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Old 07-31-2007, 03:17 PM
 
Location: Lived in NYC all my life - 26 years
10 posts, read 31,138 times
Reputation: 10

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Hello! My SO is in DC right now living in corporate housing paid for by his company for 3 months. He might be offered a perm position. We are thinking of relocating to DC/NOVA from NYC. As for me I would need to search for a new job within the area.

My questions/concerns are:
How is the job market in DC/NOVA for Finance related fields? Are jobs hard to find?
What area is best to live in?
We really like Arlington and we also have two cars (I think we can get rid of one).
We are looking for a safe/pleasant neigborhood that is close to the metro.
How are the taxes in NOVA/MD? Are they lower or higher than NYC considering NY has pretty high income taxes. Are the tax rates higher in NOVA or in MD?
What about all this vehicle tax and personal property tax? Can someone help me better understand this?

Our combined income is well over 100K so we are looking to probably purchase a townhome or whatnot..or would renting first be a better option?
How about the RE tax in MD vs NOVA?
Are there tax abatements if we are to purchase a condo instead?


Your help/advise is much appreciated! Thanks!
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Old 07-31-2007, 03:38 PM
 
73 posts, read 275,942 times
Reputation: 20
Can't speak to the availability of Finance jobs since I'm not sure what it is you do or want to do. Assuming that you could find a job here, overall the income tax rates in the DC area will be less than NYC/NY state. Cost of housing is lower than NYC but it's not tremendously lower. Of the 3 areas - DC has the highest income tax - nearly 10%. MD has a lower state income tax than DC but adds a County tax which varies county by county. Depending where you live, this can put you above 8%. VA has the lowest income tax overall but the northern counties, such as Arlington assess a property tax on your cars which is basically a tax of a different form. I moved to VA last year from NJ. My car insurance went from over $1500 TO $420. I was fortunate since my car is older (1994), I didn't have to pay any property tax for my car. When I have to buy a new one, I will have to pay a tax on that.

One thign you should know is that if you work in DC but live in MD or VA, you won't have to get DC taxes taken out of your paycheck. Your company will take out MD or VA taxes under the reciprocity agreement. Not sure how it works between VA and MD.

Good luck!!
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Old 07-31-2007, 06:39 PM
 
3 posts, read 8,165 times
Reputation: 10
Default Food for thought

Hello! My SO is in DC right now living in corporate housing paid for by his company for 3 months. He might be offered a perm position. We are thinking of relocating to DC/NOVA from NYC. As for me I would need to search for a new job within the area.

My questions/concerns are:
How is the job market in DC/NOVA for Finance related fields? Are jobs hard to find?
>> Search for the job series called 501 or 560 if interested in working for the government. Other than that, it's a contractor's dream here for employment. Basically, they will hire anyone with the right degree.

What area is best to live in?
>> Depends on what you value and your definition of "best"

We really like Arlington and we also have two cars (I think we can get rid of one).
We are looking for a safe/pleasant neigborhood that is close to the metro.
How are the taxes in NOVA/MD? Are they lower or higher than NYC considering NY has pretty high income taxes. Are the tax rates higher in NOVA or in MD?
What about all this vehicle tax and personal property tax? Can someone help me better understand this?
>> Not really up on MD taxes. However, we lived in Crystal City and thus, paid 4% taxes and had an 8 minute commute to work. My friends who lived in DC paid 10% tax and it took them around 25 minutes to commute. Good luck in working through these issues.

Our combined income is well over 100K so we are looking to probably purchase a townhome or whatnot..or would renting first be a better option?
>> With a background in finance, you should know better... This is a terrible time to buy and you already know what will happen to the housing market if we get a DEM president based on what will happen to the economy. We are renting and waiting for the storm and plan to buy at it's peak interest rate and refinance on the way back down.
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Old 08-01-2007, 02:46 PM
 
Location: Lived in NYC all my life - 26 years
10 posts, read 31,138 times
Reputation: 10
Thanks for your prompt replies, it helps a lot!! =)
My relatives in MD been scaring me about the tax rates in VA. Thanks for clarifying it for me. Since NYC tax is higher than VA I shouldn't have a problem, anything less than what I am paying now is a relief!
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Old 08-01-2007, 04:35 PM
 
17 posts, read 60,343 times
Reputation: 23
Default It's a great time to buy a home

I don't believe that money is better spent on rent rather than on investing in a home that builds equity and provides a tax benefit. Interest rates are still some of the lowest in the last 25 years. When I bought my first home in Fairfax, VA, in 1983 the interest rate was 18%. (My ex-husband is still living in it, but boy has it appreciated!)

