How are people my age buying homes when almost nobody earns my income?

[Anonymous]

Find a cheaper house.

[Anonymous]

Anonymous wrote:Find a cheaper house.

I’m wondering how people of childbearing age buy houses inside the beltway because I see kids everywhere. How many single family houses are under 1M in DC or close in?

[Anonymous]

Define your version of: “decent house”. That might immediately identify some of your -um- hurdles.

[Anonymous]

You should be saving a lot every month. On take home of 16K, your should be saving at least two-thirds of it, hopefully even more. If you're not, then re-examine your spending habits and whether they're consistent with your desire to buy a $1.5 million house.

[Anonymous]

Are you planning to have children? Without needing a good school district, you should have lots of options. Where do you want to be? What’s a decent house? Most people with dual incomes and kids don’t have million dolllar houses, but we manage.

[Anonymous]

You sound overly picky.

[Anonymous]

Anonymous wrote:Find a cheaper house.

+1

Why does a single 31yo with no kids needs a $1.5M house?

[Anonymous]

What do you live in now? Where?

[Anonymous]

Anonymous wrote:You should be saving a lot every month. On take home of 16K, your should be saving at least two-thirds of it, hopefully even more. If you're not, then re-examine your spending habits and whether they're consistent with your desire to buy a $1.5 million house.

Exactly. Down payment money should be piling up unless you have a spending problem or that salary is very recent

[Anonymous]

Anonymous wrote:

Anonymous wrote:Find a cheaper house.

I’m wondering how people of childbearing age buy houses inside the beltway because I see kids everywhere. How many single family houses are under 1M in DC or close in?

What’s up with the faux concern?

[Anonymous]

There's not a lot OP of singles buying $1.5M homes is your answer I'm guessing

But to answer your question - it's the rates. If you are seeking to buy now yeah it's crazy. But a lot of us managed to get the under 3% rates so that's how we are able to afford it

And if I didn't have 2 kids, you can get your sweet butt I'm not living where the property taxes are almost 1/2 my mortgage!

[Anonymous]

We buy houses for 1-3 the price.

[Anonymous]

All the single people I know buy townhouses because they don’t want to deal with yard work.

[Anonymous]

There’s a lot of factors but isn’t the general rule of thumb not to buy something ~3x your gross income? Probably lots of options in the $1M-$1.1M range and if not then you’re just being too picky.

Here I was thinking before opening this thread that it would be someone making say $150K or less… in which case, yeah it’d be tough. But when you find someone and marry, the dual income and your general preferences for a house makes things a bit more clear.