Pros and Cons of Moving to DC Area

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:PP did a great assessment, but we're at $300 and definitely don't have our choice of housing (maybe after kids aren't in daycare), but no way could we buy a nice house in a desirable location while paying for private. Im guessing $350 is the minimum to not feel stretched in real estate.

I'd have to agree. Our HHI is between $200-300k and we are struggling to find a decent 3BR in close-in suburbs. And I mean, struggling.

What's your price range?

Max $600k. Neighborhood feel and safety is very important to us. Want a yard and 3BR on same floor. Somewhat updated.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Also, what will your income be?

As I said previously, sufficient to afford a good neighborhood and schools. That should not be the focus.

Judging by your last couple statements, I'd say you are coming from Manhatten or Beverly Hills

Yawn (no seriously, it is late now). Very good guesses, but neither one.

[Anonymous]

Anonymous wrote:OP,

Since you wont tell us income, I'll go the other way around on this:

If you make less than $100k, stay the hell away. You wont afford a good house, much less a decent school. You will be miserable.

At $100k to $200k, seriously consider staying put. This is a tough income in this area because you can afford a decent place in the far suburbs, but probably NOT a decent place in DC. This is why where you work matters so much, if your job is waaay out in VA somewhere, $200K might be fine. If its in DC, you may find yourself facing a 1+ hour commute. Also, if you are coming from texas or something, you need to seriously adjust the snot out of your expectations in real estate and in size. A 20x20 bedroom exists in DC, but only in houses costing $1.5M+ or more.

At $200k to $300k you will be reasonably comfortable and able to afford a good, albeit NOT NEW, house in mclean, NW DC, Bethesda, or other desirable neighborhood. Think un remodeled center hall colonials, split levels in mclean, etc.

At $300k to $400k you will be able to afford private school (unless you have several kids), as well as a home in most any are of DC and Mclean - but perhaps still shy of getting a new construction house unless again, you look far out of the city (which again, is why it matters where you work)

At $500k++ you can afford private, college, house, and a commute of your choice. This income will also afford you most all new construction in and near the city ($1.5M to $3M)

You pick where you are. Given your general unwillingness to share anything useful with anyone, I'd say you'll fit right in.

+1

Well said! You're post should become a sticker post for everyone who wants to relocate to DC. It's straight to the point and a honest assessment for those considering this area.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I adore DC - I think it is the best place in the united states to raise kids and is without a doubt the least stressful location for us. That said, we have grandparents in town who are extraordinarily helpful - both with their time in taking care of our kids, doing errands for us, and being generally supportive and with their money (of which there is lots). My husband has a very strong legacy at a "Big 3" and he has a trust to pay for our kids to go there from K through 12, but as a back-up we live in a NWDC neighborhood with a fabulous elementary school. This means our commutes are easy so no traffic headaches to speak of. To top it off, we both work in flexible, interesting, high paying jobs that we couldn't have anywhere else. We also have a beach house we inherited from my grandparents and a legacy membership to two country clubs. Now I realize that none of this is helpful because it all only applies to me and my family, but since you don't seem to care for any of the objective measures of comparison I figured I'd share our limited experience.

This is an excellent example of a certain mentality which is prevalent in the region.

Or the most deadpan bit of satire I've read in a long time.

[Anonymous]

Anonymous wrote:How is beltway traffic? Are people generally stressed out and competitive, or is it a laid back vibe? Is the emphasis on money and success, or is there a real diversity of interests and goals? Is there a lot of socioeconomic segregation? Are people generally happy? Is it a good place for older kids, or generally a fairly intense environment? Is a 10-15 minute commute to work downtown out of the question?

Traffic - terrible.

People - young families are stressed out

Teens - more stressed out than their parents because of competition in schools (both public and private)

10-20 minutes commute - if you buy a 2 million dollar house in Woodley Park or Lincoln Park, maybe. Then it is very tough to get your kids into private schools. Even with a 35k/year tag, the competition is fierce. If you want to live in an area with good public school, you can kiss your easy commute goodbye.

[Anonymous]

Anonymous wrote:OP, having read through this entire thread, I would say that the congeniality, niceness, helpfulness, neighborliness, and can-help spirit of those of us in DC, MD, VA is the best reason to move here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Also, what will your income be?

As I said previously, sufficient to afford a good neighborhood and schools. That should not be the focus.

Judging by your last couple statements, I'd say you are coming from Manhatten or Beverly Hills

Yawn (no seriously, it is late now). Very good guesses, but neither one.

