I will never be able to afford a house in Arlington

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have lived in Arlington for 15 years, mostly as a renter. I bought a condo a couple of years ago because that’s what I can afford and I wanted to stay in Arlington for the commute and because my kids are in school here. I’m in my mid 40s. I’m a single mom. Income of $170k. Even if I sell this condo in a few years and break even or make a small profit and am able to roll that money into a down payment on a larger home, I will never be able to afford the monthly payment on a larger home because my income isn’t going up. I’m maxed out as a GS15. So my choices are live in a condo forever, change jobs, or move further out, right? There is no property ladder for me.

Not when you buy in an already appreciated area. If you had bought in an area that had a lot of potential for growth, yes, you would have had more of an opportunity for appreciation. But you wanted to live in Arlington.

She's mid-40s, she probably bought for good schools and good commute 10 years ago, when her kids were young. She might have even bought 15 years ago when everyone said condos were a great investment, not everyone was part of the Big Short and knew it was a bubble. Her problem is that SFH and condo appreciation have diverged since 2008. Condos don't appreciate anymore, and COVID probably was even worse.

She could have bought in Petworth or H street and seen mad appreciation, but then she would have been gambling on good charter school lotteries versus home appreciation, and could still be in a bind by moving before her home appreciated because schools don't work out.

You are building equity in your condo, regardless, and as long as you are paying less in PITI and condo fees than you would in rent, you are coming out ahead (though do the math, the place we were renting had such high fees that the INTEREST payment along + HOA fee was higher than our rent -- it only made sense for our landlord since they had bought it in the 80s). The PP suggesting you rent a home is not a bad one; maybe just rent a house for the summer when kids are home more and being outside is nicer? I can see not wanting to move your kids or increase your commute; we both work downtown and have Fed jobs so while have more money not Arlington money, so we lived in a rental until our 40s with 2 kids and only just bought our first home in Arlington, and its some crummy tear down but works for us.

Nobody (who wasn’t try to sell a condo) has ever said condos were a good investment.

Maybe you are too young to remember in early 2000s when property was eye bleeding appreciating and you had to buy SOMETHING or be PRICED OUT FOREVER. we resisted buying b/c we could only afford a condo and we thought it was a bubble, but everyone thought we were crazy and foolish. In the end SFH did okay through the bust but condos didn’t.

[Anonymous]

You have something very rare that given our geography some underappreciate - a high paying job you can't be fired from and a pension. You can get that SFH, just not now or not in Arlington, but in the meantime you should wake up singing every day.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have lived in Arlington for 15 years, mostly as a renter. I bought a condo a couple of years ago because that’s what I can afford and I wanted to stay in Arlington for the commute and because my kids are in school here. I’m in my mid 40s. I’m a single mom. Income of $170k. Even if I sell this condo in a few years and break even or make a small profit and am able to roll that money into a down payment on a larger home, I will never be able to afford the monthly payment on a larger home because my income isn’t going up. I’m maxed out as a GS15. So my choices are live in a condo forever, change jobs, or move further out, right? There is no property ladder for me.

Not when you buy in an already appreciated area. If you had bought in an area that had a lot of potential for growth, yes, you would have had more of an opportunity for appreciation. But you wanted to live in Arlington.

She's mid-40s, she probably bought for good schools and good commute 10 years ago, when her kids were young. She might have even bought 15 years ago when everyone said condos were a great investment, not everyone was part of the Big Short and knew it was a bubble. Her problem is that SFH and condo appreciation have diverged since 2008. Condos don't appreciate anymore, and COVID probably was even worse.

She could have bought in Petworth or H street and seen mad appreciation, but then she would have been gambling on good charter school lotteries versus home appreciation, and could still be in a bind by moving before her home appreciated because schools don't work out.

You are building equity in your condo, regardless, and as long as you are paying less in PITI and condo fees than you would in rent, you are coming out ahead (though do the math, the place we were renting had such high fees that the INTEREST payment along + HOA fee was higher than our rent -- it only made sense for our landlord since they had bought it in the 80s). The PP suggesting you rent a home is not a bad one; maybe just rent a house for the summer when kids are home more and being outside is nicer? I can see not wanting to move your kids or increase your commute; we both work downtown and have Fed jobs so while have more money not Arlington money, so we lived in a rental until our 40s with 2 kids and only just bought our first home in Arlington, and its some crummy tear down but works for us.

