The thread for the, "buying under $600,000," crowd.

[Anonymous]

Anonymous wrote:ADORABLE house in University Park for $435 -

http://www.homesnap.com/MD/University-Park/6505-44th-Avenue

I'm having a difficult time with the math on this one. Assuming the basic assumptions of the calculator, you blow $90k on a downpayment, and your mortgage is $1,700 a month, just principal and interest. Add $500 a month for taxes at $6,300 a year. Now monthly payment is $2,200. This doesn't even mention all the one-time costs associated with the buying process. Now you have a house where you're "concerned about the schools."

Or you could rent these for $3,000 a month and not worry about public schools ever:

http://washingtondc.craigslist.org/mld/apa/4461754191.html

http://washingtondc.craigslist.org/mld/apa/4491041554.html

Plus you still have $90k in the bank that you can invest however you want.

[Anonymous]

Anonymous wrote:

Anonymous wrote:ADORABLE house in University Park for $435 -

http://www.homesnap.com/MD/University-Park/6505-44th-Avenue

I'm having a difficult time with the math on this one. Assuming the basic assumptions of the calculator, you blow $90k on a downpayment, and your mortgage is $1,700 a month, just principal and interest. Add $500 a month for taxes at $6,300 a year. Now monthly payment is $2,200. This doesn't even mention all the one-time costs associated with the buying process. Now you have a house where you're "concerned about the schools."

Or you could rent these for $3,000 a month and not worry about public schools ever:

http://washingtondc.craigslist.org/mld/apa/4461754191.html

http://washingtondc.craigslist.org/mld/apa/4491041554.html

Plus you still have $90k in the bank that you can invest however you want.

University Park has a terrific elementary - no concern whatsoever.

[Anonymous]

It's still surrounded by ghetto.

[Anonymous]

Anonymous wrote:It's still surrounded by ghetto.

NP. That's simply not true.

And ghetto is such an ugly, racially-charged term. You sound ignorant.

[Anonymous]

Anonymous wrote:I see a lot of people commuting from West Springfield to DC. Anyone commuting from that area to Rosslyn or elsewhere in N. Arlington? We are buying a place in Kings Park (not Kings Park West), and I'll be commuting to Arlington. Any intel on traffic at different times of the morning and evening? Also, best routes to take? I was thinking Braddock to Ravensworth to Columbia Pike. Or possibly Braddock to Wakefield Chapel to Little River Turnpike then Hummer.

I live in Fairlington and used to regular commute into Rosslyn - my daughter's daycare was there (I used to work in Georgetown and that was somewhat convenient and it was awesome and worth it). Some days it could take me 20-25 minutes going up 395 to Wash Blvd to 110 or using rt 50, but it was a crap shoot. Other days it could take up to 45; just depended on the time of day and what was going on. Typically before 8am was easiest. Once it was past 8:20, I don't think I got to the daycare ever before 8:50ish.

[Anonymous]

Anonymous wrote:

Anonymous wrote:ADORABLE house in University Park for $435 -

http://www.homesnap.com/MD/University-Park/6505-44th-Avenue

I'm having a difficult time with the math on this one. Assuming the basic assumptions of the calculator, you blow $90k on a downpayment, and your mortgage is $1,700 a month, just principal and interest. Add $500 a month for taxes at $6,300 a year. Now monthly payment is $2,200. This doesn't even mention all the one-time costs associated with the buying process. Now you have a house where you're "concerned about the schools."

Or you could rent these for $3,000 a month and not worry about public schools ever:

http://washingtondc.craigslist.org/mld/apa/4461754191.html

http://washingtondc.craigslist.org/mld/apa/4491041554.html

Plus you still have $90k in the bank that you can invest however you want.

I'm curious to hear opinions on this perspective...

[Anonymous]

Here's a cute one with almost 2k SF of living space

http://www.redfin.com/VA/Falls-Church/7439-Nigh-Rd-22043/home/9473370?utm_medium=email&utm_content=address&utm_campaign=instant_listings_update&utm_source=myredfin#schools

[Anonymous]

Anonymous wrote:It's still surrounded by ghetto.

Yep, people of color living in SFHs and apts = "the ghetto." The surrounding areas are residential neighborhoods. You sound like an idiot, and a racists to boot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's still surrounded by ghetto.

Yep, people of color living in SFHs and apts = "the ghetto." The surrounding areas are residential neighborhoods. You sound like an idiot, and a racists to boot.

