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]This is us too, OP. We have about 250k set aside, a 350k HHI, one car paid off, two kids in public, no debt, but we can’t find a 1800 sq ft 3br WOTP anywhere. I don’t need detached. I don’t need off street parking. There is simply no inventory in this range. We were striving to get something in the 950-1.1 range years back but now those crummy small houses are more like 1.3 and there are almost never any on the market. [/quote]

Look a bit north in 20814. On Zillow I found a handful of houses meeting your criteria. [/quote]
Thanks for the tip, but we live in DC and don’t want to leave. It would require an additional car (and our old one would surely die soon with commuting), hours more spent commuting each day, and more. I prioritize a walkable lifestyle for my mental health and I know it’s a luxury, but I don’t believe that a walkable lifestyle should be a luxury for anybody. I would just really love a small 3br home somewhere in our community. It’s crazy that we are rich but still can’t afford that. [/quote]

I don't get it.  You can afford a house but not in that area so stop complaining already.  Life is about choices.[/quote]
Yes. So we choose to stay here. I'm not complaining. But it's kind of crazy that we can make so much money and not afford to buy a home. Those of you saying we don't make a lot of money have lived in DC too long and lost all perspective.[/quote]

[b]You aren't priced out of a home, you are priced out of a lifestyle. [/b]We make a decent living too, but I wouldn't tell people I'm priced out of Beverly Hills. You haven't indicated what neighborhood in DC you are looking or a budget for the home. Your HHI and downpayment are good numbers for buying a home, but not a home anywhere you want. Moving towards Arlington in your example could incur more costs, but it may not. There are plenty of public transportation options that many families just own 1 car in our area since you do work from home.

Down the road you will also have to figure out your school options for your kids and whether private is something you have to explore. So yes, that lifestyle can get expensive quickly and you will be priced out.[/quote]

This is how people remain renters for life.  They are able to afford to buy in another neighborhood but it’s not good enough for them.  If you have to rent to live in a neighborhood long term then you can’t afford it!  Have multiple friends still renting in nice neighborhoods in Manhattan who don’t have the large down payment to buy.  They should live and buy in Hoboken, Jersey City, etc but they are too good for that.  Next thing you know their kids are in private schools and they remain renters for life. [/quote]

But they don't want to live in Hoboken!

We are in our 50s, rent in an awesome DC neighborhood, our kid goes to a nearby private, and we are thrilled to have given up all the stress of home ownership of our beautiful but 100+ year old house. If something breaks or needs repair, management has someone here to fix it within hours -- for free! It's lovely. Sale of our home has funded our kid's education and the rest has gone into retirement + savings so we're perfectly happy to be where we are.[/quote]

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