Yes, go to bed now. Hope you've done your homework.

[Anonymous]

Done!

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP,

Since you wont tell us income, I'll go the other way around on this:

If you make less than $100k, stay the hell away. You wont afford a good house, much less a decent school. You will be miserable.

At $100k to $200k, seriously consider staying put. This is a tough income in this area because you can afford a decent place in the far suburbs, but probably NOT a decent place in DC. This is why where you work matters so much, if your job is waaay out in VA somewhere, $200K might be fine. If its in DC, you may find yourself facing a 1+ hour commute. Also, if you are coming from texas or something, you need to seriously adjust the snot out of your expectations in real estate and in size. A 20x20 bedroom exists in DC, but only in houses costing $1.5M+ or more.

At $200k to $300k you will be reasonably comfortable and able to afford a good, albeit NOT NEW, house in mclean, NW DC, Bethesda, or other desirable neighborhood. Think un remodeled center hall colonials, split levels in mclean, etc.

At $300k to $400k you will be able to afford private school (unless you have several kids), as well as a home in most any are of DC and Mclean - but perhaps still shy of getting a new construction house unless again, you look far out of the city (which again, is why it matters where you work)

At $500k++ you can afford private, college, house, and a commute of your choice. This income will also afford you most all new construction in and near the city ($1.5M to $3M)

You pick where you are. Given your general unwillingness to share anything useful with anyone, I'd say you'll fit right in.

+1

Well said! You're post should become a sticker post for everyone who wants to relocate to DC. It's straight to the point and a honest assessment for those considering this area.

I think it is too low. At $500k, you are not doing all of those things unless you are saving very little.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Also, what will your income be?

As I said previously, sufficient to afford a good neighborhood and schools. That should not be the focus.

Judging by your last couple statements, I'd say you are coming from Manhatten or Beverly Hills

Yawn (no seriously, it is late now). Very good guesses, but neither one.

I am guessing Westchester. It seems as though OP is that type.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Also, what will your income be?

As I said previously, sufficient to afford a good neighborhood and schools. That should not be the focus.

Judging by your last couple statements, I'd say you are coming from Manhatten or Beverly Hills

Yawn (no seriously, it is late now). Very good guesses, but neither one.

I am guessing Westchester. It seems as though OP is that type.

OP reeks of hedge fund or PE.

[Anonymous]

Anonymous wrote:OP,

Since you wont tell us income, I'll go the other way around on this:

If you make less than $100k, stay the hell away. You wont afford a good house, much less a decent school. You will be miserable.

At $100k to $200k, seriously consider staying put. This is a tough income in this area because you can afford a decent place in the far suburbs, but probably NOT a decent place in DC. This is why where you work matters so much, if your job is waaay out in VA somewhere, $200K might be fine. If its in DC, you may find yourself facing a 1+ hour commute. Also, if you are coming from texas or something, you need to seriously adjust the snot out of your expectations in real estate and in size. A 20x20 bedroom exists in DC, but only in houses costing $1.5M+ or more.

At $200k to $300k you will be reasonably comfortable and able to afford a good, albeit NOT NEW, house in mclean, NW DC, Bethesda, or other desirable neighborhood. Think un remodeled center hall colonials, split levels in mclean, etc.

At $300k to $400k you will be able to afford private school (unless you have several kids), as well as a home in most any are of DC and Mclean - but perhaps still shy of getting a new construction house unless again, you look far out of the city (which again, is why it matters where you work)

At $500k++ you can afford private, college, house, and a commute of your choice. This income will also afford you most all new construction in and near the city ($1.5M to $3M)

You pick where you are. Given your general unwillingness to share anything useful with anyone, I'd say you'll fit right in.

Another perspective:

We live in a $1.5 million house in one of the more affluent suburbs in VA. Our mortgage is about $1 million. RE taxes are 14.5K annually. We own a second home, free and clear. Vacation abroad at least once a year. House cleaning service bi-weekly. Lawn/yard service weekly and snow clearing in winter. No other debt.

Kids are now financially independent.

We spend $10-11K a month to maintain this lifestyle. We don't splurge but we don't stint either. People probably think we are a lot wealthier than we really are ...... and I am confident that we can maintain this standard of living the rest of our lives though realistically we will probably downsize because we have a lot more house than we need.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP,

Since you wont tell us income, I'll go the other way around on this:

If you make less than $100k, stay the hell away. You wont afford a good house, much less a decent school. You will be miserable.

