How does the average person survive here? (Hampton, Washington: sales, apartments)

[CosmicWizard]

Prior to moving out of VaBch in the summer of 2006, my wife and I lived in the Great Neck corridor for 16 years. We rented in Point O'Woods for the first year, then purchased a 1360 sf home in Great Neck Estates for $110K in '91. Since I was an Air Force vet, we qualified for a VA loan which enabled us to buy the place with no money down. Without the VA loan we'd probably still be renting, trying to save enough for that 20% down payment. Over time, that little 1360 sf home tripled in Value. We sold it at the peak of the bubble in just 2 days for $329K. In other words, we lucked out by being in the right place at the right time!

[chesapeakesim]

Originally Posted by cobste

We just moved here, any home in a decent school district safe area is over 250000. Which puts your mortage around 1600 or more. My husband makes 84,000 a year and which conservatively puts us in the 275,000 range. 3x your annual income. We decided to rent. For what they want there are no updates. We walked in to 3/2 baths with the 3rd bedroom being a LOFT. WHo the heck as a bedroom as a loft. at that price it was 1800 a month. thats with taxes and home insurance included. NOw add utilites thats 2000 dollars a month and with taxes always going up. FORGET IT. I have NO idea how these people afford 400,000 dollar homes. I asked the realtor what the heck is going on. They do interest only loans which is a dumb idea. If you go to HousingTracker: Median Home Prices & Housing Inventory Data we are more expensive than MIAMI florida. check out norfolks median. they use to have VAbeach listed and it was higher than miami also. I currently rent a home and did research. she paid 415,000 for this house and it is now assessed 60000 dollars lower than what she paid for it and.. Its UNLEVEL, i can roll a pen down my living room floor. I have NO idea why she bought this place. Also I went to look at a Thoroughgood home and it was 394,000 for sale and last year it sold for 460,000. The house is empty. I assume it foreclosed. This place makes NO sense at all. I have moved all over the US and this is the first time I am shocked at what they want for homes, they are not even updated. This place is overpriced.

I checked out the site that you listed, it was very interesting. So if you take out most of the cities in California and the typical high priced cities (New York, Boston, Washington D.C.), we are pretty much at the top of the list for the 50th percentile. Higher then Philadelphia, Phoenix, Denver, and even Chicago. I am pretty sure that those places pay much higher on average then here so I really don't get it either. I also heard a lot of people did the no interest loan / low introductory rate too which pushed prices to the levels that they are now. To me that makes no sense in that people were buying places they couldn't afford. I wonder if the government bailouts will be directed to them.

While it is true that prices have gone up everywhere, I still don't get why we are so close to the top. It seems like the only people that can afford around here are those that bought way back and rode the wave or those that own their own business. Am sure a good portion of the people today could not afford to buy at the price of their current home.

In the story above, price drops were about 60,000 for a 400K home. Wonder if they will keep dropping and we should just hold out. I know they say don't treat real estate like the stock market, but this area just doesn't seem like it would support those levels and they have to come down eventually. Or maybe I am just being too optomistic .

[Sunset_Va]

Posted by

desertsun41
Senior Member Join Date: Nov 2007
Location: Las Vegas, NV & Coldspring, Tx

It's not just Hampton Roads. The same problem exists everywhere in America

I really think your posting and thoughts best explain what is going on today in the United States. In my small part of the world and Virginia, I see our city being developed with retail box stores , when many go under after 6 months for lack of sales...reason why....it should be apparent, no work and buyers are way in over their heads trying to stay afloat. Thanks for putting the thoughts and feelings of many of us , we have grown soft, if we have a depression similar to the 30's , what do you really think will be the outcome?

[goofy328]

Originally Posted by chesapeakesim

Hi everyone, I am somewhat new to these forums and I wanted to get people's opinions/experiences about the Chesapeake area and what it takes to live here. My wife and I are in our late twenties and looking to buy our first real home, start a family, etc., etc. We have been looking for awhile and it is still shocking what it takes to get a decent house in a decent neighborhood. From what I have heard, the Grassfield, Great Bridge, and Hickory school zones are the best, but it seems like the average house in those areas is $365K+, even for the older 60s style ranch homes that would need updating. And it seems that a good deal of those neighborhoods are in the 600-800K range, with some neighborhoods like Edinburgh in the 1 million plus range. Even the neighborhoods in Greenbrier, Oscar Smith, etc. seem very high.

