Are we the only family in the DMV who is priced out?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: unless other people want to keep battering this topic back and forth, I'm out. DH just got a final interview for a job in another state. He's flying there to interview next week. Fingers crossed. If he gets it, we're moving. I can work anywhere. His job is more specialized so it's harder for him to change jobs, but not impossible.

Fingers crossed OP! I love this area but I also agree with you and share all your same frustrations. I hope he gets the job! As much as I like it here, I also hope we get to move so we can actually enjoy rsome of the money we earn.

You might be in for a surprise. Home prices increased much more in other locations versus DC. I’m shocked at what my previous home recently sold for in a MCOL city. Then add in the cost of needing 2 cars instead of 1 or even 0 in the city. Home affordability is at an all time low and I wouldn’t assume that moving to another location will end up being a huge savings.

It's true housing costs have gone up everywhere. Though it really just depends on the market you are looking at. We're currently running the numbers on moving to a lower COL city from the DMV and one of the biggest factors is schools. There are cities where, yes, housing costs much more than it did 5 years ago, and yes, we'd be more likely to wind up somewhere requiring a second car. But even with those factors, we could afford to buy IB for the best schools in the metropolitan area.

This is what we did. Only $1.1 million house but blue ribbon public schools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: unless other people want to keep battering this topic back and forth, I'm out. DH just got a final interview for a job in another state. He's flying there to interview next week. Fingers crossed. If he gets it, we're moving. I can work anywhere. His job is more specialized so it's harder for him to change jobs, but not impossible.

Fingers crossed OP! I love this area but I also agree with you and share all your same frustrations. I hope he gets the job! As much as I like it here, I also hope we get to move so we can actually enjoy rsome of the money we earn.

You might be in for a surprise. Home prices increased much more in other locations versus DC. I’m shocked at what my previous home recently sold for in a MCOL city. Then add in the cost of needing 2 cars instead of 1 or even 0 in the city. Home affordability is at an all time low and I wouldn’t assume that moving to another location will end up being a huge savings.

It's true housing costs have gone up everywhere. Though it really just depends on the market you are looking at. We're currently running the numbers on moving to a lower COL city from the DMV and one of the biggest factors is schools. There are cities where, yes, housing costs much more than it did 5 years ago, and yes, we'd be more likely to wind up somewhere requiring a second car. But even with those factors, we could afford to buy IB for the best schools in the metropolitan area.

This is what we did. Only $1.1 million house but blue ribbon public schools.

And I bet your $1.1 million dollar house actually seems like it’s worth $1 million instead of $600,000 like here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: unless other people want to keep battering this topic back and forth, I'm out. DH just got a final interview for a job in another state. He's flying there to interview next week. Fingers crossed. If he gets it, we're moving. I can work anywhere. His job is more specialized so it's harder for him to change jobs, but not impossible.

Fingers crossed OP! I love this area but I also agree with you and share all your same frustrations. I hope he gets the job! As much as I like it here, I also hope we get to move so we can actually enjoy rsome of the money we earn.

You might be in for a surprise. Home prices increased much more in other locations versus DC. I’m shocked at what my previous home recently sold for in a MCOL city. Then add in the cost of needing 2 cars instead of 1 or even 0 in the city. Home affordability is at an all time low and I wouldn’t assume that moving to another location will end up being a huge savings.

It's true housing costs have gone up everywhere. Though it really just depends on the market you are looking at. We're currently running the numbers on moving to a lower COL city from the DMV and one of the biggest factors is schools. There are cities where, yes, housing costs much more than it did 5 years ago, and yes, we'd be more likely to wind up somewhere requiring a second car. But even with those factors, we could afford to buy IB for the best schools in the metropolitan area.

This is what we did. Only $1.1 million house but blue ribbon public schools.

And I bet your $1.1 million dollar house actually seems like it’s worth $1 million instead of $600,000 like here.

Truth. We've been looking at homes in a midsize Midwestern city we are thinking about relocating to in order to be closer to DH's family, and the first thing I noticed is how many homes in our budget are fully updated. It's not something I expected after living in the DMV for so long and has been a nice surprise. We have seen homes in good school districts, near commuter transportation, for around 400k that have updated kitchens and baths. I mean those are smaller houses on smaller lots and not always in the most desirable part of the neighborhood, but it's still jawdropping to see houses like that for less than 500k.

We have also seen houses that need to be totally gutted, but they list for like 200-250k. So the total gut feels doable. And again, we're talking good schools here, not some tear down property in a neighborhood with high crime and bad schools. These are houses zoned for schools that get 8s and 9s on Great Schools, where the high schools are highly regarded and the neighborhoods are considered safe and desirable. But these specific houses need a ton of work, and I guess demand for land isn't like it is here, so the houses are priced like tear downs. Unlike here where a house with one 50 year old bathroom and no kitchen at all will sell for 700k-1.1m depending on the neighborhood, plus you'll be paying absolutely through the nose to renovate.