Nobody (who wasn’t try to sell a condo) has ever said condos were a good investment.

Maybe you are too young to remember in early 2000s when property was eye bleeding appreciating and you had to buy SOMETHING or be PRICED OUT FOREVER. we resisted buying b/c we could only afford a condo and we thought it was a bubble, but everyone thought we were crazy and foolish. In the end SFH did okay through the bust but condos didn’t.

No, I’m older than you. Or at least bought before you.

Maybe you foolishly thought condos were a good investment but that’s your own ignorance. No one (who wasn’t selling a condo) claimed they were a “good investment”. Condos are just a stepping stone as you wait for incomes to rise.

Tale as old as time.

[Anonymous]

Honestly if you don’t want to move to another neighborhood because of your “support network,” probably best you stay in your condo. I’m not sure what the reason for leaving the condo is anyway.

Bottom line is if you have normal expenses with two kids you have enough to purchase a townhouse in some closer in areas or a SFH in the beltway region.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have lived in Arlington for 15 years, mostly as a renter. I bought a condo a couple of years ago because that’s what I can afford and I wanted to stay in Arlington for the commute and because my kids are in school here. I’m in my mid 40s. I’m a single mom. Income of $170k. Even if I sell this condo in a few years and break even or make a small profit and am able to roll that money into a down payment on a larger home, I will never be able to afford the monthly payment on a larger home because my income isn’t going up. I’m maxed out as a GS15. So my choices are live in a condo forever, change jobs, or move further out, right? There is no property ladder for me.

Is there another parent involved who pays child support?
If not, you might look at renting again. You could keep the condo as a rental and it could build equity for you. When your children are adults you could move back to the condo.

At $170K income, you could qualify for about a $3,800 a month rental. There are good houses available in Arlington for that rent.

Spending $3800 a month on rent is the most asinine thing I've ever heard.

[Anonymous]

Ha, your income is 30% above the median HHI of Arlington residents. If that doesn’t communicate how bad the housing market is there, that even people who make 30% above the median HHI are unable to afford living there, I don’t know what will.

[Anonymous]

Anonymous wrote:Ha, your income is 30% above the median HHI of Arlington residents. If that doesn’t communicate how bad the housing market is there, that even people who make 30% above the median HHI are unable to afford living there, I don’t know what will.

She can afford to live there perfectly fine. She already is living there. Living there doesn't only mean owning a 2,500 square foot home on a cul-de-sac in North Arlington.

Arlington is one of the most expensive areas to live in the DMV. There are hundreds of cheaper neighborhoods available if needed.

[Anonymous]

We couldn’t afford to buy in Fairfax so we moved to Manassas and found a community we love with great neighbors. I k ow it seems a disappointment not to live in Arlington but I am sure you can find a wonderful place!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ha, your income is 30% above the median HHI of Arlington residents. If that doesn’t communicate how bad the housing market is there, that even people who make 30% above the median HHI are unable to afford living there, I don’t know what will.

She can afford to live there perfectly fine. She already is living there. Living there doesn't only mean owning a 2,500 square foot home on a cul-de-sac in North Arlington.

Arlington is one of the most expensive areas to live in the DMV. There are hundreds of cheaper neighborhoods available if needed.

Of course she should be able afford a 2,500 sq ft house in Arlington, in fact, she should be able to afford more than that. She makes 30% ABOVE the median HHI in Arlington. A 2,500 sq ft. home on a cul-de-sac is hardly ever considered a luxury in any reasonable place, that’s what you see in every show depicting a middle-class family, because that’s a middle-class/UMC home. If she’s having trouble attaining that, that means it’s only worse for truly middle-class and working-class people. Living close to DC with good schools shouldn’t be considered a luxury in a developed country. When we say that a 2,500 square foot home in a cul-de-sac should only be attainable for someone making 70% above a town’s median HHI, then we are saying that middle-class people don’t even deserve to live there at all, let alone working-class people. Where are the people who are supporting the privileged lifestyles of Arlington residents supposed to live? Are they supposed to be segregated and cluster together in like rats until rich people start to deciding that they want THOSE areas, too, continuously pushing working-class further and further away from the city? Because that’s exactly what Arlington is a product of. It was the “hood” 25 years ago until rich people started deciding it was the new hip place to live in. DC gentrification is one of the most abrasive in the entire country. It’s one of the few cities where gentrification is physically pushing out poorer residents with roots in the area (who are often ethnic minorities) further and further away from the city. Regardless of what you think of OP, Arlington prices and DC region prices are insane, and they’re hurting the REAL middle and working-class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have lived in Arlington for 15 years, mostly as a renter. I bought a condo a couple of years ago because that’s what I can afford and I wanted to stay in Arlington for the commute and because my kids are in school here. I’m in my mid 40s. I’m a single mom. Income of $170k. Even if I sell this condo in a few years and break even or make a small profit and am able to roll that money into a down payment on a larger home, I will never be able to afford the monthly payment on a larger home because my income isn’t going up. I’m maxed out as a GS15. So my choices are live in a condo forever, change jobs, or move further out, right? There is no property ladder for me.

