At odds with spouse ove how much house we can afford

[Anonymous]

Anonymous wrote:

I viewed some of the houses linked. I live in a suburban area of Minnesota. I live in a brand new home (built 2005) that is actually more spacious than most listed, certainly newer, over 3000 sq ft with 5 bedroom, 3 bath ... and paid $389,000 for it. It is incomprehensible to me, the cost of real estate in DC area. I hadn't realized when I read the OP that $1.7 million in DC would be equivalent to around $400,000 where I'm from. Salaries have got to be much higher there. We'd never be able to afford a million dollar home, and from the looks of homes in that price range, they'd be a huge step down for us, too.

Enjoy Applebee's!

And Red Lobster. How is your house in Minnesota relevant. Your $389K in a 'burb of Minnesota, Cleveland and the rest of flyover country will buy a 1bdrm condo in DC, nothing fancy. A 850k original detail, 4 bdrm, 3.5 bath Logan rowhouse will buy a 1 bedrm, 1 bath coop in Manhattan. Since real estate is all about location, location, and location - your comparison is ridiculous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

I viewed some of the houses linked. I live in a suburban area of Minnesota. I live in a brand new home (built 2005) that is actually more spacious than most listed, certainly newer, over 3000 sq ft with 5 bedroom, 3 bath ... and paid $389,000 for it. It is incomprehensible to me, the cost of real estate in DC area. I hadn't realized when I read the OP that $1.7 million in DC would be equivalent to around $400,000 where I'm from. Salaries have got to be much higher there. We'd never be able to afford a million dollar home, and from the looks of homes in that price range, they'd be a huge step down for us, too.

Enjoy Applebee's!

And Red Lobster. How is your house in Minnesota relevant. Your $389K in a 'burb of Minnesota, Cleveland and the rest of flyover country will buy a 1bdrm condo in DC, nothing fancy. A 850k original detail, 4 bdrm, 3.5 bath Logan rowhouse will buy a 1 bedrm, 1 bath coop in Manhattan. Since real estate is all about location, location, and location - your comparison is ridiculous.

Applebees and Red Lobster, representing. Also, land of lutefisk. I followed a link to the DC board and enjoyed the ... heated exchanges, so I'm here to stay. Wasn't really trying to make a comparison ... I was just astonished at the differential between what $1 million buys in DC vs. The Land O' Lakes (and mosquitos). I seriously cannot wrap my brain around what kind of serious $$$ we'd have to make just to afford what appears to me to be very nice, but middle to upper-middle class homes (and this scale means something to me only .. again, not making value comparisons, just trying to wrap my brain around the differences). I was actually just wondering if salaries are higher in DC, in accordance with the huge differential with the price of real estate.

I did enjoy the snark, bitches

[Anonymous]

Anonymous wrote:PG county = middle of nowhere suburb with crappy public schools. Kinda defeats the point of living in the 'burbs.

Uh... PG County is directly adjacent to DC. You could get a lovely house in Bowie with decent schools and have a 45 minute commute.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, just bc you can comfortably afford 1.7m doesn't mean you should spend that much. ESPECIALLY in this economy. What happens if you or your husband loses employment? Become underemployed? What if you have unexpected medical expenses?

You can very easily find a great home for 1m and put away all of the extra that you would have spent on housing into savings.

Also, I'll note another reason you shouldn't immediately shut down your spouse: the housing market keeps dropping. You spend 1.7m on a house today, next year it can be worth 1.4 or 1.5m.

maybe in baghadad! the DC housing market has been shooting through the roof due to tight supply good jobs and high incomes.

Don't buy the hype from realtors and banks. They are looking to create another housing bubble in DC.

The market appears to be increasing but it's largely temporary for a variety of reasons. 1) banks have decreased foreclosure proceedings for the time being. 2) investors have been buying up extra properties to convert into rentals... this is temporary, and not a permanent fixture. 3) ppl who would otherwise sell can't do so because they bought at the top of the market and can't get their investment back.

Prices need to continue increasing through the fall and spring (they already dropped off last month w seasonal adjustments) in order for it to be the beginning of a true recovery. It's just not happening. & again, remember that they are are a lot of houses still in limbo awaiting foreclosures or near it.

Anyone with half a brain will be conservative.

+1

This time around it's different because everyone has to put money down and rules are much stricter so the gains are not a bubble. It is estimated that real estate will increase 3-5% each year in the DC metro area. Also note that this is a conservative estimate.