At $100k to $200k, seriously consider staying put. This is a tough income in this area because you can afford a decent place in the far suburbs, but probably NOT a decent place in DC. This is why where you work matters so much, if your job is waaay out in VA somewhere, $200K might be fine. If its in DC, you may find yourself facing a 1+ hour commute. Also, if you are coming from texas or something, you need to seriously adjust the snot out of your expectations in real estate and in size. A 20x20 bedroom exists in DC, but only in houses costing $1.5M+ or more.

At $200k to $300k you will be reasonably comfortable and able to afford a good, albeit NOT NEW, house in mclean, NW DC, Bethesda, or other desirable neighborhood. Think un remodeled center hall colonials, split levels in mclean, etc.

At $300k to $400k you will be able to afford private school (unless you have several kids), as well as a home in most any are of DC and Mclean - but perhaps still shy of getting a new construction house unless again, you look far out of the city (which again, is why it matters where you work)

At $500k++ you can afford private, college, house, and a commute of your choice. This income will also afford you most all new construction in and near the city ($1.5M to $3M)

You pick where you are. Given your general unwillingness to share anything useful with anyone, I'd say you'll fit right in.

Another perspective:

We live in a $1.5 million house in one of the more affluent suburbs in VA. Our mortgage is about $1 million. RE taxes are 14.5K annually. We own a second home, free and clear. Vacation abroad at least once a year. House cleaning service bi-weekly. Lawn/yard service weekly and snow clearing in winter. No other debt.

Kids are now financially independent.

We spend $10-11K a month to maintain this lifestyle. We don't splurge but we don't stint either. People probably think we are a lot wealthier than we really are ...... and I am confident that we can maintain this standard of living the rest of our lives though realistically we will probably downsize because we have a lot more house than we need.

Isn't this your monthly note on a mortgage of $1 million? Hard to believe this is your overall monthly expense.

[Anonymous]

^^More precisely $750K first mortgage and $250K HELOC on which we pay interest only.

The first lien is a 5/5 ARM at 2.625% with interest increase capped at 2% at the end of 5 years. We will have downsized well before then.

HELOC was taken towards the kids' college expenses.

No reason for me to understate our expenses ..... but it blows me away when I see the sort of numbers that are bandied around on this forum.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP,

Since you wont tell us income, I'll go the other way around on this:

If you make less than $100k, stay the hell away. You wont afford a good house, much less a decent school. You will be miserable.

At $100k to $200k, seriously consider staying put. This is a tough income in this area because you can afford a decent place in the far suburbs, but probably NOT a decent place in DC. This is why where you work matters so much, if your job is waaay out in VA somewhere, $200K might be fine. If its in DC, you may find yourself facing a 1+ hour commute. Also, if you are coming from texas or something, you need to seriously adjust the snot out of your expectations in real estate and in size. A 20x20 bedroom exists in DC, but only in houses costing $1.5M+ or more.

At $200k to $300k you will be reasonably comfortable and able to afford a good, albeit NOT NEW, house in mclean, NW DC, Bethesda, or other desirable neighborhood. Think un remodeled center hall colonials, split levels in mclean, etc.

At $300k to $400k you will be able to afford private school (unless you have several kids), as well as a home in most any are of DC and Mclean - but perhaps still shy of getting a new construction house unless again, you look far out of the city (which again, is why it matters where you work)

At $500k++ you can afford private, college, house, and a commute of your choice. This income will also afford you most all new construction in and near the city ($1.5M to $3M)

You pick where you are. Given your general unwillingness to share anything useful with anyone, I'd say you'll fit right in.

Another perspective:

We live in a $1.5 million house in one of the more affluent suburbs in VA. Our mortgage is about $1 million. RE taxes are 14.5K annually. We own a second home, free and clear. Vacation abroad at least once a year. House cleaning service bi-weekly. Lawn/yard service weekly and snow clearing in winter. No other debt.

Kids are now financially independent.

We spend $10-11K a month to maintain this lifestyle. We don't splurge but we don't stint either. People probably think we are a lot wealthier than we really are ...... and I am confident that we can maintain this standard of living the rest of our lives though realistically we will probably downsize because we have a lot more house than we need.

Isn't this your monthly note on a mortgage of $1 million? Hard to believe this is your overall monthly expense.

Doubtful. We have two mortgages at 3.5% totaling around $915K and PITI for both together is less than $5700.