Anyone Here BUY by Age 30? Single-Income? How? (Fairfax, Washington: renting, condo)

[NOVAmtneer82]

Well for starters most young single people inside the Beltway aren't looking for a SFH to be their first time buy...regardless of how small it may be. They are more likely to pay a premium for that 1 or 2 bdrm condo a block or so from the Metro station or a townhouse in the adjacent neighborhoods. And it can be done...I'm personally eyeing a couple 2 bdrm condos in the Court House area but I'm still waiting because they keep dropping in price. Do I eventually want to own a smaller home in Arlington or DC? Yes. But not before I buy a smaller place, let it appreciate and then sell to earn my next downpayment.

You also really need to quit comparing everything in Northern Virginia to other low cost metropolitan areas. I'm fairly familiar with Pittsburgh and to compare Arlington or Alexandria to Beechview, Baldwin Boro, Millvale or any of those other places you listed is ridiculous. Arlington is prime real estate in the DC area market, the same cannot be said of those places in the Pittsburgh area. What's next? Comparing Wilkinsburg or Homestead prices with those in McLean or Great Falls? For what I will probably end up paying for one of these condos (low to mid 400s) I could buy a big house back in my hometown in West Virginia. Do I care? No. This is where I've chosen to live and I will pay the price for what I want. That is why I had roommates over the years and saved in any way I could for my future purchase.

This is just my opinion but in the end I think you will be much happier in Pittsburgh...

[fjennell]

Now that they have made it a little more strict, it will be harder, but you can do it. I bought my first house at 23 back in 2001 and qualified for a first time home buyers program so it was very little money down. Sold that and made a good amount and was able to buy a house almost 3 times the price of the first one at 26. 31 now and still in the second house and yes it seems that the normal mortgage is around 2k or more these days. I specifically bought a house with a finished basement so I could rent it out. It's very hard for a 2 income family to make it in this area much less a single income but if you are willing to have roommates it will be easier. You can always consider moving a little further out, getting a townhouse or condo or something cheaper for your first purchase and now is a good time while prices are low and then wait a few years when the market hopefully comes back up and sell and then get something higher. It's all in timing and the longer you wait the harder it gets to get what you want later. I wish I would have started 2 years early than I did because the way things were going with prices I was coming right into the boom. You don't want to wait too long and the prices start going back up.

[Fern435]

Originally Posted by ScranBarre

I actually had a couple of job offers and am wishing I had done a bit more "shopping" to apply in Pittsburgh as well. I LOVE the job I have now, but I just can't foresee myself living here long-term if I'll never be able to afford a tiny home of my own in the city on a CPA's salary. "With this economy?" WHAT recession? Have you not seen the cars many people in NoVA are driving around in, seen the lines at restaurants, movie theaters, etc.? People seem to be spending money like it's water.

I know. It's just depressing because any one of those $75,000-$90,000 homes would be a CASTLE for me! I could have a bedroom for myself and a bedroom for my guest(s) that could double as a doggy room (WOOF! WOOF!) I could take the bus to my job in Downtown Pittsburgh. I just don't understand why Pittsburgh's housing prices are so depressed? There ARE jobs there, as several of my friends relocated there after college and love the city. The city has a very high quality-of-life. What's the "catch" for such gorgeous homes as those to be so cheap when crappy homes here are out of my price range, potentially indefinitely? What does NoVA have that Pittsburgh doesn't?

Hi ScranBarre! Don't get too discouraged right now. Renting for a year or two helps you find out for sure if you do want to stay here and buy, and something new may happen that enables you to buy. I think it is great that you are planning ahead for the home purchase and the addition of a dog to your life! (I love huskies--we dog-sat for a wonderful husky--but have you also considered a Norwegian Elkhound?! )

Pennsylvania's main problem seems to be the state government keeps taxing companies out of the state. There are still jobs there (but fewer), and not enough new ones being created to support the existing number of homes in Pittsburgh/PA. My impression of Pittsburgh was a pleasant one when we went through. Our kids have had several teachers here in FCPS who were from Pittsburgh.

Proximity to DC and government dollars keeps the noVA economy going.

[tgbwc]

Originally Posted by qwertman

No, I haven't bought before 30 but I'm planning on it.

you can certainly afford a place with $85k a year. a 365k house might be a stretch but I think possible, especially if you save up more down payment.

In addition there are plenty of decent places for cheaper then that. I'm sure you could get a 1br condo in a desirable yuppie area for much less then that. Also there are many SFH and TH's for less then that in the outer burbs.