Washington DC 1.08% 4.35% 4.32% 3.72% 8.04%

http://investing.businessweek.com/research/stocks/news/article.asp?docKey=600-201210300958PR_NEWS_USPRX____NY02548-1¶ms=timestamp%7C%7C10/30/2012%209:58%20AM%20ET%7C%7Cheadline%7C%7CHome%20Prices%20Continued%20to%20Rise%20in%20August%202012%20According%20to%20the%20S%26P/Case-Shiller%20Home%20Price%20Indices%7C%7CdocSource%7C%7CPR%20Newswire%7C%7Cprovider%7C%7CACQUIREMEDIA%7C%7Cbridgesymbol%7C%7CUS;MHP&ticker=MHP

i dont pretend to know if dc home price gains are sustainable or not, but are u quoting 'death of equities' businessweek? businessweek writes great analysis and top notch news coverage but its predictive power is lacking.

which makes sense: if the writer really did have predictive knowledge, he would be at a hedge fund or retired on the beach.

i figure that this bubble will only fully unwind when the nation stops being obsessed with real estate (like in the 90s). and i mean the bubble started in 2000 -- that one is still unwinding.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

I viewed some of the houses linked. I live in a suburban area of Minnesota. I live in a brand new home (built 2005) that is actually more spacious than most listed, certainly newer, over 3000 sq ft with 5 bedroom, 3 bath ... and paid $389,000 for it. It is incomprehensible to me, the cost of real estate in DC area. I hadn't realized when I read the OP that $1.7 million in DC would be equivalent to around $400,000 where I'm from. Salaries have got to be much higher there. We'd never be able to afford a million dollar home, and from the looks of homes in that price range, they'd be a huge step down for us, too.

Enjoy Applebee's!

And Red Lobster. How is your house in Minnesota relevant. Your $389K in a 'burb of Minnesota, Cleveland and the rest of flyover country will buy a 1bdrm condo in DC, nothing fancy. A 850k original detail, 4 bdrm, 3.5 bath Logan rowhouse will buy a 1 bedrm, 1 bath coop in Manhattan. Since real estate is all about location, location, and location - your comparison is ridiculous.

Applebees and Red Lobster, representing. Also, land of lutefisk. I followed a link to the DC board and enjoyed the ... heated exchanges, so I'm here to stay. Wasn't really trying to make a comparison ... I was just astonished at the differential between what $1 million buys in DC vs. The Land O' Lakes (and mosquitos). I seriously cannot wrap my brain around what kind of serious $$$ we'd have to make just to afford what appears to me to be very nice, but middle to upper-middle class homes (and this scale means something to me only .. again, not making value comparisons, just trying to wrap my brain around the differences). I was actually just wondering if salaries are higher in DC, in accordance with the huge differential with the price of real estate.

I did enjoy the snark, bitches

No problem. We live in DC and have in-laws who live in the Midwest. When we visit back there, we don't know whether to laugh hysterically or cry hysterically --- most often, a combo at both -- at the comparable home prices b/c it seems like doll house prices to us. Such teensy weensy prices (comparatively) must surely be for children, like "A Secret Garden" or "A Little Princess" or the like, no? But, now, they are for real, life, houses, where real live people live, and in which, these people seem, imperceptible and surprisingly, to be quite proud and satisfied about themselves, about their lot in life. So, yes, the prices for a "decent" COL varies a lot b/w the Midwest and the East Coast. How quaint for you that you have never learned this, 'til now, and God bless that you may always only need a home in the Midwest. PS Hope you enjoy all your neighbors and their h.s. educations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, just bc you can comfortably afford 1.7m doesn't mean you should spend that much. ESPECIALLY in this economy. What happens if you or your husband loses employment? Become underemployed? What if you have unexpected medical expenses?

You can very easily find a great home for 1m and put away all of the extra that you would have spent on housing into savings.

Also, I'll note another reason you shouldn't immediately shut down your spouse: the housing market keeps dropping. You spend 1.7m on a house today, next year it can be worth 1.4 or 1.5m.

maybe in baghadad! the DC housing market has been shooting through the roof due to tight supply good jobs and high incomes.

Don't buy the hype from realtors and banks. They are looking to create another housing bubble in DC.

The market appears to be increasing but it's largely temporary for a variety of reasons. 1) banks have decreased foreclosure proceedings for the time being. 2) investors have been buying up extra properties to convert into rentals... this is temporary, and not a permanent fixture. 3) ppl who would otherwise sell can't do so because they bought at the top of the market and can't get their investment back.

Prices need to continue increasing through the fall and spring (they already dropped off last month w seasonal adjustments) in order for it to be the beginning of a true recovery. It's just not happening. & again, remember that they are are a lot of houses still in limbo awaiting foreclosures or near it.

