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Jainbow,
I would consider buying a cheaper $300k house if I did not have kids. However, this area has some hits or misses all around and the cheaper homes are in areas with bad schools (literally dangerous), a lot of illegals, high crime and areas with decreasing valuse. I WISH I could find a decent sized house that doesn't need 50k+ of upgrades and a starter for less than $400k. I am seeing some houses that are a lil less than that so we are going to wait.
I don't get how a lot of people here afford these homes. While we have a decent (over 100k) combined income-it doesn't go too far. Mass builders like Ryan have ditched the 'affordable' homes for just LUXURY homes. I just need a 1,800-2,000 sq ft 3br 2bth w/ a 2 car garage. I don't need a McMansion.
Bigblue... I used to hear that this area (MD/DC) is recession proof because of the government jobs. Really, no area is recession proof if the recession is deep enough. Just a thought here, but perhaps up to now this area has been a bit more insulated from the effects of the housing crisis and recession than other parts of the country. Depending on who you want to listen to, this "crisis" or "recession" is nowhere near over. So if that is true, even the most insulated areas will finally be hit. If you don't need to buy anything right away, perhaps giving it another year and watching the pricing trends in the areas you are interested in might be something to consider.
I know many people who believe BRAC will keep housing prices stable or moving upward in Baltimore County (White Marsh/Rosedale/Bel Air etc.). Personally, I think these people are dreaming. Basically they are equating a larger population coming into the area with a larger demand on houses. Well, there can't be a larger demand on houses unless that larger population brings with it some sort of capital or a means to acquire funding. Lending is getting tighter and savings in this country is notoriously low. So, who knows! Only time will tell.
Anyway, point being, I believe the MD/DC area is one part of the country that was slow getting to the "crisis" party, but I think we've arrived now and in the next year we may see some real changes/drops finally.
Why in the HELL would you WANT to live in the Metro DC area? High housing, high crime, top 3 worst traffic in the nation.
Move somewhere else where you can buy a house for less than you pay for rent. In most places, it's a no brainer to buy than rent. Don't forget the tax benefits.
Right now you can get a mortgage for 4.5-4.8% and a $7500 interest free loan from the government for 15 years if you are a first time buyer. It will be interesting to see if they give us more incentives in upcoming few months.
TheEric,
We moved here in 07' from a low-cost Midwestern city. With low cost housing also comes low-paying jobs and since we have degrees and student loans to pay off we had to go where the better jobs are. I finally like my job and my husband loves his job. Yeah traffic is bad -unless you drive against it (which I do). It took us a long time to migrate to a high cost city but we don't regret our choice. So for now we are here and we enjoy the area. As far as crime goes-it is in every city.
I am in burtonsville, for me its the perfect mix of country and city, you take a left on new hampshire avenue and you have country. A right and you will be in the ghetto before you know it. DC is a 30 minute drive, Baltimore is 45..... But for me right now buying doesnt make sense because houses are still too high 330k for a nice small house on an acre.... and renting doesnt make sense unless its dirt cheap like 500 or less because I feel like why spend 1000 a month on rent when a mortgage would be 1500. So for me right now if I choose to stay somewhat local. College park, takoma park ect, its cheap to rent like 500 or less but you live in the ghetto....
Theres my rant lol. Im gonna check out colorado where I have lots of friends and go south to atlanta and miami before i decide to buy here.....
My husband and I live north of DC in MD. We are saving money and are currently renting. Since this is a high cost of living area-it is a better deal to rent. Am I wrong? Please don't tell me I am throwing money away by paying rent because the same applies to buying gas (especially when it was $4+ a gallon).
We looked at some places that are $400k (ouch), going cheaper gets you in the hood, or an old fixer-upper and that would be a mortgage of $3000+. How these sales agents mention this with a straight face just amaze me. How do young 1st buyers do it? I would be paying double what I now pay in rent!. The tax advantage is like $700 so that isn't even a deal to me. Am I missing something.
Renting is better is really the only solution if you can't afforsd to buy in reality. Different people want different things. Most want to own and certainly don't want to be renting when tehy retire uinless they are wealthy.Even there areas that you rent in are different in most cities. If it works for you then that is your best option.
you are not buying a home for yourself. hopefully you are buying for your future children and their future children etc. americans always want the easy way out, when there isn't. illusions about equity, lies about mortgages, and easy money for people who would never qualify made these prices what they are. hold off for at least 6 months, and things might get better.
my mother had to commute 2 hours a day to afford to live in an OK home. i feel for her, but her life is set now. my parents invested wisely, taught me how to invest, and it isn't that hard once you get your foot in the door, things get MUCH easier.
have you considered a lesser of a neighborhood and purchasing a multi-family?
I guess it depends where you live. Here in Michigan you can get a decent home in the $70,000's and if you are into fixer-upper's you can get one for $20,000 or less. The average rent around here is $1,200. Buying is a no brainer in this case.
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