Anonymous
06/14/2013 10:31
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:250k hhi with a mortage of 650k or so should be perfectly manageable unless you have twin 2013 Lexuses or $150k of student loan debt.
it's when you start going to mortgages that are more than 4x income that you start getting iffy.
This sounds nuts to me, though I am starting to think we're the exceptions in this area rather than the rule. We have a HHI over $250K and our house is worth more like $500K and we have two older used cars. No student loan debt and mortgage is nearly paid off. Living below our means has kept us secure and happy, with big retirement and college funds.
But if you die before retirement, you only lived in austerity, ya know? I do believe it's possible to live too much in the future that you don't enjoy the present.
I think of being house poor as living in austerity. Different people different choices. Early in our marriage (actually in the six month prior), we decided to save one of our take home salaries and live off the other. That decision has paid off in many ways, giving us the flexibility to choose jobs we like rather than go for the bigger high pressure bucks. It has allowed one of us to reduce hours when our children's needs required more parent time. It has allowed us to fully fund their college before they enter HS and nearly fully fund retirement. It has allowed us to take some great vacations. Plus, smaller house means less to keep clean, lower utilities, lower taxes........ For us, it is a win-win-win.
I would love to make this choice, but we are looking for a place right now and just don't see anything in a decent (not even great) school district near a metro that doesn't require an hour-plus commute to our work and is below 650,000. And we fine with 1 bathroom, ac units, and unupdated kitchen though the house can't need work. I agree that you can be smug about your small-living choices if you bought before a certain date. After that, you can choose a small house all you want, but you are still going to pay a lot more for it than is comfortable.
how far from a metro? walking distance or quick drive?
Anonymous
06/14/2013 10:27
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:250k hhi with a mortage of 650k or so should be perfectly manageable unless you have twin 2013 Lexuses or $150k of student loan debt.
it's when you start going to mortgages that are more than 4x income that you start getting iffy.
This sounds nuts to me, though I am starting to think we're the exceptions in this area rather than the rule. We have a HHI over $250K and our house is worth more like $500K and we have two older used cars. No student loan debt and mortgage is nearly paid off. Living below our means has kept us secure and happy, with big retirement and college funds.
But if you die before retirement, you only lived in austerity, ya know? I do believe it's possible to live too much in the future that you don't enjoy the present.
I think of being house poor as living in austerity. Different people different choices. Early in our marriage (actually in the six month prior), we decided to save one of our take home salaries and live off the other. That decision has paid off in many ways, giving us the flexibility to choose jobs we like rather than go for the bigger high pressure bucks. It has allowed one of us to reduce hours when our children's needs required more parent time. It has allowed us to fully fund their college before they enter HS and nearly fully fund retirement. It has allowed us to take some great vacations. Plus, smaller house means less to keep clean, lower utilities, lower taxes........ For us, it is a win-win-win.
I would love to make this choice, but we are looking for a place right now and just don't see anything in a decent (not even great) school district near a metro that doesn't require an hour-plus commute to our work and is below 650,000. And we fine with 1 bathroom, ac units, and unupdated kitchen though the house can't need work. I agree that you can be smug about your small-living choices if you bought before a certain date. After that, you can choose a small house all you want, but you are still going to pay a lot more for it than is comfortable.
Anonymous
06/14/2013 10:06
Subject: $750K is the new normal in desirable areas in the DMV
Off was supposed be odd. Oops-typing on iPhone.
Anonymous
06/14/2013 10:04
Subject: $750K is the new normal in desirable areas in the DMV
You can buy a nicer home for the same price, though, even in these areas. Our area isn't considered desirable by dcum standards, but we live in Fairfax with good schools and bought a sfh below $500k not too long ago. If our commutes were into DC, we would have looked at silver spring in a heartbeat. Honestly, I wish I lived in md to be closer to my relatives in the area and to escape the conservative nuts in Richmond.
But the original point is that wapo seems to pick off examples of these price points when they run stories like this.
But the original point is that wapo seems to pick off examples of these price points when they run stories like this.
Anonymous
06/14/2013 09:59
Subject: $750K is the new normal in desirable areas in the DMV
Stop flooding the thread, PP. Go outside for a minute.
Anonymous
06/14/2013 09:57
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:Anonymous wrote:back to the TOPIC!
Of the homes posted, why are so many of them townhouses? You can get a single family home very easily in S Arlington, Falls Church, and Rockville for $750.
I think the previous posters were discussing the topic. The OP said "$750 is the new normal" and many posters have said "no it isn't, we're living very well in houses that are less expensive."
If you bought before 2005
Anonymous
06/14/2013 09:57
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:back to the TOPIC!
