I will never be able to afford a house in Arlington

[Anonymous]

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.

[Anonymous]

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.

I dont know the Arlington market but from what you say, it does seem that Arlington is too expensive for you sorry . a few words anyway:
- You could make the best of living in a condo: it makes sense to avoid spending so much in your house. you are a single mom, you are being smart, buying the home you can afford in the best area. I grew up in apartments in Paris and NYC. Apartment life can be great. And less stress than SFH when you dont have someone to help with all the home repair and maintenance.
- If really it is not for you and you value SFH over your neighborhood: there are a lot of great places to live in. I live in Takoma Park, you would have to pay me to move to Arlington. And i am sure most people feel the same about their own neighborhoods. You could find another great neighborhood that is cheaper than Arlington and find that you have no regrets

[Anonymous]

That was my conclusion, OP. My HHI is lower than yours and I had to move very far out to buy a house. But...I couldn't even afford a condo in Arlington. You're not doing so bad. Chin up!

[Anonymous]

Why do you need a house?

[Anonymous]

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.

It's Arlington. Nothing to write home about.

[Anonymous]

You need to be not single.

[Anonymous]

Lol giiiirl I make 350K and can't afford a home in Arlington. I also don't want to be house poor.

[Anonymous]

I'm 49 and make about $70k less than what you are making, but I'm not looking for a home in Arlington. You make a very good salary and could move out a bit to find something and still have a decent commute.

[Anonymous]

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.

Ugh, this is shameless... truly shameless.

[Anonymous]

Our HHI is 165,000. We bought a townhome in Vienna, w/ in walking distance of the metro.

[Anonymous]

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.

[Anonymous]

The whole landscape of work is changing now with work from home jobs exploding (including Fed jobs). Move 45 mins out so you can drive in once a week or whenever needed. There are plenty of schools on par with APS (especially now). Your quality of life will improve so much.

[Anonymous]

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.

[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.

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.

[Anonymous]

What about this one? It's pretty much the same price as condos and a 10-minute walk to Ballston metro:
https://www.redfin.com/VA/Arlington/835-N-Buchanan-St-22203/home/11246781