After looking at some of these prices I really have no idea how people make it around here. I read somewhere the average household income in this area is like 50-60K. How do people, especially young couples who are just starting out with families and don't have lots of equity in their current house, afford these prices in addition to all of the everyday expenses and the costs of raising a family. I thought we were doing well, but now I feel like we would need to sell kidneys to be able to afford in this area (with both housing and the higher cost of living), let alone have a family (kids are expensive I am sure).

Am I alone in feeling this way, or are there other young families out there that are in the same boat. I am not trying to be negative, am just curious to see how others are making it and what their stories are. Are there 20 or 30 somethings that can afford these 500K houses and if so can you offer financial advice ? It is frustrating to want to have a decent future but to think that those things are so far out of reach.

Would appreciate any thoughts/opinions from others. Thanks everyone .

You're not alone at all. In fact we do fall into that average income, and am renting because the homes are entirely too expensive. I could pay twice as much to buy but why would I? I'm not even sure if I want to stay in Chesapeake, I'm not really in walking distance of anything and it's too spread out. You're talking about $3,300 for a $500,000 home; you should be making $80 an hour, $153k a year. That isn't easy money to come by.

[chesapeakesim]

Originally Posted by goofy328

You're not alone at all. In fact we do fall into that average income, and am renting because the homes are entirely too expensive. I could pay twice as much to buy but why would I? I'm not even sure if I want to stay in Chesapeake, I'm not really in walking distance of anything and it's too spread out. You're talking about $3,300 for a $500,000 home; you should be making $80 an hour, $153k a year. That isn't easy money to come by.

I totally agree with you renting, it is much cheaper when you can get the same thing. Out in Great Bridge it seems like every newer home is $500K plus, so they all must be making over $153K a year or living beyond there means. The funny thing is, like you said, we are not close to anything. Had a friend that paid like $250K for his 1/3 acre lot in one of these subdivisions. He is not on water, not near the beach, not near a trendy downtown area, just out in the middle of nowhere surrounded by other $500K houses. Shoot, there are not even any real trees around him.

[IonRedline08]

I have no idea how any one makes it here as a young single person. Even to rent an apt around here its a $1000 a month, which is obscene.

I probably would like it here more (transplant from Ohio) if things paid more. But, with the low salaries and high cost of living, I don't think I would ever see clear, which is why I am moving to San Antonio next week. You should go on CL or another site and look how much house you can get for your money there compared to here. It is unreal. And the rent there is so much cheaper than here, I am getting a brand new 1 bedroom for what I pay for a 200 sq foot efficiency here that is closer to work. Sayanora Va Beach!

[Erma]

http://www.city-data.com/forum/san-a...nio-texas.html

This is from the Texas forum..I wish you the best of luck! ;-)

[janeannwho]

Originally Posted by goofy328

You're not alone at all. In fact we do fall into that average income, and am renting because the homes are entirely too expensive. I could pay twice as much to buy but why would I? I'm not even sure if I want to stay in Chesapeake, I'm not really in walking distance of anything and it's too spread out. You're talking about $3,300 for a $500,000 home; you should be making $80 an hour, $153k a year. That isn't easy money to come by.

We live in Ocean Lakes, fish in our backyard, have a wide assortment of wildlife to enjoy, live in a townhouse where each home has a nice garden, and we can still afford to go out once in a while. No we do not have a spa bathroom, but we manage to stay clean none the less, and our kitchen has working appliances, so our food is cold and hot as required, and we have a nice affordable place to live that is safe and accessible to all the new services being built in the southeast corner of VB. Don't know if this helps. They are going for around 200,000 to 210, 000.

[Erma]

Originally Posted by janeannwho

We live in Ocean Lakes, fish in our backyard, have a wide assortment of wildlife to enjoy, live in a townhouse where each home has a nice garden, and we can still afford to go out once in a while. No we do not have a spa bathroom, but we manage to stay clean none the less, and our kitchen has working appliances, so our food is cold and hot as required, and we have a nice affordable place to live that is safe and accessible to all the new services being built in the southeast corner of VB. Don't know if this helps. They are going for around 200,000 to 210, 000.

and life is good isn't it?

[crux]

mmm yummy fish from the stormwater management system (street wash).