Anyone with half a brain will be conservative.

+1

This time around it's different because everyone has to put money down and rules are much stricter so the gains are not a bubble. It is estimated that real estate will increase 3-5% each year in the DC metro area. Also note that this is a conservative estimate.

Washington DC 1.08% 4.35% 4.32% 3.72% 8.04%

http://investing.businessweek.com/research/stocks/news/article.asp?docKey=600-201210300958PR_NEWS_USPRX____NY02548-1¶ms=timestamp%7C%7C10/30/2012%209:58%20AM%20ET%7C%7Cheadline%7C%7CHome%20Prices%20Continued%20to%20Rise%20in%20August%202012%20According%20to%20the%20S%26P/Case-Shiller%20Home%20Price%20Indices%7C%7CdocSource%7C%7CPR%20Newswire%7C%7Cprovider%7C%7CACQUIREMEDIA%7C%7Cbridgesymbol%7C%7CUS;MHP&ticker=MHP

i dont pretend to know if dc home price gains are sustainable or not, but are u quoting 'death of equities' businessweek? businessweek writes great analysis and top notch news coverage but its predictive power is lacking.

which makes sense: if the writer really did have predictive knowledge, he would be at a hedge fund or retired on the beach.

i figure that this bubble will only fully unwind when the nation stops being obsessed with real estate (like in the 90s). and i mean the bubble started in 2000 -- that one is still unwinding.

further, did u really say 'this time is different'?? are u being ironic? check out the book on amazon with that title, i think by reinhart.

then google 'magazine cover indicator'

[Anonymous]

I am not going to read through the pages of answers to see if s

[Anonymous]

1. Get a financial planners opinion. I assume with your income you already have one.
2. Create a monthly income statement And figure out the monthly mortgage you can afford / want to pay. If you still can't agree, see #1.

I surely envy your HHI but not the disagreement with your DH. Good luck

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

I viewed some of the houses linked. I live in a suburban area of Minnesota. I live in a brand new home (built 2005) that is actually more spacious than most listed, certainly newer, over 3000 sq ft with 5 bedroom, 3 bath ... and paid $389,000 for it. It is incomprehensible to me, the cost of real estate in DC area. I hadn't realized when I read the OP that $1.7 million in DC would be equivalent to around $400,000 where I'm from. Salaries have got to be much higher there. We'd never be able to afford a million dollar home, and from the looks of homes in that price range, they'd be a huge step down for us, too.

Enjoy Applebee's!

And Red Lobster. How is your house in Minnesota relevant. Your $389K in a 'burb of Minnesota, Cleveland and the rest of flyover country will buy a 1bdrm condo in DC, nothing fancy. A 850k original detail, 4 bdrm, 3.5 bath Logan rowhouse will buy a 1 bedrm, 1 bath coop in Manhattan. Since real estate is all about location, location, and location - your comparison is ridiculous.

Applebees and Red Lobster, representing. Also, land of lutefisk. I followed a link to the DC board and enjoyed the ... heated exchanges, so I'm here to stay. Wasn't really trying to make a comparison ... I was just astonished at the differential between what $1 million buys in DC vs. The Land O' Lakes (and mosquitos). I seriously cannot wrap my brain around what kind of serious $$$ we'd have to make just to afford what appears to me to be very nice, but middle to upper-middle class homes (and this scale means something to me only .. again, not making value comparisons, just trying to wrap my brain around the differences). I was actually just wondering if salaries are higher in DC, in accordance with the huge differential with the price of real estate.

I did enjoy the snark, bitches

No problem. We live in DC and have in-laws who live in the Midwest. When we visit back there, we don't know whether to laugh hysterically or cry hysterically --- most often, a combo at both -- at the comparable home prices b/c it seems like doll house prices to us. Such teensy weensy prices (comparatively) must surely be for children, like "A Secret Garden" or "A Little Princess" or the like, no? But, now, they are for real, life, houses, where real live people live, and in which, these people seem, imperceptible and surprisingly, to be quite proud and satisfied about themselves, about their lot in life. So, yes, the prices for a "decent" COL varies a lot b/w the Midwest and the East Coast. How quaint for you that you have never learned this, 'til now, and God bless that you may always only need a home in the Midwest. PS Hope you enjoy all your neighbors and their h.s. educations.

