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Greensboro, Winston-Salem, High Point The Triad Area
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Old 02-09-2017, 10:20 AM
 
123 posts, read 249,263 times
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We were in the same boat 7 years ago. Got to say our move to Winston Salem was the best thing we did for our kids. One thing we wish we had done was be closer to Tanglewood park. We practically live in this park. So many out door activities there. Also downtown is getting to be a really cool place now.


Good luck on your move, and yes have to say plan a visit first to check out certain area's. We are very happy with our home. Just under a acre, overlooking a lake. Lots of wild life and 10-15 minutes from pretty much everything we love.
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Old 02-09-2017, 02:03 PM
 
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Thank you all.

For the PPs who have lived in or considered the DC area, salary is one of the big things on my mind as I'm looking around at jobs. I am making nearly six figures now and that would likely have to be cut in half (if not more) to relocate. I know the cost of living is significantly less, but that is still a hard pill to swallow, esp. as my husband would be starting a new business from scratch.

Also, I think the statement I made about being close to a park with soccer fields was misleading. We really are just looking for outdoor space, like a park. My kid doesn't play soccer, but we live within a block of a nice park with a playground and lots of space to run around.
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Old 02-09-2017, 04:03 PM
 
Location: The Triad (NC)
28,502 posts, read 62,182,463 times
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Quote:
Originally Posted by dcbeachlovr View Post
I know the cost of living is significantly less, but...
It's not that much less.

The biggest variable between any two locations are the real estate expenses.
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Old 02-10-2017, 09:58 AM
 
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Trust me, it's a lot less. Not only the housing costs, but the price of groceries, daycare, gas....
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Old 02-10-2017, 08:34 PM
 
421 posts, read 294,216 times
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Quote:
Originally Posted by MrRational View Post
It's not that much less.

The biggest variable between any two locations are the real estate expenses.
It's drastically less. I moved from the DC area to Hampton Roads, VA because HR was home to me and was also way less expensive than DC. Then I left HR for the Triad largely because most of my family lives out here now (meandering one be one out here for various reasons) and because it's significantly less expensive than HR.

A house that you can buy in the Triad for $200K, would cost a MINIMUM of $400K in the DC area (and I'm not talking Alexandria or Bethesda.... I'm talking Laurel and Woodbridge). The cost of groceries and other goods is also less. I make about $10K less here in the Triad than I did when I was living in DC... yet it feels like I make $10K more. The cost differences are THAT dramatic.
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Old 02-14-2017, 05:39 AM
 
Location: The Triad (NC)
28,502 posts, read 62,182,463 times
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Quote:
Originally Posted by HRVT View Post
It's drastically less.
Perhaps I have a different sense about what constitutes "drastic"
(btw I'm from Maryland as well)

Quote:
A house that you can buy in the Triad for $200K, would cost a MINIMUM of $400K in the DC area
And how much more would carrying that additional $200K in mortgage cost?

According to Bankrate the P&I at 4% comes in at about $950/mo
With tax and insurance ~ $1200 more/mo. In all about $15,000 in annual costs... right?

This comes out to requiring approximately $20,000 (maybe $22,000) more in annual salary.
This is not a "drastic" difference... or shouldn't be to anyone looking to buy $200-400,000 homes.

btw... Does the Buick (or BMW) parked in Winston cost twice as much in DC as well?
No it doesn't. And neither do most of the other common costs of living.
---

Are there differences in costs between cities? Of course there are.

Here are some objective numbers to compare by:
Cost of Living Calculator - Cost of Living Comparison Index Tool

You'll note that as was said.. real estate costs are the significant difference anywhere.
This extends to and is countered by the lower wage rates that lower housing costs allow for.
It's a mixed blessing.

Last edited by MrRational; 02-14-2017 at 06:03 AM..
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Old 02-14-2017, 08:34 PM
 
421 posts, read 294,216 times
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Quote:
Originally Posted by MrRational View Post
Perhaps I have a different sense about what constitutes "drastic"
(btw I'm from Maryland as well)


And how much more would carrying that additional $200K in mortgage cost?

According to Bankrate the P&I at 4% comes in at about $950/mo
With tax and insurance ~ $1200 more/mo. In all about $15,000 in annual costs... right?

