Reply to $1,565,000 million in Gaithersburg

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It's a really nice house. OP, you seem to have strange hangups about Gaithersburg, but if you do a streetview, you'll see that this is a beautiful neighborhood.[/quote]

It is far out from DC and Nova and when I was house hunting in 2017 Gaithersburg, Rockville were the cheaper areas due to longer commute and non-w schools, now the prices are getting nuts out there.

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You seem to have a 2017 view on it, though.  This house is NOT Bethesda prices in 2026 - a similar house in Bethesda would go for $2.5M now I believe.  New construction is $3.5M+.  [/quote]

DP. The point is that this house is selling for 2017 Bethesda prices. So in just 9 years, what was an affordable area for families to buy in is now too expensive for most middle class families. So where do we go?

9 years ago, this house would have sold for 900k. But most of us didn't see a commensurate increase in incomes over that time. And of course rates are higher now than they were in 2017, so you need even more income to cover the mortgage even if you have the down payment.

It just sucks, especially for those of us in industries where we will simply never be able to afford a house that costs this much. This area used to have a lot of decent options for middle class people, especially if you were willing to live a bit further out. Rockville and Gaithersburg were popular because you'd even have the option of commuting by Metro, which could save you money on a second car and the costs of parking downtown. But now even these places are out of reach for many.

Housing prices are out of control. And it's not like rent is any cheaper -- it's still actually more expensive to rent than to buy in most of this area, despite interest rates. Especially if you need a home for a family.[/quote]
I live in Lakelands and am very familiar with sales prices here. That house would have sold for substantially more than $900,000 back in 2017.
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