I am a manager of Social Services with an MSW; my husband is a Systems Analyst with an MBA. Our neighbors are, like us, white collar professionals . I do understand your condescending undertone; I just chose to ignore it until now (in fact, found it humorous -- in my own condescending way). I understand that the price of real estate varies drastically by region; I just hadn't realized by how much. Yes, rather 'uneducated' and 'quaint' of me. I'll take my McMansion in Suburbian Sprawl; you can have the cramped quarters, the drive-bys, and the rowhouses. You hold on to that pretentious elitism. I'm sure it's working out just fine for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

I viewed some of the houses linked. I live in a suburban area of Minnesota. I live in a brand new home (built 2005) that is actually more spacious than most listed, certainly newer, over 3000 sq ft with 5 bedroom, 3 bath ... and paid $389,000 for it. It is incomprehensible to me, the cost of real estate in DC area. I hadn't realized when I read the OP that $1.7 million in DC would be equivalent to around $400,000 where I'm from. Salaries have got to be much higher there. We'd never be able to afford a million dollar home, and from the looks of homes in that price range, they'd be a huge step down for us, too.

Enjoy Applebee's!

And Red Lobster. How is your house in Minnesota relevant. Your $389K in a 'burb of Minnesota, Cleveland and the rest of flyover country will buy a 1bdrm condo in DC, nothing fancy. A 850k original detail, 4 bdrm, 3.5 bath Logan rowhouse will buy a 1 bedrm, 1 bath coop in Manhattan. Since real estate is all about location, location, and location - your comparison is ridiculous.

Applebees and Red Lobster, representing. Also, land of lutefisk. I followed a link to the DC board and enjoyed the ... heated exchanges, so I'm here to stay. Wasn't really trying to make a comparison ... I was just astonished at the differential between what $1 million buys in DC vs. The Land O' Lakes (and mosquitos). I seriously cannot wrap my brain around what kind of serious $$$ we'd have to make just to afford what appears to me to be very nice, but middle to upper-middle class homes (and this scale means something to me only .. again, not making value comparisons, just trying to wrap my brain around the differences). I was actually just wondering if salaries are higher in DC, in accordance with the huge differential with the price of real estate.

I did enjoy the snark, bitches

No problem. We live in DC and have in-laws who live in the Midwest. When we visit back there, we don't know whether to laugh hysterically or cry hysterically --- most often, a combo at both -- at the comparable home prices b/c it seems like doll house prices to us. Such teensy weensy prices (comparatively) must surely be for children, like "A Secret Garden" or "A Little Princess" or the like, no? But, now, they are for real, life, houses, where real live people live, and in which, these people seem, imperceptible and surprisingly, to be quite proud and satisfied about themselves, about their lot in life. So, yes, the prices for a "decent" COL varies a lot b/w the Midwest and the East Coast. How quaint for you that you have never learned this, 'til now, and God bless that you may always only need a home in the Midwest. PS Hope you enjoy all your neighbors and their h.s. educations.

I am a manager of Social Services with an MSW; my husband is a Systems Analyst with an MBA. Our neighbors are, like us, white collar professionals . I do understand your condescending undertone; I just chose to ignore it until now (in fact, found it humorous -- in my own condescending way). I understand that the price of real estate varies drastically by region; I just hadn't realized by how much. Yes, rather 'uneducated' and 'quaint' of me. I'll take my McMansion in Suburbian Sprawl; you can have the cramped quarters, the drive-bys, and the rowhouses. You hold on to that pretentious elitism. I'm sure it's working out just fine for you.

Not pp but the other pp who mentioned flyover country where you live and I spent my early teens. Fate worse than death. Couldn't leave fast enough and IMO the low cost of living doesn't make up for the boring suburban sameness. It's cheap for a reason. Don't get out much do you... tis true, I live in the aforementioned rowhouse but it's not cramped at just under 4000 sq feet and I have never seen a drive-by ever Or been the victim of a crime, not in DC nor in the 20+ yrs we lived in Manhattan. I was a victim of a crime while visiting a friend in the Midwest, however, so I wouldn't be so smug about the lack of drive-bys and crime out in the middle of nowhere suburban sprawl.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

I viewed some of the houses linked. I live in a suburban area of Minnesota. I live in a brand new home (built 2005) that is actually more spacious than most listed, certainly newer, over 3000 sq ft with 5 bedroom, 3 bath ... and paid $389,000 for it. It is incomprehensible to me, the cost of real estate in DC area. I hadn't realized when I read the OP that $1.7 million in DC would be equivalent to around $400,000 where I'm from. Salaries have got to be much higher there. We'd never be able to afford a million dollar home, and from the looks of homes in that price range, they'd be a huge step down for us, too.

Enjoy Applebee's!