It's kind of thrilling, after years of making every compromise on the housing side in order to have workable commutes and kids in decent schools, to discover that we have actual *choice.* We can pay cash for a house that needs a total overhaul and get exactly what we want in the long run with a relatively small home equity loan. Or we could buy a small house and get a tiny mortgage of 100-200k, and be able to invest the difference every month. It's extremely exciting and is really shifting our perspective on a move that we previously were not totally happy about. The DMV is an incredibly hard place to live.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is us too, OP. We have about 250k set aside, a 350k HHI, one car paid off, two kids in public, no debt, but we can’t find a 1800 sq ft 3br WOTP anywhere. I don’t need detached. I don’t need off street parking. There is simply no inventory in this range. We were striving to get something in the 950-1.1 range years back but now those crummy small houses are more like 1.3 and there are almost never any on the market.

Look a bit north in 20814. On Zillow I found a handful of houses meeting your criteria.

Thanks for the tip, but we live in DC and don’t want to leave. It would require an additional car (and our old one would surely die soon with commuting), hours more spent commuting each day, and more. I prioritize a walkable lifestyle for my mental health and I know it’s a luxury, but I don’t believe that a walkable lifestyle should be a luxury for anybody. I would just really love a small 3br home somewhere in our community. It’s crazy that we are rich but still can’t afford that.

I don't get it. You can afford a house but not in that area so stop complaining already. Life is about choices.

Yes. So we choose to stay here. I'm not complaining. But it's kind of crazy that we can make so much money and not afford to buy a home. Those of you saying we don't make a lot of money have lived in DC too long and lost all perspective.

[Anonymous]

Anonymous wrote:

Thanks for the tip, but we live in DC and don’t want to leave. It would require an additional car (and our old one would surely die soon with commuting), hours more spent commuting each day, and more. I prioritize a walkable lifestyle for my mental health and I know it’s a luxury, but I don’t believe that a walkable lifestyle should be a luxury for anybody. I would just really love a small 3br home somewhere in our community. It’s crazy that we are rich but still can’t afford that.

So you don’t want to live in “the entire DMV.” You want to live in the city and in your neighborhood. It’s true there are probably tons of neighborhoods you can’t afford but that’s not the “entire DMV”.

Here’s a cute house in Arlington. https://redf.in/KweB8u


You're like my parents. Always saying it will be cheaper to move out of the city, but not factoring in that it means buying more cars, losing hours per day on commute, etc. It's not cheaper if it costs us time with our children and significant increases in other costs.

[Anonymous]

Funny today kids move out of home immediately when they could live at home almost for free.

I am no fortune teller but my 23 year daughter who has an apt in Boston with her friend and moved out right after college will be like this poster at 43.

Here job is 100 percent remote and although apt only 2,700 a month and her share $1,350. With utilities and food let’s say $1,500. Now imagine she just lived at home till 26 and got 5 years just put $1,500 a month in a plain old money market fund.

[Anonymous]

Anonymous wrote:Lol $300k HHI in your early 40s does not make you rich. DH and I are a bit younger than you with the same income and number of kids. We have a 3,000 square foot SFH…because we moved from a walkable neighborhood we loved in the city to the suburbs.

Um, yes it does.

- similar HHI and age and # of kids as OP, in a 4500 sq ft home in the suburbs. We know we're wealthy, even if it sometimes doesn't feel like it.

[Anonymous]

Anonymous wrote:OP here: unless other people want to keep battering this topic back and forth, I'm out. DH just got a final interview for a job in another state. He's flying there to interview next week. Fingers crossed. If he gets it, we're moving. I can work anywhere. His job is more specialized so it's harder for him to change jobs, but not impossible.

How conveeeeenient. LOL!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is us too, OP. We have about 250k set aside, a 350k HHI, one car paid off, two kids in public, no debt, but we can’t find a 1800 sq ft 3br WOTP anywhere. I don’t need detached. I don’t need off street parking. There is simply no inventory in this range. We were striving to get something in the 950-1.1 range years back but now those crummy small houses are more like 1.3 and there are almost never any on the market.

Look a bit north in 20814. On Zillow I found a handful of houses meeting your criteria.

Thanks for the tip, but we live in DC and don’t want to leave. It would require an additional car (and our old one would surely die soon with commuting), hours more spent commuting each day, and more. I prioritize a walkable lifestyle for my mental health and I know it’s a luxury, but I don’t believe that a walkable lifestyle should be a luxury for anybody. I would just really love a small 3br home somewhere in our community. It’s crazy that we are rich but still can’t afford that.

I don't get it. You can afford a house but not in that area so stop complaining already. Life is about choices.

Yes. So we choose to stay here. I'm not complaining. But it's kind of crazy that we can make so much money and not afford to buy a home. Those of you saying we don't make a lot of money have lived in DC too long and lost all perspective.

