What is affordable housing to you?

[Anonymous]

I think "affordable" should be related to what someone with the median income in an area can realistically afford. Which does mean that there is a shortage around here!

-signed, poster with above actual median and below DCUM "average" HHI with a $400k budget

[Anonymous]

Anonymous wrote:In the DC area a HHI should be the goal 200k. That's 100k for 2 people or 200k for one if you prefer that model. For most college gradudates that is very easy to hit by 30-35ish

So affordable housing to me is around there

That puts the mortage payment at around 4000 a month which is selling price of around 900k

If you aren't at 200k HHI or don't see how you could get there. I would consider moving plenty of other areas of the country where you can be very comfortable on say 100k HHI. The DC area isn't one of them.

We are 32 with a HHI of 230 and our house budget is in the high 600s. We don’t have 20% to put down tho so a 4K mortgage for us is in the higher 600s. I don’t even think with 20% down a 4K mortgage equals a 900k house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In the DC area a HHI should be the goal 200k. That's 100k for 2 people or 200k for one if you prefer that model. For most college gradudates that is very easy to hit by 30-35ish

So affordable housing to me is around there

That puts the mortage payment at around 4000 a month which is selling price of around 900k

If you aren't at 200k HHI or don't see how you could get there. I would consider moving plenty of other areas of the country where you can be very comfortable on say 100k HHI. The DC area isn't one of them.

We are 32 with a HHI of 230 and our house budget is in the high 600s. We don’t have 20% to put down tho so a 4K mortgage for us is in the higher 600s. I don’t even think with 20% down a 4K mortgage equals a 900k house.

Agreed, and this is also assuming you came out of college with no SL debt and saving 20% for a house by 30 - 35 in this area is also unrealistic. DH and I have HHI of 210k and would never afford a 900k house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In the DC area a HHI should be the goal 200k. That's 100k for 2 people or 200k for one if you prefer that model. For most college gradudates that is very easy to hit by 30-35ish

So affordable housing to me is around there

That puts the mortage payment at around 4000 a month which is selling price of around 900k

If you aren't at 200k HHI or don't see how you could get there. I would consider moving plenty of other areas of the country where you can be very comfortable on say 100k HHI. The DC area isn't one of them.

We are 32 with a HHI of 230 and our house budget is in the high 600s. We don’t have 20% to put down tho so a 4K mortgage for us is in the higher 600s. I don’t even think with 20% down a 4K mortgage equals a 900k house.

Agreed, and this is also assuming you came out of college with no SL debt and saving 20% for a house by 30 - 35 in this area is also unrealistic. DH and I have HHI of 210k and would never afford a 900k house.

Here is the calculator I used

https://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx

They actually said max of 950 I said 900k that is the max and yes that does include the 20% downpayment

I agree for most folks I think around 700k is much more realistic and if you have/want kids then your expenses are going to be higher and the price should come down to reflect that

[Anonymous]

300K and below for a house
150K and below for condos

If the average income in our area is 50-100K, that's what most people can afford. To me, affordability means most people can own housing, not just the elite. Of course those prices aren't realistic within a 2 hour commute of DC.

[Anonymous]

Anonymous wrote:In the DC area a HHI should be the goal 200k. That's 100k for 2 people or 200k for one if you prefer that model. For most college gradudates that is very easy to hit by 30-35ish

So affordable housing to me is around there

That puts the mortage payment at around 4000 a month which is selling price of around 900k

If you aren't at 200k HHI or don't see how you could get there. I would consider moving plenty of other areas of the country where you can be very comfortable on say 100k HHI. The DC area isn't one of them.

I must be doing something wrong.

You think thats "very easy" for "most" college graduates? With a Master's degree, I was making around $50K at age 30, around $65K by age 35 (when I had added a second Master's ), and now at 40, I make around $75K.

I will likely never make over $100K, let alone $200K.

I am single, so I rely on my income alone. I do own my home, but it is very old, very small, and in need of a lot of work.

[Anonymous]

Anonymous wrote:300K and below for a house
150K and below for condos

If the average income in our area is 50-100K, that's what most people can afford. To me, affordability means most people can own housing, not just the elite. Of course those prices aren't realistic within a 2 hour commute of DC.

I agree with this!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In the DC area a HHI should be the goal 200k. That's 100k for 2 people or 200k for one if you prefer that model. For most college gradudates that is very easy to hit by 30-35ish

So affordable housing to me is around there

That puts the mortage payment at around 4000 a month which is selling price of around 900k

If you aren't at 200k HHI or don't see how you could get there. I would consider moving plenty of other areas of the country where you can be very comfortable on say 100k HHI. The DC area isn't one of them.

