Reply to I will never be able to afford a house in Arlington

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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.[/quote]

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. [/quote]

Spending $3800 a month on rent is the most asinine thing I've ever heard.[/quote]

DP.  We spend $4150 for a nice house in Arlington that we could not afford to buy.   We did it to stay in the school zone our kids stated in when we lived in a townhouse.  The TH was too small and the prices of what we wanted were too high.  I went back to work full time when third child began school two years ago.  We are saving every penny of my $93,000 income to buy a house.   We still own our townhouse and are about $240 in the black each month, so we are also saving that.

If you have a better plan than to rent until
Yiu can buy, please let me know. [/quote]

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