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

[Anonymous]

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

Good for them! I’d rather live in Manhattan than Jersey City as well even if I was renting. As long as OP is investing in stocks or other investment vehicles they’ll be fine. Real estate isn’t the only way to build wealth. I wish I rented and put my down payment that I made in 2012 in Apple and Tesla stock instead. I’d be able to retire now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

But they don't want to live in Hoboken!

We are in our 50s, rent in an awesome DC neighborhood, our kid goes to a nearby private, and we are thrilled to have given up all the stress of home ownership of our beautiful but 100+ year old house. If something breaks or needs repair, management has someone here to fix it within hours -- for free! It's lovely. Sale of our home has funded our kid's education and the rest has gone into retirement + savings so we're perfectly happy to be where we are.

[Anonymous]

Prices are going down which is helpful. I don't have kids but live in an very violent neighborhood in DC and want to leave. Convincing DH that we could Airbnb a finished basement just outside of DC on metro. I think we have to be creative unfortunately.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

Good for them! I’d rather live in Manhattan than Jersey City as well even if I was renting. As long as OP is investing in stocks or other investment vehicles they’ll be fine. Real estate isn’t the only way to build wealth. I wish I rented and put my down payment that I made in 2012 in Apple and Tesla stock instead. I’d be able to retire now.

Exactly. Enjoying your life (which if you can afford to rent in your preferred neighborhood indicates that you objectively CAN afford it, duh!) is FAR more important than owning a house somewhere you don’t even want to own a house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

Good for them! I’d rather live in Manhattan than Jersey City as well even if I was renting. As long as OP is investing in stocks or other investment vehicles they’ll be fine. Real estate isn’t the only way to build wealth. I wish I rented and put my down payment that I made in 2012 in Apple and Tesla stock instead. I’d be able to retire now.

Exactly. Enjoying your life (which if you can afford to rent in your preferred neighborhood indicates that you objectively CAN afford it, duh!) is FAR more important than owning a house somewhere you don’t even want to own a house.

Understood but these same people will struggle financially in retirement because they don’t own a home. They are living in the moment and will pay for it later on. Very few long term renters are actually investing the difference between PITI and rent and for most people rent is > PITI eventually.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

Good for them! I’d rather live in Manhattan than Jersey City as well even if I was renting. As long as OP is investing in stocks or other investment vehicles they’ll be fine. Real estate isn’t the only way to build wealth. I wish I rented and put my down payment that I made in 2012 in Apple and Tesla stock instead. I’d be able to retire now.

Most of the time they aren’t. Rent continues to go up and they eventually need more space. They continue to live the lifestyle of their neighborhood.

[Anonymous]

Anonymous wrote:We are priced out but at a lower HHI and downpayment. The stuff we want to buy but can't afford (SFHs in Silver Spring IB for Blair or Einstein, for instance) you could afford. But you are probably looking elsewhere.

We always want what we can't have. You and I could both afford homes in PG county or EotR in DC, but we don't want them. It's all relative.

And so you should. MCPS schools aren’t what they used to be (if ever they were all that good)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

Good for them! I’d rather live in Manhattan than Jersey City as well even if I was renting. As long as OP is investing in stocks or other investment vehicles they’ll be fine. Real estate isn’t the only way to build wealth. I wish I rented and put my down payment that I made in 2012 in Apple and Tesla stock instead. I’d be able to retire now.

Most of the time they aren’t. Rent continues to go up and they eventually need more space. They continue to live the lifestyle of their neighborhood.

I agree with this, even though I too would rather live in Manhattan than Hoboken. But in that situation, I'd move from Manhattan to Philly or Boston or Chicago (or even DC, which is still crazy expensive but not as expensive as Manhattan) rather than Hoboken, so that I could buy a home and build equity.

If you own a home, you can retire with no mortgage or rent. You'll still have to pay for maintenance and taxes, but in my case that's a few hundred dollars a month. We'll have a pension of around 7k a month once we retire. That's... liberating. Plus 401ks and other investments.

