What can we realistically buy with $250K HHI?

[Anonymous]

At the top of your budget, you can buy this nice home in Falls Church for $900K.

https://redf.in/WzsHhN

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on your debt and expenses, and your down payment.
A general number is 3x gross salary. But if you have a ton of debt, less than that.
Will your income grow in the next 3 years? If so, I’d do 1M now.

3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.

Oh Please. She’s not getting anything under that. You have no idea if OP is at 250 HHI and stuck there, or 250 mid 30s with a potential climb to 400.

What? I mean that most people realistically spend way more than 3x gross salary because it is necessary unless they want to live in a tiny dumpy condo forever.

OP makes $250K, 3 times that is $750K. There are lots of good options for $750K in this area.

Where?

I just took a quick look for SFH in Herndon, Reston, Burke, and Ashburn, basically it's all upwards of $900k.

For $750k you're talking townhouse, and it would be pretty demoralizing to earn $250k and have to live in a townhouse...

NP: We have a $250k household income, live in a rowhouse in DC, and do not find it “demoralizing.” It’s a great lifestyle.

I'm glad you've come to terms with the fact you're too poor to afford a proper house.

I am willing to bet that you probably make less than that, but can afford an SFH only because you bought when prices were cheap, and rates were low...

Lets see how you would manage now...

-Signed Recent TH/Rowhouse owner with 460K HHI

It's funny how the internet likes to shame people who bought around here when the market was low, as if they could predict this would all become a super trendy places to live. DC was a giant crackhouse not even that long ago. Lots of these places were completely undesirable by today's standards. Today, people want a sure bet and as much luxury as they think they should be able to afford. Most likely based on what home prices were 3-5 years ago before they experienced some nice wage inflation. Too bad everyone else here experienced it too.

[Anonymous]

I live in a TH very close-in and I love it! It is worth over $1 mil now but we bought it when it was first built for a lot less. TH may not appreciate as much as SFH but they are not a bad investment. I love the low maintenance life, carrying groceries up the stairs is good exercise, and I am walkable to a lot of restaurants and retail. Neighbors are friendly and we have a very tight community. Numerous parks in walking distance, so I don't miss having a yard and taking care of it. Best of all is the location - accessible by metro/bus or a quick Uber downtown when I don't want to drive or metro. For my budget in this location, I chose a new TH over an older SFH (same price) because I liked the layout better (bigger closets, more bathrooms) and the older SFH needed more maintenance. No regrets! You might be surprised how much you come to like living in a TH.

-HHI over 300k with 2 kids

[Anonymous]

https://www.realtor.com/realestateandhomes-detail/9511-Caroline-Ave_Silver-Spring_MD_20901_M58652-44817?from=srp-list-card

https://www.realtor.com/realestateandhomes-detail/8802-2nd-Ave_Silver-Spring_MD_20910_M59008-85579?from=srp-list-card

https://www.realtor.com/realestateandhomes-detail/1603-Dale-Dr_Silver-Spring_MD_20910_M61397-23005?from=srp-list-card

https://www.realtor.com/realestateandhomes-detail/10216-Lorain-Ave_Silver-Spring_MD_20901_M60241-46796?from=srp-list-card

[Anonymous]

Anonymous wrote:At the top of your budget, you can buy this nice home in Falls Church for $900K.

https://redf.in/WzsHhN

Agree this would be a great option for the price. Surprised the listing notes Haycock Elementary when it’s clearly zoned to (and right down the street from) Timber Lane

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on your debt and expenses, and your down payment.
A general number is 3x gross salary. But if you have a ton of debt, less than that.
Will your income grow in the next 3 years? If so, I’d do 1M now.

3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.

Oh Please. She’s not getting anything under that. You have no idea if OP is at 250 HHI and stuck there, or 250 mid 30s with a potential climb to 400.

What? I mean that most people realistically spend way more than 3x gross salary because it is necessary unless they want to live in a tiny dumpy condo forever.

OP makes $250K, 3 times that is $750K. There are lots of good options for $750K in this area.

Where?

I just took a quick look for SFH in Herndon, Reston, Burke, and Ashburn, basically it's all upwards of $900k.

For $750k you're talking townhouse, and it would be pretty demoralizing to earn $250k and have to live in a townhouse...

Why it is demoralizing to live in townhouse? And the truth is even a nice townhouse is over 750k nowadays. Get a grip, 250k in this area doesn’t go far.

A townhouse is a thing you buy as a starter home before you get your proper “forever” home, a SFH.

If you’re well into your career and making good money and you’re priced out of SFHs that is truly messed up.

Gawd, it's so tiresome when people use terms like "starter home" and "forever home".

[Anonymous]

Anonymous wrote:Don't sleep on that Burke house, OP. It's a fantastic little neighborhood if your the outdoorsy type.

It’s contingent already!

I think the first one in Springfield is cool too! They could (in the far future….) upgrade to a sleek modern European kitchen to better match the architecture.

