Reply to Are we the only family in the DMV who is priced out?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?[/quote]

What do you consider a tear down?[/quote]

A house that requires more than 100k of rehab work after purchase or cannot be rehabbed without being torn down to the foundation.

The realtor we looked at houses with showed us two of these. Then he told us to ask our parents for another 200k so he could put us into a house for 1.1.

We have credit scores over 800.[/quote]

A big part of the problem is this expectation that everybody needs to spend $100k plus on a sparkling new kitchen and bathrooms, and let's redo the floors while we're at it.

Some of you need to learn to live with dated kitchen cabinets for a few or even 10 years. Splurge on a new stove if you want. [/quote]

This. Buying a home (or in OP's case upgrading to a SFH) in a HCOL area requires either A) a lot of money or B) sacrifices. Renting a SFH was a poor decision, OP. You should have stayed in the condo and lived on a strict budget until you could afford to buy a SFH. If you're in your 40's now and you have kids, then you had years to figure this out and save.

I lived very cheaply with roommates and saved for a home. DH did the same. We each bought before we met. We lived in my home with dated everything and fixed it up as time and money allowed. We each bought a home, then got married, then had kids. You can switch the order of marriage and buying a home, but it's really hard to save for a SFH when you're paying for childcare and don't have a high HHI.

If you're really serious about buying a SFH, then you need to cut your costs to save more. Spending a lot on renting a SFH when your HHI is $300K and you already have kids makes it hard to save for a SFH.[/quote]

I am paying 2.5k/month in rent and have no debt. Did I cut expenses enough for you?

I'll try dog food for the family, too. That might help us save enough.[/quote]

$2,500 is a lot to spend on rent with your HHI when also trying to save to buy a house. Many of us explained to you that you chose not to scrimp and save earlier. That's how many of us in your situation afforded to buy the SFH. You want what other people have without making the sacrifices they made.

But the bigger point is that you can't afford what you want now because you can't go back in time and make different decisions. So if you want to buy a house now, then you either cut expenses (including rent) to save more, increase income, or reassess your criteria. [/quote]

OP is being defensive but lol at the idea that 2500 is a lot to spend on rent for a family.

But ultimately OP - I agree with the PPs who say you need to shift expectations. We have your numbers and purchased a house within the past year in Silver Spring just outside the beltway (so, near the Forest Glen metro). Decent schools, nice communities, and well within your price range. I think you’re more interested in NOVA but just wanted to share a MoCo option in case you’re actually looking for solutions here (or in case it’s helpful for someone else).
[/quote]

$2,500 is a lot to spend on rent, period. OP is forced into paying this now because she didn't take the opportunity to save more before kids. [/quote]
$2500/month is the bottom of the market now for any SFH in this area. I own two 1200-SF dumpy houses way out on the red line and they are rented for that much, and the similar available houses are asking more like $2700. OP deserves some guff here but not for this.[/quote]

No one said that OP could rent a place for her family for less; just that $2,500 is a lot to go out the door each month for rent. OP has to pay it now b/c she has kids, but the smarter people bought homes before they had kids. Once you have kids, it's an uphill battle to pay rent for a whole house for your family while also paying for kid expenses and trying to save to buy a house. [/quote]

Yes, houses are free so long as you bought them before kids.  Everyone knows this.

(/s Seriously you still have to pay taxes, insurance, maintenance, and repair costs even if you no longer have a mortgage.  That stuff is EXPENSIVE in this area.  OP is doing great with her rent, as well as her savings rate.  And no matter how much some of you protest, the majority of million dollar relatively close-in houses ARE absolute dumps and will most likely require lots of actual, legitimate maintenance and repair work, not even getting into cosmetic stuff)[/quote]

You're making a totally separate argument that OP shouldn't buy. Maybe you're right, but OP wants to buy a house.[/quote]

No, I am making the argument that paying rent of 2500/month is not in any way a valid criticism of OP[/quote]

It is when OP also wants to buy an expensive home.[/quote]

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