Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-21-2012, 05:42 PM
 
40 posts, read 52,892 times
Reputation: 37

Advertisements

I am looking to buy a home in the near future at about 200k. I make a little over 50k a year and will have close to 30k when I plan to move out. Is this a enough to live comfortable in Nova? I am frugal and manage my money well.

Thanks,
Reply With Quote Quick reply to this message

 
Old 05-21-2012, 06:43 PM
 
Location: Suburbia
8,826 posts, read 15,322,548 times
Reputation: 4533
A "home" like a condo?
I don't know. I'm going to guess "no".
Reply With Quote Quick reply to this message
 
Old 05-21-2012, 07:12 PM
 
Location: Richmond va
1,570 posts, read 4,619,301 times
Reputation: 671
Quote:
Originally Posted by 3wood87 View Post
I am looking to buy a home in the near future at about 200k. I make a little over 50k a year and will have close to 30k when I plan to move out. Is this a enough to live comfortable in Nova? I am frugal and manage my money well.

Thanks,
It depends. Are you single? do you have kids? How about other debts? Do you have any good credit built up? 50k a year is a lower range salary for this area but that dosnt make you poor either. I am in the mid 60's range at the moment. Qualified for a loan to purchase my one bedroom $160k condo I only had 3.5% down.. but it took a lot of work faxing papers back and forth and such. Buying a home is a lot of work just make sure you are 100% ready. It is good that you have that much money saved up but be prepared to show the bank exactly where it came from if you deposit it into an account all at one time. Also a good thing to keep in mind here is that condo fees are high and in your price range that is mostly what you will be looking at. My mortgage payment might only be $1000 but my condo fee is $300.00 a month. Best of luck!

Good Luck.
Reply With Quote Quick reply to this message
 
Old 05-22-2012, 01:41 AM
 
3,164 posts, read 6,952,906 times
Reputation: 1279
Single family house? Condo? How far out in Loudoun do you want to go?
Reply With Quote Quick reply to this message
 
Old 05-22-2012, 04:47 AM
 
221 posts, read 438,521 times
Reputation: 90
No.
Reply With Quote Quick reply to this message
 
Old 05-22-2012, 05:22 AM
 
40 posts, read 52,892 times
Reputation: 37
A condo, I am single, no debt, no children and I will have a strong savings account. I am looking in the Ashburn, Sterling, Leesburg area. A condo around 200k or less.
Reply With Quote Quick reply to this message
 
Old 05-22-2012, 05:33 AM
 
531 posts, read 1,429,049 times
Reputation: 287
You can get a one bedroom condo in Leesburg. Stratford by Toll Brothers has condos in your price range.
Reply With Quote Quick reply to this message
 
Old 05-22-2012, 07:01 AM
 
Location: Northern Virginia
1,418 posts, read 3,456,525 times
Reputation: 436
condo but not a single family house...just make sure you can afford the monthly expenses.
Reply With Quote Quick reply to this message
 
Old 05-22-2012, 07:26 AM
 
Location: Washington, DC
4,178 posts, read 2,649,334 times
Reputation: 3659
I made around what you make now last year when I bought my townhome. Short answer is, yes. You can be able to buy a townhome or a condo. I bought my townhome last year in Brambleton for 300K .Making a few more thousand than you. They key to it is your debt to income, which you say you have no debt. If you have no debt (even a 10K student loan counts as debt), car payments, then you should be okay. Esp if you want a condo at 200K. Should be pretty easy
Reply With Quote Quick reply to this message
 
Old 05-22-2012, 07:27 AM
 
Location: Censorshipville...
4,437 posts, read 8,132,491 times
Reputation: 5021
Try out this calculator. You have to make some assumptions on property tax and insurance, but it gives you a general idea:

Mortgage Qualifier - Financial Calculators from Dinkytown.net

A 50k salary is pretty tight on a 200k condo IMO. Not sure if you're factoring in HOA/condo fees either. It all depends on what other debts you have and the lifestyle you live.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
View detailed profiles of:

All times are GMT -6. The time now is 04:39 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top