And Red Lobster. How is your house in Minnesota relevant. Your $389K in a 'burb of Minnesota, Cleveland and the rest of flyover country will buy a 1bdrm condo in DC, nothing fancy. A 850k original detail, 4 bdrm, 3.5 bath Logan rowhouse will buy a 1 bedrm, 1 bath coop in Manhattan. Since real estate is all about location, location, and location - your comparison is ridiculous.

Applebees and Red Lobster, representing. Also, land of lutefisk. I followed a link to the DC board and enjoyed the ... heated exchanges, so I'm here to stay. Wasn't really trying to make a comparison ... I was just astonished at the differential between what $1 million buys in DC vs. The Land O' Lakes (and mosquitos). I seriously cannot wrap my brain around what kind of serious $$$ we'd have to make just to afford what appears to me to be very nice, but middle to upper-middle class homes (and this scale means something to me only .. again, not making value comparisons, just trying to wrap my brain around the differences). I was actually just wondering if salaries are higher in DC, in accordance with the huge differential with the price of real estate.

I did enjoy the snark, bitches

No problem. We live in DC and have in-laws who live in the Midwest. When we visit back there, we don't know whether to laugh hysterically or cry hysterically --- most often, a combo at both -- at the comparable home prices b/c it seems like doll house prices to us. Such teensy weensy prices (comparatively) must surely be for children, like "A Secret Garden" or "A Little Princess" or the like, no? But, now, they are for real, life, houses, where real live people live, and in which, these people seem, imperceptible and surprisingly, to be quite proud and satisfied about themselves, about their lot in life. So, yes, the prices for a "decent" COL varies a lot b/w the Midwest and the East Coast. How quaint for you that you have never learned this, 'til now, and God bless that you may always only need a home in the Midwest. PS Hope you enjoy all your neighbors and their h.s. educations.

I am a manager of Social Services with an MSW; my husband is a Systems Analyst with an MBA. Our neighbors are, like us, white collar professionals . I do understand your condescending undertone; I just chose to ignore it until now (in fact, found it humorous -- in my own condescending way). I understand that the price of real estate varies drastically by region; I just hadn't realized by how much. Yes, rather 'uneducated' and 'quaint' of me. I'll take my McMansion in Suburbian Sprawl; you can have the cramped quarters, the drive-bys, and the rowhouses. You hold on to that pretentious elitism. I'm sure it's working out just fine for you.

Not pp but the other pp who mentioned flyover country where you live and I spent my early teens. Fate worse than death. Couldn't leave fast enough and IMO the low cost of living doesn't make up for the boring suburban sameness. It's cheap for a reason. Don't get out much do you... tis true, I live in the aforementioned rowhouse but it's not cramped at just under 4000 sq feet and I have never seen a drive-by ever Or been the victim of a crime, not in DC nor in the 20+ yrs we lived in Manhattan. I was a victim of a crime while visiting a friend in the Midwest, however, so I wouldn't be so smug about the lack of drive-bys and crime out in the middle of nowhere suburban sprawl.

Snobbery and elitism typically serves as a poor mask for fear and insecurity. For the record, I'd get along just fine with my <gasp> high school educated neighbors. You ran away from homogeny to find ... yet more of the same? I'll leave you to sneering at the help. I'm off to tip a few cows.

[Anonymous]

Anonymous wrote:Hey OP, here's a house in Friendship Heights for $1M - 5 BR, 4 bath, 2K SF, patio, backyard, walking distance to Metro.

http://www.redfin.com/DC/Washington/4517-River-Rd-NW-20016/home/9948862

Seriously, these houses are out there in spades. Some us would kill to be in a situation to buy one of them.

OP here, I appreciate the suggestion, but we are trying to leave the District for a better school system.

[Anonymous]

Anonymous wrote:
OP here, I appreciate the suggestion, but we are trying to leave the District for a better school system.

It would seem to me that with a HHI of $1 million you would be able to pay for the private school of your choice and get to live in D.C. too?

[Anonymous]

Anonymous wrote:Here's another, not far from Bethesda Metro:

http://www.redfin.com/MD/Bethesda/5602-Mclean-Dr-20814/home/10673273

\

Appreciate the suggestion, but we need minimum 4 BR preferably 5 BR due to family size and likelihood of parents moving in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
OP here, I appreciate the suggestion, but we are trying to leave the District for a better school system.

It would seem to me that with a HHI of $1 million you would be able to pay for the private school of your choice and get to live in D.C. too?

We most definitely could pay for private, but we are both (luckily in agreement on this issue) major public school advocates. Private not an option philosophically.