Another Silver Spring -- live in Downtown SS. Great commute, good schools.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You might rephrase your question in terms of housing budget, because people with the same HHI can have different budgets, depending on what the downpayment is.

OP here, good point. We figure out we'll be comfortable with $2500 mortgage payment. Thanks for the suggestions. I'm a little surprised at some of these neighborhoods because I considered them out of my price range. Maybe I'm going to need a lofty downpayment

How much do you have for a downpayment? $2500 is like a $600K+ home if you have the 20% to put down. Do a google search for the NY Times rent vs. buy calculator, I found it very helpful when house hunting.

OP again: We will have about 100,000 in down payment. I was using a mortgage calculator online and it shows that I would have a $3300 payment for a $600K home with $100K down. (5%) Maybe that's not accurate..? I'll try the NY times one. Also, I found that $600K won't get you very far in many of the neighborhoods mentioned. (they're lovely neighborhoods but the inventory is so low for SFH in decent condition! I don't want a townhome.) So I'm surprised to hear that people with our HHI are affording homes there. I guess that's encouraging but now I'm thoroughly confused. I've been just browsing redfin for now, so maybe I'm not getting the full picture. We're thinking about waiting a few years to see if the inventory changes.

You are asking the wrong questions. People with a $200k income can live in a pricey Bethesda house if they bought before the boom or had help with the down payment or were just incredible savers. In addition to HHI, you need to know what their actual monthly payment is, and a ballpark range of their other monthly expenses affecting cashflow (including retirement and college savings and childcare costs). To answer your original question, we are at $250k HHI and live in Silver Spring. We bought during the boom and put down 10% for a $535k house. Since refinancing and paying off the second mortgage, we have a very comfortable payment of $2500k. We pay abut the same monthly for childcare, max out 2 401ks and IRAs and save for college. We could do the same with a $3300k payment, but would save less outside of those accounts.

Brookeville

private school even though the schools are very good

Anonymous wrote:Kensington Heights. Completely love our neighborhood. Love our elementary but may do private for middle and high school. Commute to downtown is between 30 minutes and an hour based on traffic.

There is a very cheap gas station in Kensington and many good auto repair shops too, so Metro isn't super important.

Anonymous wrote:

Anonymous wrote:Kensington Heights. Completely love our neighborhood. Love our elementary but may do private for middle and high school. Commute to downtown is between 30 minutes and an hour based on traffic.

How many blacks live in Kensington?

OP here, please don't hijack my thread with this kind of crap.

For everyone else, I've found this very helpful and productive so thank you for taking the time

Anonymous wrote:Kensington Heights. Completely love our neighborhood. Love our elementary but may do private for middle and high school. Commute to downtown is between 30 minutes and an hour based on traffic.

How many blacks live in Kensington?

We make $210k combined and live in 20910 near downtown SS in a SFH we bought two years ago at just over $500k. Kids both go to Sligo Creek and we have been very happy. Extremely friendly, family-oriented neighborhood, and a 10-minute walk from the Metro and the big downtown SS area. My husband works in Rockville and he takes a bus that goes express to Twinbrooke metro from SS metro, so it takes him about 30 mins.

We make $210k combined and live in 20910 near downtown SS in a SFH we bought two years ago at just over $500k. Kids both go to Sligo Creek and we have been very happy. Extremely friendly, family-oriented neighborhood, and a 10-minute walk from the Metro. My husband works in Rockville and he takes a bus that goes express to Twinbrooke metro from SS metro, so it takes him about 30 mins.

OP, if you don't need to be closer to DC, I think RM cluster is a good bet. Even Quince Orchard or Wooten might work for you, assuming your spouse doesn't mind the drive to Bethesda.

You should talk to a mortgage lender for a more realistic idea of what you can afford and what your rates might be. Many recommendations if you search the archives.

Gaithersburg, and kids go to privates in DC.

Parkwood poster here. We commute to DC, otherwise we probably would have looked into Rockville, too.

In Rockville (20854) in RM cluster schools. This would be a sweet commute for you both and the prices of the housing stock is within your range.

We locked in 3.25 2 weeks ago, OP. definitely use a lower rate, but don't forget taxes and insurance!

Anonymous wrote:

OP again: We will have about 100,000 in down payment. I was using a mortgage calculator online and it shows that I would have a $3300 payment for a $600K home with $100K down. (5%) Maybe that's not accurate..?

Is 5% the interest rate in the calculator? That's not accurate unless your credit scores are very low. Try 4% to be conservative but right now you can get 3.625% or 3.75%.

ahh! it was the default rate in the calculator. We actually have excellent credit. Maybe things are looking up!

To the PP who mentioned Rockville and Richard Montgomery - that is definitely a neighborhood that we're considering!