Reply to There is no housing crisis in MoCo or most of the DMV for that matter

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]There are plenty of apartments in Olney, townhouses in Germantown and small single family homes in Burtonsville.  It’s ridiculous that people are shocked they cannot afford the house they want in Chevy Chase. That isn’t a crisis. Go to Wheaton or make more money. It really is no more expensive than most the country. If you don’t believe me go look at suburban houses in Tampa or Nashville. This mindset “if they have, I want to” is going to ruin this country. I live in Gaithersburg and proud of it. Plenty to do! If I had more money I’d live in Bethesda to be closer in for commute. That is not a crisis!![/quote]

The median income household makes $125,000 a year in MoCo. The only one of your three options they can afford is the apartment in Olney. That's assuming they don't have student loans.

There is little to no housing being built for households that earn $125,000 a year. Subsidized housing and housing for people making $200,000+ is about all that is being built. That's the housing crisis. The entire middle class of the county is being priced out of ownership, and that is going to create predictable political ripples. [/quote]

At that income level a responsible mortgage is what, $500k?

There are >100 units for sale now in Montgomery County with 3 bedrooms or more that fit that price range.  How many units for sale do you think is the right number?

If it’s such an emergency, why do activists insist on creating the most friction possible with the least amount of payout by insisting on this upzoning scheme?  It’s only creating pushback against realistic development options.

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500k on a 125k income is not affordable. A 500k loan at 7.5% interest rate is $3,490 per month/41,880 per year in just principal and interest. The 'units' available are likely condos with HOAs, so the actual monthly payment is going to be closer to $4k a month when taxes, insurance, and HOA are factored in. [/quote]

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