$85k a year seems high (to me) for someone who is 30. My wife and I have been out of college for 17 years, we each have Masters degrees, and neither of us make close to $85k. If that is a fairly common salary for 30 year olds, then I am in the wrong field.

[fjennell]

You must be a teacher or something? Seems like they are the ones that have such an important job and get the short end of the salary stick even though they have masters degrees. But that is not an uncommon salary in this area for any age.

[Fern435]

ScranBarre: I love the third house in Pittsburgh you posted (Beechview, 4 bedroom, for $79,000). It's beautiful!

Wonder what the taxes are for these places?

Many people recommend not buying a house unless you plan on keeping it for at least 3-5 years. We do not regret renting here in noVA. It has given us greater freedom, and we own homes in other states where the housing market is steady. We bought when prices were low ($65,000; $169,000; $172,000; $235,000). We decided not to sell any of them to buy here in noVA.

We bought homes with one military income. It can be done!

[normie]

A few thoughts:

1. Here's how I did it: When I bought my first house, it was a business partner arrangement with a roommate. We bought a tiny condo in a relatively less expensive neighborhood. It had a tiny patio but no yard.

IMO, getting a business partner is a smart way to buy your first home, but if you go this route I recommend choosing a partner who is not ever going to be a romantic interest. This is a business relationship. I also recommend renting together as roommates for at least 6 months before you buy a place together just to make sure that you are compatible. Be sure to discuss and agree upon how you will handle various situations that you may encounter, especially how you will handle one partner buying out the other (which is what usually ends up happening).

2. Your first home is a starter home--don't have an unrealistic list of expectations.

3. What's the rush? Your 20's are a time for exploring, buying a house is something you do when you're ready to settle down. You've barely lived anywhere, why not explore the world a little bit? You're job does not seem settled yet, I'd wait until you had been in the same office for at least a few years. Remember, once you buy a house you won't feel free to take job opportunities in other cities.

Just a month ago you were talking about moving to Pittsburgh. Next month you may wish you were in Portland or Montreal or San Francisco. Now is the time to explore, if you don't check out those cities now you may end up regretting it.

4. Also, saving money for a house involves sacrifice. You give up a lot of things like travel and going out to eat on a regular basis. You get roommates, you drive an old beat up car, you cut down on dating. Are you really willing to make those sacrifices? Why not spend a few years enjoying being a young man out in the world? Trust me, there will be plenty of time for buying a house--have some fun first.

[05c6400]

Best thing you can do with your money is buy property. However, buy something that is within your means. I know location means a lot to people but you can work on that over time.

[tgbwc]

Originally Posted by fjennell

You must be a teacher or something? Seems like they are the ones that have such an important job and get the short end of the salary stick even though they have masters degrees. But that is not an uncommon salary in this area for any age.

You guessed right! I'm not complaining, (don't want this to turn into one of those annoying pay debate threads) I guess I just forget, or don't realize how high salaries in the area can go. I've been with FCPS for 17 years and will be about $13k away from the $85k benchmark. It took us until 2 months ago to be able to buy a home near our schools. Before that, as some have said, we had a 2 bdrm condo townhome in Woodbridge where we lived for about 7 years. When our son was born we bought a small single family home further south near Montclair. We lived there for about 8 years and things (interest rate, not being upside down in our house we sold, and drop in FFX prices) meshed well enough for us to be able to move to Springfield this past April.

[Mike From NIU]

Do we really have to rehash this debate again? Scran was making the same complaints on the thread on Housing and Salaries in NoVA two months ago. He won't accept the answer "No, you can't get all these things by age 30, especially without a starter house." He won't stop praising (and criticizing) places he's never lived in, like Pittsburg, and yes, I expect the same topic to arise by late September with the same complaints and questions.

Finally, I will offer some helpful advice. Scran, and everyone else who can't buy their dream house in the next few years (and yes, fixing up an older place to make your own with a small yard, etc. etc. counts as your dream home): try renting a small SFH. They can be hard to find, and the rent could be about as much as a mortgage for the same property. However, you won't have to save up for the downpayment, won't have to worry about paying for repairs, insurance, taxes, and all sorts of other things that cost money in homeownership. If you're lucky, you'll find a landlord that will let you have your dog and your garden (though the dog and garden might turn out to be mutually incompatible!). Thus, you can be living your ideal life, even if you don't own it, and still transfer to Pittsburg whenever you wish.

You have to make the decision, though. What will make you happier- renting the perfect situation or owning an imperfect one?