You are exhausting. You refuse to make compromises and are wealthy. Many of made compromises to get into a house. We bought a tear down mist wouldn’t touch and slowly over the years fix it up mostly diy. You can afford a million dollar house. There are plenty.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is us too, OP. We have about 250k set aside, a 350k HHI, one car paid off, two kids in public, no debt, but we can’t find a 1800 sq ft 3br WOTP anywhere. I don’t need detached. I don’t need off street parking. There is simply no inventory in this range. We were striving to get something in the 950-1.1 range years back but now those crummy small houses are more like 1.3 and there are almost never any on the market.

Look a bit north in 20814. On Zillow I found a handful of houses meeting your criteria.

Thanks for the tip, but we live in DC and don’t want to leave. It would require an additional car (and our old one would surely die soon with commuting), hours more spent commuting each day, and more. I prioritize a walkable lifestyle for my mental health and I know it’s a luxury, but I don’t believe that a walkable lifestyle should be a luxury for anybody. I would just really love a small 3br home somewhere in our community. It’s crazy that we are rich but still can’t afford that.

I don't get it. You can afford a house but not in that area so stop complaining already. Life is about choices.

Yes. So we choose to stay here. I'm not complaining. But it's kind of crazy that we can make so much money and not afford to buy a home. Those of you saying we don't make a lot of money have lived in DC too long and lost all perspective.

You aren't priced out of a home, you are priced out of a lifestyle. We make a decent living too, but I wouldn't tell people I'm priced out of Beverly Hills. You haven't indicated what neighborhood in DC you are looking or a budget for the home. Your HHI and downpayment are good numbers for buying a home, but not a home anywhere you want. Moving towards Arlington in your example could incur more costs, but it may not. There are plenty of public transportation options that many families just own 1 car in our area since you do work from home.

Down the road you will also have to figure out your school options for your kids and whether private is something you have to explore. So yes, that lifestyle can get expensive quickly and you will be priced out.

[Anonymous]

Anonymous wrote:Funny today kids move out of home immediately when they could live at home almost for free.

I am no fortune teller but my 23 year daughter who has an apt in Boston with her friend and moved out right after college will be like this poster at 43.

Here job is 100 percent remote and although apt only 2,700 a month and her share $1,350. With utilities and food let’s say $1,500. Now imagine she just lived at home till 26 and got 5 years just put $1,500 a month in a plain old money market fund.

Where is home?

I met my now DH when I was 27 living in DC. Thankfully we were able to get on the property ladder back in 2013 and do have a nicely updated, close-in home. But I can empathize with how hard it must be for people starting out in this market.

If I had moved back home for 5 years at age 26, I guess I could have saved more money. But I’d be living in a middling third tier city with few job prospects in my field and certainly wouldn’t have met, married, and had a kid with my DH by 30.

Living with mom and dad until your early 30s comes with major draw backs in independence, career prospects, and dating potential, so your daughter may just be better off in Boston where she can network and meet people her age.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Funny today kids move out of home immediately when they could live at home almost for free.

I am no fortune teller but my 23 year daughter who has an apt in Boston with her friend and moved out right after college will be like this poster at 43.

Here job is 100 percent remote and although apt only 2,700 a month and her share $1,350. With utilities and food let’s say $1,500. Now imagine she just lived at home till 26 and got 5 years just put $1,500 a month in a plain old money market fund.

Where is home?

I met my now DH when I was 27 living in DC. Thankfully we were able to get on the property ladder back in 2013 and do have a nicely updated, close-in home. But I can empathize with how hard it must be for people starting out in this market.

If I had moved back home for 5 years at age 26, I guess I could have saved more money. But I’d be living in a middling third tier city with few job prospects in my field and certainly wouldn’t have met, married, and had a kid with my DH by 30.

Living with mom and dad until your early 30s comes with major draw backs in independence, career prospects, and dating potential, so your daughter may just be better off in Boston where she can network and meet people her age.

+1, this is why living with roommates in your 20s is a great middle ground -- you still save a lot of money on housing but it enables you to live closer to work and to build a social network that will help determine who you marry, where you work, etc.

The fact that PP's daughter is fully remote actually makes it even more important that she not just live with mom and dad. Otherwise how will she meet people her own age? How will she network. Living I your childhood bedroom and then logging on remotely to some corporate job sounds like a good way to develop depression and atrophied social skills by the time you are 30. Good for PP's daughter for figuring out she needs to go build a life for herself instead.

[Anonymous]

https://www.zillow.com/homedetails/4905-River-Rd-Bethesda-MD-20816/37166706_zpid/

Here is a cheap Bethesda dream home.

[Anonymous]

Did someone make an entire thread to complain that she was priced out of the DMV, only to reveal that actually, she doesn't want to be too house-poor to buy in one specific DC neighborhood? Get bent, lady.

[Anonymous]

Anonymous wrote:DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?

Change your expectations and shop within your means. You are wealthy. You can afford housing. You just want what you can’t afford.

We live in DC, in a highly walkable neighborhood, with HHI that’s 1/2 yours.