Housing prices were out of control and so was property appreciation from about 2001 to 2005. Things are coming back in line with where they should be and most importantly there are lots of housing options to choose from! It was only 18 months ago that buyers were in bidding wars over houses that were sold in 24 hours. Now there is a lot of inventory to choose from and some very motivated sellers.

All things are relative. I think the cost of living and housing in the DC Metro area is great compared to NYC. Have you thought about contacting a Realtor? They have the answers to your questions and it costs you nothing to get them. I am not a realtor, I've just worked in the industry for 20 years and know a lot of good ones. Rather than rely on heresay and opinion, consult a professional. Isn't that what most people do when they are about to make a really important decision? If you want a great agent licensed in VA, MD & DC, I've know several who would be delighted to work with you.
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Old 09-12-2007, 09:49 AM
 
Location: Lived in NYC all my life - 26 years
10 posts, read 31,138 times
Reputation: 10
Been a while since I've checked my thread, I am really settling in NOVA! I got a job offer in Rosslyn, so Arlington would be my best bet.
It is quite hard looking for an apt though. I would def. like to buy a home but I don't want to rush things. I want to actually get a feel of the area before I buy something and then don't like it.

It would be great if you know a realtor that has rental properties available. I have a small dog (12lbs) and 2 cars that needs a parking spot.

Thank you all so much! I really appreciate it!
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Old 09-12-2007, 10:12 AM
 
555 posts, read 2,437,286 times
Reputation: 153
Quote:
Originally Posted by TJTEMP10 View Post
Hello! My SO is in DC right now living in corporate housing paid for by his company for 3 months. He might be offered a perm position. We are thinking of relocating to DC/NOVA from NYC. As for me I would need to search for a new job within the area.

My questions/concerns are:
How is the job market in DC/NOVA for Finance related fields? Are jobs hard to find?
>> Search for the job series called 501 or 560 if interested in working for the government. Other than that, it's a contractor's dream here for employment. Basically, they will hire anyone with the right degree.

What area is best to live in?
>> Depends on what you value and your definition of "best"

We really like Arlington and we also have two cars (I think we can get rid of one).
We are looking for a safe/pleasant neigborhood that is close to the metro.
How are the taxes in NOVA/MD? Are they lower or higher than NYC considering NY has pretty high income taxes. Are the tax rates higher in NOVA or in MD?
What about all this vehicle tax and personal property tax? Can someone help me better understand this?
>> Not really up on MD taxes. However, we lived in Crystal City and thus, paid 4% taxes and had an 8 minute commute to work. My friends who lived in DC paid 10% tax and it took them around 25 minutes to commute. Good luck in working through these issues.

Our combined income is well over 100K so we are looking to probably purchase a townhome or whatnot..or would renting first be a better option?
>> With a background in finance, you should know better... This is a terrible time to buy and you already know what will happen to the housing market if we get a DEM president based on what will happen to the economy. We are renting and waiting for the storm and plan to buy at it's peak interest rate and refinance on the way back down.
Actually it's a very good time to buy in the Northern Va area. That is why it's called a "buyers market".

Having said that, i believe we will get a Dem for our next president. Seeing how Congress is Dem also, we will indeed see much higher taxes. Kinda sucks, but i guess that's life. We need a third party....
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Old 09-13-2007, 02:51 PM
 
Location: Southern California
421 posts, read 2,824,710 times
Reputation: 277
Quote:
Originally Posted by TJTEMP10 View Post
>> Search for the job series called 501 or 560 if interested in working for the government. Other than that, it's a contractor's dream here for employment. Basically, they will hire anyone with the right degree.
Hi,
Do you mean anyone with a degree for any job? or just the series 501/560 jobs? I'm hoping you mean all jobs!!

Is being a contractor for the government the same as the private sector as far as health insurance? or is a very basic/emergency-only health insurance available to gov contractors?
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