I sound like someone who went to UMD and knows the area. University Park is a cool little enclave enclosed by ghetto. If you have upper SES aspirations, you don't belong there, and neither do your children. So glad grad school is over.

[Anonymous]

Anonymous wrote:Here's a cute one with almost 2k SF of living space

http://www.redfin.com/VA/Falls-Church/7439-Nigh-Rd-22043/home/9473370?utm_medium=email&utm_content=address&utm_campaign=instant_listings_update&utm_source=myredfin#schools

That really is adorable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's still surrounded by ghetto.

Yep, people of color living in SFHs and apts = "the ghetto." The surrounding areas are residential neighborhoods. You sound like an idiot, and a racists to boot.

I sound like someone who went to UMD and knows the area. University Park is a cool little enclave enclosed by ghetto. If you have upper SES aspirations, you don't belong there, and neither do your children. So glad grad school is over.

Wow. Good thing I don't have "upper SES aspirations".

[Anonymous]

Anonymous wrote:
I'm curious to hear opinions on this perspective...

First, $2200 a month (and I think you might get that monthly payment closer to $2000 if you have good credit or can do an ARM or both) is a lot cheaper than $3000 a month. Each year in the University Park house will save you around $10,000. Good money to put towards college savings, etc. Second, the land may well appreciate -- it has over the last 5-10 years, right? Third, I have well educated friends who live in University Park who love it, and happily send their kids to public elementary school there. So maybe buy this as your starter house with a 7 year ARM, let the land increase in value, and in 7 years move to a better school district? As long as the house doesn't lose value, that sounds pretty good, right?

[Anonymous]

Anonymous wrote:

Anonymous wrote:
I'm curious to hear opinions on this perspective...

First, $2200 a month (and I think you might get that monthly payment closer to $2000 if you have good credit or can do an ARM or both) is a lot cheaper than $3000 a month. Each year in the University Park house will save you around $10,000. Good money to put towards college savings, etc. Second, the land may well appreciate -- it has over the last 5-10 years, right? Third, I have well educated friends who live in University Park who love it, and happily send their kids to public elementary school there. So maybe buy this as your starter house with a 7 year ARM, let the land increase in value, and in 7 years move to a better school district? As long as the house doesn't lose value, that sounds pretty good, right?

Makes sense to me. The new Whole Foods is set to open right across Rt 1 from UP in 2015, so property values rising there are a decent bet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's still surrounded by ghetto.

Yep, people of color living in SFHs and apts = "the ghetto." The surrounding areas are residential neighborhoods. You sound like an idiot, and a racists to boot.

I sound like someone who went to UMD and knows the area. University Park is a cool little enclave enclosed by ghetto. If you have upper SES aspirations, you don't belong there, and neither do your children. So glad grad school is over.

I went to school there and you are full of shit

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ADORABLE house in University Park for $435 -

http://www.homesnap.com/MD/University-Park/6505-44th-Avenue

I'm having a difficult time with the math on this one. Assuming the basic assumptions of the calculator, you blow $90k on a downpayment, and your mortgage is $1,700 a month, just principal and interest. Add $500 a month for taxes at $6,300 a year. Now monthly payment is $2,200. This doesn't even mention all the one-time costs associated with the buying process. Now you have a house where you're "concerned about the schools."

Or you could rent these for $3,000 a month and not worry about public schools ever:

http://washingtondc.craigslist.org/mld/apa/4461754191.html

http://washingtondc.craigslist.org/mld/apa/4491041554.html

Plus you still have $90k in the bank that you can invest however you want.

This is silly. Those payments are not equivalent. The rental payment is 35% higher than the mortgage payment which comes out to 10,000/year. In addition, if you are in a 25% tax bracket the tax advantage comes to approximately $6,000/year. So that is 16,000/year in difference. After 5.5 years, you have saved enough to equal that down payment, 7.5 years if you assume you invested the entire 90K at 4% interest per year and didn't touch it, and did not invest any of the savings from the cheaper payment. 8.5 years if you assume 1% per year in maintenance costs. And this does not include any potential increases in rent during that time and disregards any potential appreciation in property value.
This also does not take into account the significant value that some people attach to owning their own home.

Renting has benefits. The primary one being flexibility. Change jobs? No problem, you can move easily. If the school system changes boundaries, you can move and stay in your school.

But the benefits of ownership are significant as well. it is the single largest wealth creator in the country.


University Park has a terrific elementary - no concern whatsoever.