I am so, so glad I will not be paying rent in retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

Good for them! I’d rather live in Manhattan than Jersey City as well even if I was renting. As long as OP is investing in stocks or other investment vehicles they’ll be fine. Real estate isn’t the only way to build wealth. I wish I rented and put my down payment that I made in 2012 in Apple and Tesla stock instead. I’d be able to retire now.

+1 we own a NYC apartment outright and it has barely appreciated at all in the last 7 years. Would have been a lot better off putting that money in the market and renting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

Good for them! I’d rather live in Manhattan than Jersey City as well even if I was renting. As long as OP is investing in stocks or other investment vehicles they’ll be fine. Real estate isn’t the only way to build wealth. I wish I rented and put my down payment that I made in 2012 in Apple and Tesla stock instead. I’d be able to retire now.

+1 we own a NYC apartment outright and it has barely appreciated at all in the last 7 years. Would have been a lot better off putting that money in the market and renting.

You’re obviously in a different financial situation than OP if you own your apartment outright in Manhattan. OP can barely buy an apartment there with a mortgage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

Good for them! I’d rather live in Manhattan than Jersey City as well even if I was renting. As long as OP is investing in stocks or other investment vehicles they’ll be fine. Real estate isn’t the only way to build wealth. I wish I rented and put my down payment that I made in 2012 in Apple and Tesla stock instead. I’d be able to retire now.

Most of the time they aren’t. Rent continues to go up and they eventually need more space. They continue to live the lifestyle of their neighborhood.

I agree with this, even though I too would rather live in Manhattan than Hoboken. But in that situation, I'd move from Manhattan to Philly or Boston or Chicago (or even DC, which is still crazy expensive but not as expensive as Manhattan) rather than Hoboken, so that I could buy a home and build equity.

If you own a home, you can retire with no mortgage or rent. You'll still have to pay for maintenance and taxes, but in my case that's a few hundred dollars a month. We'll have a pension of around 7k a month once we retire. That's... liberating. Plus 401ks and other investments.

I am so, so glad I will not be paying rent in retirement.

Owning a home outright by the time you retire is critical. Sure there are some very wealthy people who can afford to be renters. The rest of us including someone like OP need to be paying down equity so we don’t have to pay rent in retirement.

Continuing to rent catches up with you. Everyone I know still renting is doing so because they can’t manage to save a down payment or accept they can’t afford to buy in their current neighborhood.

[Anonymous]

I've been living in a "teardown" for 25 years. Outdated, on a busy road. We make it work because of location and amenities. We have made improvements - updated kitchen and bathrooms, finished basement, tore down old deck, paint, repairs, taken down or trimmed trees, etc. We've replaced HVAC twice, sodded yard a couple of times, and don't care about entertaining. Don't knock modest before you've tried it if your goal is to have a house. We feel extraordinarily lucky to be where we are (and it helps having about 25 years ago) and have learned to tune out the "must haves" in this area and talk of "starter homes" - this is reality.

[Anonymous]

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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.

This is how people remain renters for life. They are able to afford to buy in another neighborhood but it’s not good enough for them. If you have to rent to live in a neighborhood long term then you can’t afford it! Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy. They should live and buy in Hoboken, Jersey City, etc but they are too good for that. Next thing you know their kids are in private schools and they remain renters for life.

Good for them! I’d rather live in Manhattan than Jersey City as well even if I was renting. As long as OP is investing in stocks or other investment vehicles they’ll be fine. Real estate isn’t the only way to build wealth. I wish I rented and put my down payment that I made in 2012 in Apple and Tesla stock instead. I’d be able to retire now.

Exactly. Enjoying your life (which if you can afford to rent in your preferred neighborhood indicates that you objectively CAN afford it, duh!) is FAR more important than owning a house somewhere you don’t even want to own a house.

Understood but these same people will struggle financially in retirement because they don’t own a home. They are living in the moment and will pay for it later on. Very few long term renters are actually investing the difference between PITI and rent and for most people rent is > PITI eventually.

This is an issue. If you're renting and investing a lot, then great. But not everyone does that.

[Anonymous]

The discussion is on a family being priced out of buying a house and they aren't priced out and can comfortably afford a house.