Dual Feds here and we lived on one income before having kids. We completely saved the other. We saved 50-100k a year. 3-4 years of that and you have your 200k downpayment on the 1m house.

We bought a condo initially , aggressively saved, paid off over 200K in student loans, and put down payment on house for 920 (this was 2020 so we were also lucky with timing). Dual feds no family help.

If we were to do again would buy a townhome as starter home instead of condo as we barely broke even in condo sale.

Family money is how MANY in this area do it

Anonymous wrote:

Anonymous wrote:Doesn't anyone live in a nasty run down apartment so they can save more? All my friends live in super fancy apartments and then say they can't save money.

I lived in a nasty, rundown apartment. I saved money. I bought a non-luxury condo with that money. The condo has not appreciated. I am no closer to owning a SFH than I was 10 years ago.

There was a time when people in DC could buy "starter homes" and build equity and then move up. That time is over.

It doesn’t have to appreciate to get equity. Equity is just paying your mortgage monthly.

Get a roommate.

Real question is who wants to settle down in this turd of a city and stay here moving forward?

Anonymous wrote:All the people saying they bought affordable starter homes probably did so 15-20 years ago and don’t know what the market is like now.

Condos barely appreciate in value. Lots of condos in DC look affordable until you dig into the HOA costs. They can be $2000+ a month depending on the building. Renting a crappy apartment to save money makes sense, but buying is a tough sell.

Townhomes these days are often going for $800k+ even in the suburbs.

The market in DC is just crazy. And if you have school aged kids and need to be in a decent district, forget about it.

Or under $600k.

Anonymous wrote:Just did a quick Zillow scan and there are tons of homes in south Arlington, Baileys, Alexandria, suitland, Largo, etc. under $700k. That’s where you start. It’s truly not rocket science.

We have SFH in West Springfield under $700k. Townhomes can be found at a lower price point, of course.

PP again and we bought in 2019.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Out first house cost 500k and we lived in it for 11 years. You need a starter home.

Starter homes in DC are <$1M. Not everyone is willing to have a 2 car, 1 hour commute lifestyle. And you have to go REALLY far out for prices to get lower than one mil.

Oops meant >$1M obvs.

Just because you don't personally find the numerous sub-$1MM starter homes available to you acceptable doesn't mean they don't exist.

You keep crying, moaning, and renting, I'll keep building equity while I'm paying my $2,200 single family starter home mortgage that also allows me to invest thousands of spare dollars a month and let's see who gets a million dollar home first.

I am not sure if you just don’t live here or what, but literally ZERO homes have mortgages of $2,200 within miles of where I live. Hell, my 700 sq ft 2br/1ba condo was more expensive than that. Now with a family of 4, all I’d like is a 3br, 2ba, 1,800 sq ft home attached is fine. These just do not exist.

NP I live in DC, my mortgage is a 15 year one that we pay 2400 a month. We live in an attached town home with 3 bedrooms. Our friends just bought a bigger 4 bedroom house down the street for 700K.

1st time homebuyers often can get an FHA loan, which is similar to a VA loan. Look into it.

There are lots of (older) reasonably well-maintained detached houses in Fairfax County for well under $1M. Redfin is your friend.

1. You don’t need a million dollar home.
2. You don’t need to make 50% of your home value unless you have very unusual expenses.
3. Many families have two incomes. Even if one partner earns less than the other, it makes it a lot easier.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Out first house cost 500k and we lived in it for 11 years. You need a starter home.

Starter homes in DC are <$1M. Not everyone is willing to have a 2 car, 1 hour commute lifestyle. And you have to go REALLY far out for prices to get lower than one mil.

Oops meant >$1M obvs.

Just because you don't personally find the numerous sub-$1MM starter homes available to you acceptable doesn't mean they don't exist.

You keep crying, moaning, and renting, I'll keep building equity while I'm paying my $2,200 single family starter home mortgage that also allows me to invest thousands of spare dollars a month and let's see who gets a million dollar home first.

I am not sure if you just don’t live here or what, but literally ZERO homes have mortgages of $2,200 within miles of where I live. Hell, my 700 sq ft 2br/1ba condo was more expensive than that. Now with a family of 4, all I’d like is a 3br, 2ba, 1,800 sq ft home attached is fine. These just do not exist.

Eh, my monthly mortgage is about that on my SFH that I bought low and refinanced low ... but taxes and property insurance are another $2k. Insurance is getting really expensive.

Just did a quick Zillow scan and there are tons of homes in south Arlington, Baileys, Alexandria, suitland, Largo, etc. under $700k. That’s where you start. It’s truly not rocket science.

PP here. Should have included -

6. A lot of people were in the military which gave them a leg up through VA loan or housing in cheaper areas which they sold to help buy here or lived overseas and were able to put away money until they got here.

1. A lot of people had help. They had no student loans or they had parents that helped with a down payment.

2. A lot of people started with a condo or something smaller and were able to sell at a profit to buy something bigger. Or better yet, a couple both sold something for a bigger down payment.

3. A lot of people bought when things were cheaper and were able to sell at a profit for a bigger down payment or kept the first place and rented for more than the cost of the mortgage to offset the new more expensive mortgage.

4. A lot of people rent part of the house (basement) or have/had housemates.

5. A lot of people make a lot of money in this area. Or had a trust fund or an inheritance.