We are 32 with a HHI of 230 and our house budget is in the high 600s. We don’t have 20% to put down tho so a 4K mortgage for us is in the higher 600s. I don’t even think with 20% down a 4K mortgage equals a 900k house.

Agreed, and this is also assuming you came out of college with no SL debt and saving 20% for a house by 30 - 35 in this area is also unrealistic. DH and I have HHI of 210k and would never afford a 900k house.

Here is the calculator I used

https://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx

They actually said max of 950 I said 900k that is the max and yes that does include the 20% downpayment

I agree for most folks I think around 700k is much more realistic and if you have/want kids then your expenses are going to be higher and the price should come down to reflect that

My total house payment is $3700 for a $550K mortgage, taxes, etc from last spring. There is a huge gulf between your numbers and reality.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In the DC area a HHI should be the goal 200k. That's 100k for 2 people or 200k for one if you prefer that model. For most college gradudates that is very easy to hit by 30-35ish

So affordable housing to me is around there

That puts the mortage payment at around 4000 a month which is selling price of around 900k

If you aren't at 200k HHI or don't see how you could get there. I would consider moving plenty of other areas of the country where you can be very comfortable on say 100k HHI. The DC area isn't one of them.

I must be doing something wrong.

You think thats "very easy" for "most" college graduates? With a Master's degree, I was making around $50K at age 30, around $65K by age 35 (when I had added a second Master's ), and now at 40, I make around $75K.

I will likely never make over $100K, let alone $200K.

I am single, so I rely on my income alone. I do own my home, but it is very old, very small, and in need of a lot of work.

NP. Yikes, what kind of work do you do? Twelve years ago I made $65k doing communications and I just have a bachelors.
Why even get a Masters if you’re in a field where you can’t break 100k?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In the DC area a HHI should be the goal 200k. That's 100k for 2 people or 200k for one if you prefer that model. For most college gradudates that is very easy to hit by 30-35ish

So affordable housing to me is around there

That puts the mortage payment at around 4000 a month which is selling price of around 900k

If you aren't at 200k HHI or don't see how you could get there. I would consider moving plenty of other areas of the country where you can be very comfortable on say 100k HHI. The DC area isn't one of them.

I must be doing something wrong.

You think thats "very easy" for "most" college graduates? With a Master's degree, I was making around $50K at age 30, around $65K by age 35 (when I had added a second Master's ), and now at 40, I make around $75K.

I will likely never make over $100K, let alone $200K.

I am single, so I rely on my income alone. I do own my home, but it is very old, very small, and in need of a lot of work.

NP. Yikes, what kind of work do you do? Twelve years ago I made $65k doing communications and I just have a bachelors.
Why even get a Masters if you’re in a field where you can’t break 100k?

NP. C’mon. You have to know there are plenty of fields like this, or you’re just being daft to an internet stranger for no reason.

If you earn more, your circle of people likely earn more. It doesn’t mean that people who earn less don’t exist, it just means you don’t go to happy hour with them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In the DC area a HHI should be the goal 200k. That's 100k for 2 people or 200k for one if you prefer that model. For most college gradudates that is very easy to hit by 30-35ish

So affordable housing to me is around there

That puts the mortage payment at around 4000 a month which is selling price of around 900k

If you aren't at 200k HHI or don't see how you could get there. I would consider moving plenty of other areas of the country where you can be very comfortable on say 100k HHI. The DC area isn't one of them.

I must be doing something wrong.

You think thats "very easy" for "most" college graduates? With a Master's degree, I was making around $50K at age 30, around $65K by age 35 (when I had added a second Master's ), and now at 40, I make around $75K.

I will likely never make over $100K, let alone $200K.

I am single, so I rely on my income alone. I do own my home, but it is very old, very small, and in need of a lot of work.

NP. Yikes, what kind of work do you do? Twelve years ago I made $65k doing communications and I just have a bachelors.
Why even get a Masters if you’re in a field where you can’t break 100k?

A GS-11 fed makes $68k. For non-lawyer professional series, GS-11 is "entry level" with a master's and experience or PhD without. In my agency non-management staff top out around GS-11 or 12, and it's pretty rare to be in management by 35. Just a data point, as there are several thousand of us and not everyone in DC is a lawyer.

[Anonymous]

I can only speak to affordable as a white collar worker.

Housing being no more than 25% of NET of the highest income earner in the home.

[Anonymous]

HUD's definition of Affordable is less than 80% of AMI (Area Medium Income). In 2018 the DMV reported a $117k AMI and this chart defines what is affordable.

https://www.huduser.gov/portal/datasets/il/il2018/2018summary.odn

[Anonymous]

I’m a GS 12 and afforded a 700k house. We both made about 75k when we bought it. You just save longer for a down payment. That’s not unaffordable.

[Anonymous]

500k and under.
It's what we could afford as feds.