Not when you buy in an already appreciated area. If you had bought in an area that had a lot of potential for growth, yes, you would have had more of an opportunity for appreciation. But you wanted to live in Arlington.

She's mid-40s, she probably bought for good schools and good commute 10 years ago, when her kids were young. She might have even bought 15 years ago when everyone said condos were a great investment, not everyone was part of the Big Short and knew it was a bubble. Her problem is that SFH and condo appreciation have diverged since 2008. Condos don't appreciate anymore, and COVID probably was even worse.

She could have bought in Petworth or H street and seen mad appreciation, but then she would have been gambling on good charter school lotteries versus home appreciation, and could still be in a bind by moving before her home appreciated because schools don't work out.

You are building equity in your condo, regardless, and as long as you are paying less in PITI and condo fees than you would in rent, you are coming out ahead (though do the math, the place we were renting had such high fees that the INTEREST payment along + HOA fee was higher than our rent -- it only made sense for our landlord since they had bought it in the 80s). The PP suggesting you rent a home is not a bad one; maybe just rent a house for the summer when kids are home more and being outside is nicer? I can see not wanting to move your kids or increase your commute; we both work downtown and have Fed jobs so while have more money not Arlington money, so we lived in a rental until our 40s with 2 kids and only just bought our first home in Arlington, and its some crummy tear down but works for us.

Nobody (who wasn’t try to sell a condo) has ever said condos were a good investment.

Maybe you are too young to remember in early 2000s when property was eye bleeding appreciating and you had to buy SOMETHING or be PRICED OUT FOREVER. we resisted buying b/c we could only afford a condo and we thought it was a bubble, but everyone thought we were crazy and foolish. In the end SFH did okay through the bust but condos didn’t.

No, I’m older than you. Or at least bought before you.

Maybe you foolishly thought condos were a good investment but that’s your own ignorance. No one (who wasn’t selling a condo) claimed they were a “good investment”. Condos are just a stepping stone as you wait for incomes to rise.

Tale as old as time.

Condos increased 50% in 3 years, people were worried they would be left behind like OP.

We bought after the bust, but there was a lot pressure from friends and family as to why we continued to rent rather than get a condo.

https://www.latimes.com/archives/la-xpm-2009-jul-27-fi-condobust27-story.html

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have lived in Arlington for 15 years, mostly as a renter. I bought a condo a couple of years ago because that’s what I can afford and I wanted to stay in Arlington for the commute and because my kids are in school here. I’m in my mid 40s. I’m a single mom. Income of $170k. Even if I sell this condo in a few years and break even or make a small profit and am able to roll that money into a down payment on a larger home, I will never be able to afford the monthly payment on a larger home because my income isn’t going up. I’m maxed out as a GS15. So my choices are live in a condo forever, change jobs, or move further out, right? There is no property ladder for me.

Is there another parent involved who pays child support?
If not, you might look at renting again. You could keep the condo as a rental and it could build equity for you. When your children are adults you could move back to the condo.

At $170K income, you could qualify for about a $3,800 a month rental. There are good houses available in Arlington for that rent.

Spending $3800 a month on rent is the most asinine thing I've ever heard.

DP. We spend $4150 for a nice house in Arlington that we could not afford to buy. We did it to stay in the school zone our kids stated in when we lived in a townhouse. The TH was too small and the prices of what we wanted were too high. I went back to work full time when third child began school two years ago. We are saving every penny of my $93,000 income to buy a house. We still own our townhouse and are about $240 in the black each month, so we are also saving that.