Of the homes posted, why are so many of them townhouses? You can get a single family home very easily in S Arlington, Falls Church, and Rockville for $750.
I think the previous posters were discussing the topic. The OP said "$750 is the new normal" and many posters have said "no it isn't, we're living very well in houses that are less expensive."
Anonymous
06/14/2013 09:56
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:I posted that. My goal is to live in a way which provides me with freedom to make other choices when it's time. If that means taking a lesser-paying job, etc. I don't want to be shackled to my home.
Free market compensation determines the importance of Jobs
Anonymous
06/14/2013 09:55
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:250k hhi with a mortage of 650k or so should be perfectly manageable unless you have twin 2013 Lexuses or $150k of student loan debt.
it's when you start going to mortgages that are more than 4x income that you start getting iffy.
This sounds nuts to me, though I am starting to think we're the exceptions in this area rather than the rule. We have a HHI over $250K and our house is worth more like $500K and we have two older used cars. No student loan debt and mortgage is nearly paid off. Living below our means has kept us secure and happy, with big retirement and college funds.
But if you die before retirement, you only lived in austerity, ya know? I do believe it's possible to live too much in the future that you don't enjoy the present.
I think of being house poor as living in austerity. Different people different choices. Early in our marriage (actually in the six month prior), we decided to save one of our take home salaries and live off the other. That decision has paid off in many ways, giving us the flexibility to choose jobs we like rather than go for the bigger high pressure bucks. It has allowed one of us to reduce hours when our children's needs required more parent time. It has allowed us to fully fund their college before they enter HS and nearly fully fund retirement. It has allowed us to take some great vacations. Plus, smaller house means less to keep clean, lower utilities, lower taxes........ For us, it is a win-win-win.
Which fly over state do you live in
Anonymous
06/14/2013 09:54
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:back to the TOPIC!
Of the homes posted, why are so many of them townhouses? You can get a single family home very easily in S Arlington, Falls Church, and Rockville for $750.
Because the poors should consider themselves lucky to be in a townhouse.
Anonymous
06/14/2013 09:44
Subject: $750K is the new normal in desirable areas in the DMV
back to the TOPIC!
Of the homes posted, why are so many of them townhouses? You can get a single family home very easily in S Arlington, Falls Church, and Rockville for $750.
Of the homes posted, why are so many of them townhouses? You can get a single family home very easily in S Arlington, Falls Church, and Rockville for $750.
Anonymous
06/14/2013 09:34
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:I posted that. My goal is to live in a way which provides me with freedom to make other choices when it's time. If that means taking a lesser-paying job, etc. I don't want to be shackled to my home.
Amen to that. Living in a less expensive home lets us keep all kinds of things in consideration for the future: less stressful jobs, private school, travel, helping take care of elderly parents, earlier retirement, etc.
Anonymous
06/14/2013 09:34
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:Anonymous wrote:Anonymous wrote:250k hhi with a mortage of 650k or so should be perfectly manageable unless you have twin 2013 Lexuses or $150k of student loan debt.
it's when you start going to mortgages that are more than 4x income that you start getting iffy.
This sounds nuts to me, though I am starting to think we're the exceptions in this area rather than the rule. We have a HHI over $250K and our house is worth more like $500K and we have two older used cars. No student loan debt and mortgage is nearly paid off. Living below our means has kept us secure and happy, with big retirement and college funds.
But if you die before retirement, you only lived in austerity, ya know? I do believe it's possible to live too much in the future that you don't enjoy the present.
I think of being house poor as living in austerity. Different people different choices. Early in our marriage (actually in the six month prior), we decided to save one of our take home salaries and live off the other. That decision has paid off in many ways, giving us the flexibility to choose jobs we like rather than go for the bigger high pressure bucks. It has allowed one of us to reduce hours when our children's needs required more parent time. It has allowed us to fully fund their college before they enter HS and nearly fully fund retirement. It has allowed us to take some great vacations. Plus, smaller house means less to keep clean, lower utilities, lower taxes........ For us, it is a win-win-win.
Anonymous
06/14/2013 09:33
Subject: $750K is the new normal in desirable areas in the DMV
OP here. I wrote DMV because it sums up the area. Agree it's annoying, but everyone knows what you're talking about when you use it. DC Metro area, etc... Isn't quick/short enough.
Anonymous
06/14/2013 09:30
Subject: $750K is the new normal in desirable areas in the DMV
Anonymous wrote:Anonymous wrote:Anonymous wrote:Lets not encourage use of the term DMV.
we're about 15 years late for that
The DMV is a place where grumpy, unhelpful civil servants torture their captive audience. It is not a region of the country.
I concur heartily, having just been tortured that way myself