[Anonymous]

Anonymous wrote:My spouse and I saved like crazy. We lived in a crappy apartment took on extra work, worked our butts off at our FT jobs to get promoted, higher salaries then move on for a higher salary and another promotion.

We had no car. No Netflix. No vacations. No eating out. No take out unless work paid because we worked late. No cell phones (spouse had one through work). No internet. Used the library. Budgeted for everything. We invested our money for a down payment/ retirement. We did this for years.

When friends wanted to go to brunch I said I would meet for a walk or run instead. We did have people over to our tiny place but again budgeted.

We ended up shopping around and finding a couple banks that would lend us more $$ for a mortgage than anyone else. We knew our HHI would continue to grow and we also knew we are budgeters. So that’s what we did before covid. We lost our on 5-6 homes even then. We knew the area we wanted so we bought something a bit smaller but with a larger lot that needed some work, but are happy we did it. The first year was rough because our mortgage was so much more than our cheap rent. But soon we refinanced got rid of our PPi (we did not pay 20% down payment) and have been promoted and more $$ since. We also had a kid toward the end of the home price purchase and are diligent about saving for retirement and college. Our house is worth so much more $$ now and we get offers to buy it frequently. Our realtor tried to get us to look out more, but we knew where we wanted to be and stuck to it.

I have friends who lived the high life for years, renting at fancy buildings with gyms, a pool and concierge. Others rented fancy townhomes or drive a fancy leased BMW, Tesla, etc. That is their choice. Some now complain about the market and how they will never be able to afford a house, yet they don’t look back on their choices. When they were off in Miami over a long weekend I was working my second job or reading up on investing.

I have other friends who have fled in order to be able to buy a home. Two moved to Texas, another Midwest, and one for Europe. They all seem very happy and all bought beautiful homes for a fraction of what it costs in DC.

$15/month on Netflix is not preventing anyone from saving up a down payment. Get real.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My spouse and I saved like crazy. We lived in a crappy apartment took on extra work, worked our butts off at our FT jobs to get promoted, higher salaries then move on for a higher salary and another promotion.

We had no car. No Netflix. No vacations. No eating out. No take out unless work paid because we worked late. No cell phones (spouse had one through work). No internet. Used the library. Budgeted for everything. We invested our money for a down payment/ retirement. We did this for years.

When friends wanted to go to brunch I said I would meet for a walk or run instead. We did have people over to our tiny place but again budgeted.

We ended up shopping around and finding a couple banks that would lend us more $$ for a mortgage than anyone else. We knew our HHI would continue to grow and we also knew we are budgeters. So that’s what we did before covid. We lost our on 5-6 homes even then. We knew the area we wanted so we bought something a bit smaller but with a larger lot that needed some work, but are happy we did it. The first year was rough because our mortgage was so much more than our cheap rent. But soon we refinanced got rid of our PPi (we did not pay 20% down payment) and have been promoted and more $$ since. We also had a kid toward the end of the home price purchase and are diligent about saving for retirement and college. Our house is worth so much more $$ now and we get offers to buy it frequently. Our realtor tried to get us to look out more, but we knew where we wanted to be and stuck to it.

I have friends who lived the high life for years, renting at fancy buildings with gyms, a pool and concierge. Others rented fancy townhomes or drive a fancy leased BMW, Tesla, etc. That is their choice. Some now complain about the market and how they will never be able to afford a house, yet they don’t look back on their choices. When they were off in Miami over a long weekend I was working my second job or reading up on investing.

I have other friends who have fled in order to be able to buy a home. Two moved to Texas, another Midwest, and one for Europe. They all seem very happy and all bought beautiful homes for a fraction of what it costs in DC.

$15/month on Netflix is not preventing anyone from saving up a down payment. Get real.

It's the avocado toast!

[Anonymous]

Anonymous wrote:At the top of your budget, you can buy this nice home in Falls Church for $900K.

https://redf.in/WzsHhN

Even if it’s a dump inside (it is from the outside), it will go for over a million and probably to a developer

[Anonymous]

At your income even with 20% down, I wouldn’t buy at 900k considering other expense you might have.

[Anonymous]

Anonymous wrote:

Anonymous wrote:At the top of your budget, you can buy this nice home in Falls Church for $900K.

https://redf.in/WzsHhN

Even if it’s a dump inside (it is from the outside), it will go for over a million and probably to a developer

How is it a dump?

[Anonymous]

Buy in Fredricksburg VA or Woodbridge for 650K. Take the VRE into DC.

[Anonymous]

Anonymous wrote:Buy in Fredricksburg VA or Woodbridge for 650K. Take the VRE into DC.

Woodbridge has too much crime. Literally like half of the murders in PWC are in that area only (1/7th of county population). Would not recommend.

[Anonymous]

Kensington/Forrest Glen so quiet over here very cheap. There’s a new building going up on GA Ave so we shall see how that goes but for now, bliss