What's a fair price for renting a room in Vienna, VA?

[SmartMoney]

Don't do it!!!!!

You will be paying too much for the loss of doing what you want and when you want.

That is not a good deal - just the opposite.

[Mnseca]

Originally Posted by r3m3mb3r3d

My bf and his bro are buying a $600k townhouse in Vienna and they invited me to come live with them. I want to pay a rent price that's fair for both of us, I want to pay my fair share but I'm not sure if it's fair for me to pay over the market price. His bro will pay 50% of the costs. There are 2 more smaller bedrooms left so I will have my own bedroom (and a shared bathroom). He said I'll cover 25% of the costs and he'll cover the remaining 25%.

If they had done a 30 yr mortgage, total costs is $2500 for the mortgage + $700 for taxes/home insurance + $100 HOA + internet/utilities/internet. However they plan to do a 15 year mortgage so that'll be $3600 for the mortgage + $700 taxes + everything else. So I am looking at 25% of $4200+utilities = at least $1050 + I don't know how much.

I am currently renting my own apartment by myself in McLean, VA and paying $1450+150 utilities/internet=$1600 a month. But the perks are, I get tons of space for myself, and my apt is super close to where I work. If I move, my commute will be 30-40min one way instead of 10-15 min.

What do you think about my bf's rent offer? How does it compare to the market price for 1 room in a house? I barely know anything about the housing market.

Thank you.

It's confusing when you include utilities. That is separate from rent. If the base rent for a single room in a townhouse is over 1000, and you are paying 1450 now for your own apartment and a shorter commute, then that would be a pretty foolish move for you. You can simply go on Craigslist and see how much rooms for rent are in Vienna. My guess is that they are about 600-900 depending on amenities.

Keep in mind that since they own the townhouse, they will be making money as it appreciates in value, which generally happens. When they sell it, they could make tens of thousands in profit, or more. They will also be getting tax deductions for their expenses. You won't be entitled to any of that, even though you were paying part of their mortgage all that time. Therefore, paying a percentage doesn't make sense, as you aren't a percentile owner. You should simply pay a standard rent that is typical for the area.

[BrassTacksGal]

Originally Posted by spencgr

As mentioned above, your rent should be market value for what you are getting. Mortgage amount is completly irrelevant. You will have no equity.

Exactly. Look on Craigslist and see what the market value is for a room.

[BrassTacksGal]

Their mortgage and other expenses are irrelevant and have nothing to do with you.