Depressing (Arlington, Burke, Reston: for sale, real estate market, 2010)

[sunnyisland]

VRE, he works down in SE DC and we live in Herndon. His daily commute is horrendous, well over an hour each way.

[Margery]

I like Herndon. I know it has received some bad press on this forum, due to xenophobia. Most people are trying to find a decent place to live and raise their family, even if they weren't born here. It has a real downtown with many good restaurants, also parks and a golf course. There is housing to suit all pocketbooks and many safe, friendly neighborhoods.

[VRE332]

An hour in this area normal. Herndon is an expensive place. Have you ever looked in Prince William County?

[claremarie]

just crunch our teeth and move into a home anyway for the sake of getting a tax deductible if you own a home plus build equity?

There are a whole lot of people facing foreclosure right now who thought like this. Don't buy a house until you have paid down that debt, saved for a decent down payment, and have a cash cushion for the inevitable home maintenance expenses. Your husband's income will probably increase, and when your child goes to school perhaps you can get a higher-paying job.

[sunnyisland]

Having lived in Herndon for the last 6 years, I kind of like it here. And yes there is a high concentration of latinos in this area but it doesn't mean they are all a nuisance or illegals. Most are just common folks out doing their own thing. If given a choice, I would like to stay here on a long-term basis cause everything is pretty much accessible and affordable - good restaurants, schools and relatively clean and not too run-down like Manassas/Annadale/Alexandria. Fairfax county is good with keeping the crime rates down so I do feel safe in this area where I live.

[sunnyisland]

I've looked at homes in Prince William County but the crime rates are seemingly higher in that area. I'm big on living in an area where I can have a peace of mind knowing my child is going to be growing up in a safe neighborhood. I would rather live in a tiny space than lose my peace of mind as its priceless. Plus my husband is very much against moving into MD or DC cause he mentioned that the crime rate over those areas are significantly alot higher than in Herndon or northern VA.

[stacylee926]

Originally Posted by claremarie

just crunch our teeth and move into a home anyway for the sake of getting a tax deductible if you own a home plus build equity?

There are a whole lot of people facing foreclosure right now who thought like this. Don't buy a house until you have paid down that debt, saved for a decent down payment, and have a cash cushion for the inevitable home maintenance expenses. Your husband's income will probably increase, and when your child goes to school perhaps you can get a higher-paying job.

This is just what I was thinking. Absolutely, positively DO NOT buy a home right now just for a tax deduction!!!!! It sounds like you have to deal with other financial issues first before you can even consider buying. Yes, renting can really suck in some ways. However, forclosure is much more difficult. It took me years and years of renting before I could be in a position to own a home. So I finally bought the TH I was renting. Guess what.... 2 1/2 years later I had to sell and leave NoVa because I was struggling to make those mortgage payments. In that short time, my initially affordable mortgage rose over $400 a month due to increased taxes and insurance. I don't know if that rise in payments is 'normal' or not, but I could not deal with that in addition to all the other costs associated with home ownership.

You cannot be financially struggling in any way when you go to buy a house. Scrimping and saving and budget cutting just be able to afford a home is just not a good financial move. However, putting all your 'extra' money into savings to save for a deposit is fine. Once the deposit is saved, then you have to be able to have $$ for emergencies.

[sunnyisland]

Stacy thanks for the advice. To actually hear it from someone who has gone through that situation is very enlightening. I thank everyone for their insights and would think perhaps we should just focus on getting better with own finances before taking in more responsibilities.

[VRE332]

Originally Posted by sunnyisland

Stacy thanks for the advice. To actually hear it from someone who has gone through that situation is very enlightening. I thank everyone for their insights and would think perhaps we should just focus on getting better with own finances before taking in more responsibilities.

and your relationships

[mojo_1979]

The only responsible way to really afford a house in Northern VA is as follows:

1. Household income above the median
2. ABSOLUTELY $0 in debt (This includes NO car payments)

If you have the top two covered you can afford the payments, even with $0 down. The problem with most Americans is the debt load that they take on, and then they wonder why they're living paycheck to paycheck. It's because they have a huge debt to service.

I commend you for reducing your debt so significantly. If I were you, I would throw everything you have at the remaining $30k in debt and eliminate it completely. At that point, your family will be able to afford a nice home in the area you want.