If you have a better plan than to rent until
Yiu can buy, please let me know.

[Anonymous]

I lived in Arlington until I was seven.

My parents sold.

When I moved back to the area, I couldn't afford the kind of home we had sold.

But, you know, that's life! No one's entitled to be able to buy in the exact neighborhood they want at the time they want.

My parents' generation bought great homes in Chevy Chase, Takoma Park, etc. Because they. bought in the 70s.

I can't afford any of those. But I can afford other neighborhoods and I'm not poor. Same's true for you!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ha, your income is 30% above the median HHI of Arlington residents. If that doesn’t communicate how bad the housing market is there, that even people who make 30% above the median HHI are unable to afford living there, I don’t know what will.

She can afford to live there perfectly fine. She already is living there. Living there doesn't only mean owning a 2,500 square foot home on a cul-de-sac in North Arlington.

Arlington is one of the most expensive areas to live in the DMV. There are hundreds of cheaper neighborhoods available if needed.

Of course she should be able afford a 2,500 sq ft house in Arlington, in fact, she should be able to afford more than that. She makes 30% ABOVE the median HHI in Arlington. A 2,500 sq ft. home on a cul-de-sac is hardly ever considered a luxury in any reasonable place, that’s what you see in every show depicting a middle-class family, because that’s a middle-class/UMC home. If she’s having trouble attaining that, that means it’s only worse for truly middle-class and working-class people. Living close to DC with good schools shouldn’t be considered a luxury in a developed country. When we say that a 2,500 square foot home in a cul-de-sac should only be attainable for someone making 70% above a town’s median HHI, then we are saying that middle-class people don’t even deserve to live there at all, let alone working-class people. Where are the people who are supporting the privileged lifestyles of Arlington residents supposed to live? Are they supposed to be segregated and cluster together in like rats until rich people start to deciding that they want THOSE areas, too, continuously pushing working-class further and further away from the city? Because that’s exactly what Arlington is a product of. It was the “hood” 25 years ago until rich people started deciding it was the new hip place to live in. DC gentrification is one of the most abrasive in the entire country. It’s one of the few cities where gentrification is physically pushing out poorer residents with roots in the area (who are often ethnic minorities) further and further away from the city. Regardless of what you think of OP, Arlington prices and DC region prices are insane, and they’re hurting the REAL middle and working-class.

In fact Arlington is effectively segregating the poor on the western part of Columbia Pike and will continue to satisfy the white northern part of the county and the increasingly white and UMC southern part of the County.

One exception: Arlington hasn’t been the hood since the Civil War Some areas were bad, but it was a lower to middle class area that placed emphasis on schools. This has always been Arlington’s attraction. Look at Alexandria which let its schools decline. Property values are much lower there given similar proximity to DC and Pentagon areas.

[Anonymous]

I am a single parent who makes half your income and owns a house (not a condo) in Fairfax. You have options! Why is your condo not an option anymore?

[Anonymous]

Anonymous wrote:I lived in Arlington until I was seven.

My parents sold.

When I moved back to the area, I couldn't afford the kind of home we had sold.

But, you know, that's life! No one's entitled to be able to buy in the exact neighborhood they want at the time they want.

My parents' generation bought great homes in Chevy Chase, Takoma Park, etc. Because they. bought in the 70s.

I can't afford any of those. But I can afford other neighborhoods and I'm not poor. Same's true for you!

Translation: It’s all your fault for not being born in the right time period to afford these house. Gentrification is inevitable, that’s life! You’re not entitled to live in the formerly middle-class homes you grew up in, only the trust-funds and ultra-privileged transients are, get with the times! Unrealistic house costs during a time where the generation pinned down by student loan sharks more than any other generation is about to become the next generation of new families is totally normal. I mean, they don’t need to save up for retirement, right? Those lazy bums with PhDs making $170k can just keep working until they die of a heart attack on the job at the age of 94. I can’t believe these millennials think that they’re soooooo entitled to a 3 bed/3 bath house on a 0.40 acre lot when they only make $200,000 together and have UMich degrees. If you wanted to afford a decent house near DC, maybe you should have decided to be a sperm cell in your grandfather’s testes instead of your father’s!

It’s 2020. Living in the former ghetto within a 30 minute drive from the city is a luxury.