This comes out to requiring approximately $20,000 (maybe $22,000) more in annual salary.
This is not a "drastic" difference... or shouldn't be to anyone looking to buy $200-400,000 homes.

btw... Does the Buick (or BMW) parked in Winston cost twice as much in DC as well?
No it doesn't. And neither do most of the other common costs of living.
---

Are there differences in costs between cities? Of course there are.

Here are some objective numbers to compare by:
Cost of Living Calculator - Cost of Living Comparison Index Tool

You'll note that as was said.. real estate costs are the significant difference anywhere.
This extends to and is countered by the lower wage rates that lower housing costs allow for.
It's a mixed blessing.
Hmm, maybe we're just arguing semantics then, but I think $20K would be pretty drastic for a family looking for a $200K home. And FWIW, the $400K figure I quoted for the DC area was very much a low ball... even on the outskirts. I have a friend who spent almost $300K in Bethesda to live in a very basic 1 bed 1 bath apartment on what was effectively the 1st floor. $300K can get you a 3000 square foot house in the Triad. My rent in Silver Spring was about $1150/month what was essentially a 1 bed 1 bath closet. When I moved to Hampton Roads, I had two roommates and the three of us combined to pay the same rent in a 3 bed 2.5 bath townhouse. Here in the Triad, I live in a MUCH nicer 2 bed 2 bath apartment right now and pay about $300/month less in base rent.

Also, don't forget that making the annual difference between a $200K house and a $400K house is about $15K/year like you mention. But that doesn't mean that someone making $50K who gets approved to buy a $200K house would get approved making $70K when trying to buy a $400K house.

Finally, the cost estimator you provided shows quite a drastic difference between the DC/NOVA area and the Triad.

Set at making $50K in the DC area, you would only need to make $32,050.41 to sustain that standard of living in the Triad. To sustain an $80K living in DC, you only need $51,280.65. It would be really hard to say that isn't drastic. I would admit, that if you're willing to take a significant hit in the house you buy, you can close the vast majority of that gap (depending on how much of a hit you're willing to take). I just couldn't stay in the DC area because I couldn't stomach the thought of paying $300K for a mediocre townhome... or $180K for a 1 bed 1 bath condo.
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Old 02-15-2017, 04:49 AM
 
Location: The Triad (NC)
28,502 posts, read 62,182,463 times
Reputation: 32182
Quote:
Originally Posted by HRVT View Post
Hmm, maybe we're just arguing semantics then, but I think $20K would be pretty drastic for a family looking for a $200K home.
And FWIW, the $400K figure I quoted for the DC area...
I went with it because a) that's the price range the OP asked about for WS "afford something from $200K up to $400K"
and b) they weren't more specific than "DC area" and "suburban" which I interpret as being well away from the inner price balloon;
and just as likely to be on the MD end such as Laurel or Columbia.

As regards the comparo... I used a $100,000 household income in those DC suburbs (100:64)
and did similarly for Baltimore toward Columbia (100:83) which of course is more favorable to my point...
and a bit of mixed averaging between them (100:73) which I suspect is as valid as any other speculation.

Mostly though I used the table as an objective basis to demonstrate my point about what degree that RE related choices
are the driving factor in the numbers and what effect the increment in RE costs discussed means as a raw number.
What's NOT shown though are the soft values that just cannot be duplicated.

Last edited by MrRational; 02-15-2017 at 05:23 AM..
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Old 02-17-2017, 10:10 PM
 
101 posts, read 423,046 times
Reputation: 52
Well back to the OP, Lewisville, Clemmons West of W/S was our preferred move,
we settled outside of Bethania Nice rural feel, but I'm 12 minutes from Work (almost downtown 16mins)
Kernersville was a little to "urban sprawl" for our tastes, and very busy(not busy by DC standards)

We looked at Sherwood, and areas in town, but couldn't find the "perfect" house for our needs.
W/S is nice and lots of the neighborhood areas don't feel like you are in the city, but your amenities are near by.
We also found that if you get just outside the city limits taxes drop nicely.

And our final must have was good schools, and the better rated schools(FWIW) tended to be in the areas west of W/S
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