Reply to What's a decent household income to live in Bethesda?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Another thing i am trying to do is figure out why this area is so expensive,  this way at least i could get something out of living here.
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Prices are higher because of the schools, which you might not be using yet.[/quote]

The schools are the same throughout the county. What varies is the HHI of the students attending the schools. If you want your child to attend schools where the majority of students come from families with high HHI, then move to Bethesda or Potomac. If that is not important to you, then move anywhere else in the county. Schools are not inherently better because they are located in Bethesda. [/quote]

That may be true, but people are obsessing about school districts around here. My wife made us overlook a house because it was in the Walter Johnson district, and her coworker told her she should aim for Churchill or Whitman.

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Her coworker was wrong, and also is not the person who has to deal with the consequences of having an $800k house. The main thing wrong with your budget is you bought way too expensive of a house at too young of an age. Of course you don't have to live in Bethesda or Potomac. They are two of the richest towns in the county and you're just starting out, with college loans and young children. You got in over your head.

I'm probably 10 years older than you, live in Silver Spring in a $600k house, with no more daycare and no more college loans. Make financial decisions that work for you.[/quote]

I'm in my mid-fifties, live in Silver Spring in a $700K house, and have two very successful teens - one off to college this fall and the other a rising junior at what DCUM deems a "bad" school.  Both kids are doing great and no worries here about them getting into and performing well at good colleges.

We will pay for their college educations from the money we've saved for the past two decades.  No more college loans for us, and none for them.  In two years, our house will be paid off altogether.

Had we bought in Bethesda 15-20 years ago, none of this would be possible.[/quote]

Do you mean that your house is now worth $720,000 (but that you paid much less a long time ago?)

I agree that houses in Bethesda are pricey, but perhaps they also appreciate more?  The OP spent $800,000 for a house in Bethesda, which buys you a very modest house.  But presumably if they fix it up, it will appreciate.  Our house in Bethesda has nearly doubled in value since 2002 when we bought it.[/quote]

PP here.  Worth$700k now.  We paid $320k in 2000.[/quote]

The days of the house prices doubling are over. That 800k for the fixer upper was more than it's worth already.
Fixing it up is extremely expensive too (and no - no one is going to want cheap fixes). The house should hold its value and increase a little bit but no way it will double in value. Most of what doubled was the price of the postage stamp sized lot and that's peaked pretty much .[/quote]

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