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Old 06-06-2011, 02:15 PM
 
3 posts, read 4,188 times
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Hello!

I may soon have a job offer to work at Anne Arundel Medical Center and would need to relocate from Ohio to accept.

I am recently married with plans of having kids in the near future. From what I have read so far MD can be quite pricey when it comes to finding a place to live. Where I currently live we could find a nice 4 bedroom home with a good size yard, 2 car garage, 2+ baths, and a basement for around 150-200k. We would want to buy a place in that price range with similar features in a safe area with good schools without a terrible commute.

Is this even possible? Which areas would you recommend looking and which areas to stay away from? We also have a dog so we would really like a yard for her to run around in.

Thanks for your help!
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Old 06-06-2011, 02:22 PM
 
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Not sure it's possible, but I would think maybe a fixer upper in Southern Anne Arundel or Calvert County would be worth a look.
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Old 06-06-2011, 02:57 PM
 
Location: NYC
7,305 posts, read 13,439,090 times
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Quote:
Originally Posted by KLynch10 View Post
Not sure it's possible, but I would think maybe a fixer upper in Southern Anne Arundel or Calvert County would be worth a look.
Re-evaluating how much space you actually need could help get you back closer to your price range.
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Old 06-06-2011, 03:25 PM
 
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Yea after looking up calculators and price ranges it appears housing is around 90% higher than I am used to. I guess the new question would be could I throw away enough stuff to start a family in a tiny home or could i get more money and buy an expensive home. Then again maybe I should just rent with the intent on leaving to come back to Ohio in a couple years with some valuable certifications under my belt.
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Old 06-06-2011, 03:30 PM
 
Location: NYC
7,305 posts, read 13,439,090 times
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Quote:
Originally Posted by team2jb View Post
Yea after looking up calculators and price ranges it appears housing is around 90% higher than I am used to. I guess the new question would be could I throw away enough stuff to start a family in a tiny home or could i get more money and buy an expensive home. Then again maybe I should just rent with the intent on leaving to come back to Ohio in a couple years with some valuable certifications under my belt.
I don't think those have to be your two options. Annapolis is expensive but there are areas that are somewhat affordable nearby. Renting first for at least a year is a good idea anyway so you get to know the area and start looking at areas you'd like to buy.

Lots of other nurses I know own homes, so it can be done And, wouldn't you be making more money here than in Ohio? Higher costs usually mean higher salaries, too (but not always).
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Old 06-06-2011, 03:42 PM
 
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Salary would be more 60k now to around 85k there. However that wouldn't be enough to cover the cost of housing I don't think. I am not a nurse but I was hoping that my wife would not have to work and be able to be a stay at home mom. Maybe that is a thing of the past however. Ugh... Why can't life be easy! lol
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Old 06-06-2011, 04:13 PM
 
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Try looking in Calvert County
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Old 06-06-2011, 06:11 PM
 
Location: The Triad
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Quote:
Originally Posted by team2jb View Post
Salary would be more 60k now to around 85k there. Ugh... Why can't life be easy! lol
85K at Anne Arundel?
assuming the husband person earns similarly or even a bit less...
that's still in excess of $150,000...

at the traditional 3:1 ratio... you should be able to afford up to $450,000 in mortgage

if you want to discount the combined income some (as you'll be working less with young kids for a few years)
~$100K income should still allow you a $300K mortgage

welcome to the big leagues.
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Old 06-06-2011, 07:46 PM
 
Location: Hiding from Antifa!
7,783 posts, read 6,038,314 times
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I would look to rent for another year. I don't think the market has bottomed out yet. I just read an article comparing the current recession to the great depression. During the Great Depression home prices dropped an avg 31% before they turned around. The avg drop in this recession has already reached 33%. While this area has fared better, we may not be through the worst of it yet. BTW, the article mentioned that it took 19 years for the home values to return to where it was when the Great Depression started.

The way things are, there should be ample single family homes for rent by people who are struggling or have had to move out of the area for one reason or another. If the values start to drop again, the banks holding onto all the foreclosures, waiting for the turnaround will start dumping them on the market. That is when the crash will start. If you can hold off until that happens (if it happens), you will get a lot more for your buck. It's a gamble either way. But if you are going to just stay until you get your certifications, it would make more sense if you can rent and put some savings away. At least you won't have any major repairs to consider having to pay for. Every dollar you save while here will probably be worth two or three dollars in home value in Ohio when you return.
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Old 06-07-2011, 12:17 PM
 
122 posts, read 378,537 times
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Where in Ohio are you coming from
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