Anyone Here BUY by Age 30? Single-Income? How? (Arlington, Reston: student loans, how much)

[ZakAttack]

Originally Posted by tgbwc

Your salary increased $40k over 4 years!? Wow, congrats!

Very common actually in the area. Several of my friends and I got into private sector and govt jobs in the DC area right after college, and are all making around 100K before turning 30. And yes TGBWC, you did get in the wrong profession if you were looking for $$! But you already knew that. But it's not all about the money right? At least you and your wife will be in a good retirement system.

[tgbwc]

Originally Posted by ZakAttack

Very common actually in the area. Several of my friends and I got into private sector and govt jobs in the DC area right after college, and are all making around 100K before turning 30. And yes TGBWC, you did get in the wrong profession if you were looking for $$! But you already knew that. But it's not all about the money right? At least you and your wife will be in a good retirement system.

Like I said, I'm not complaining! I never have. It's not all about the money, so I probably shouldn't have said "in the wrong field". We have our perks. The best one is that I get to spend much more time with my son than many other dads. I was just saying that I don't always fully realize what others might be making so young, that's all.

[TechlawyerinPG]

I purchased my 4 bed 2 bath 2 car garage single family home as a single woman at 30 back in 2003 for $270k. At the time I was earning $95k but now earn almost 3 times that and have a spouse to assist. Granted I was a renter in Arlington for several years prior to buying but could not afford anything I would want in Arlington. I ended up buying in Prince Georges County near the Harbor right across the Wilson Bridge. I wanted to get a dog and wanted my pet to have a nice yard to run around and play in and I like to entertain and needed space and a yard for cookouts...so this home was what I wanted...a suburbia home yet in an urban area and 10-15 minutes to downtown DC and not far from Alexandria and Arlington.

As my earning power has increased, my job has moved from downtown to the Dulles Corridor and as I am now starting my family and starting to consider schools and desiring a little more space and a flatter yard and have a husband who would like some input on our next place...we will likely relocate at some point (may change counties or may stay in Ft. Washington area) and keep this home as a rental.

Most of my friends owned a home, TH or condo by 30 while single (and I should state all were without parental assistance) yet prices were different in 2000-2003 when we were buying and we were all open to neighborhoods beyond the usual places that are highly sought after. Most bought in Silver Spring, non-yuppie parts of DC, Laurel, Greenbelt, Ft. Washington/Oxon Hill, Upper Marlboro, Largo, etc. They range from solo practice lawyers, consultants, HR, social workers, govt. lawyers, an electrician and an accountant.

If I was in the $40k range right now...I would probably just rent a home if you want the SFH feel. Many folks are pressed to rent their houses out these days. I'm personally not a fan of paying more than 30% of your gross income on housing. I have a couple of friends who pretty much are just working to pay the mortgage and have not much left over and it is not a fun existence.

[Evidence-is-key]

Originally Posted by TechlawyerinPG

I purchased my 4 bed 2 bath 2 car garage single family home as a single woman at 30 back in 2003 for $270k. At the time I was earning $95k but now earn almost 3 times that and have a spouse to assist. Granted I was a renter in Arlington for several years prior to buying but could not afford anything I would want in Arlington. I ended up buying in Prince Georges County near the Harbor right across the Wilson Bridge. I wanted to get a dog and wanted my pet to have a nice yard to run around and play in and I like to entertain and needed space and a yard for cookouts...so this home was what I wanted...a suburbia home yet in an urban area and 10-15 minutes to downtown DC and not far from Alexandria and Arlington.

As my earning power has increased, my job has moved from downtown to the Dulles Corridor and as I am now starting my family and starting to consider schools and desiring a little more space and a flatter yard and have a husband who would like some input on our next place...we will likely relocate at some point (may change counties or may stay in Ft. Washington area) and keep this home as a rental.

Most of my friends owned a home, TH or condo by 30 while single (and I should state all were without parental assistance) yet prices were different in 2000-2003 when we were buying and we were all open to neighborhoods beyond the usual places that are highly sought after. Most bought in Silver Spring, non-yuppie parts of DC, Laurel, Greenbelt, Ft. Washington/Oxon Hill, Upper Marlboro, Largo, etc. They range from solo practice lawyers, consultants, HR, social workers, govt. lawyers, an electrician and an accountant.

If I was in the $40k range right now...I would probably just rent a home if you want the SFH feel. Many folks are pressed to rent their houses out these days. I'm personally not a fan of paying more than 30% of your gross income on housing. I have a couple of friends who pretty much are just working to pay the mortgage and have not much left over and it is not a fun existence.

Good for you.
what do you do to make $250k+ at age 36?

[tgbwc]

Originally Posted by Evidence-is-key

Good for you.
what do you do to make $250k+ at age 36?

I am going to guess...she is a tech lawyer in PG County?

[540_804]

Originally Posted by tgbwc

I am going to guess...she is a tech lawyer in PG County?

HAHA....that was my laugh of the day.

[Samara11]

Originally Posted by tgbwc

I am going to guess...she is a tech lawyer in PG County?

LOL. Yeah, that was my laugh of the day too..... thanks

[athousandlogins]

Originally Posted by TechlawyerinPG

Most of my friends owned a home, TH or condo by 30 while single (and I should state all were without parental assistance) yet prices were different in 2000-2003 when we were buying and we were all open to neighborhoods beyond the usual places that are highly sought after. Most bought in Silver Spring, non-yuppie parts of DC, Laurel, Greenbelt, Ft. Washington/Oxon Hill, Upper Marlboro, Largo, etc. They range from solo practice lawyers, consultants, HR, social workers, govt. lawyers, an electrician and an accountant.

Yeah, good points. My brother was just under 30 when he bought his first place - on a firefighter's salary! But it was a TH in Laurel, sometime around the year 2000. He upgraded to a SFH a few years later. Through the whole process, right up until he got married, he always had a roommate to help deal with the cost.

You've either got to keep renting, or compromise *somewhere* on the first home you purchase. Unless you were born into great wealth, you're not going to get it all handed to you at once in the first go-round.

[oneasterisk]

I bought a house with my brother when I was 23 and we still own it together. I'm 29 now, and I bought another house at 28. So I have 1.5 houses before 30 Or technically speaking, the bank owns 1.5 houses in my name

I grew up poor so my parents have taught me to handle money responsibley. I make good money doing IT work and I'm single, so it's relatively easy to save money. If I could have done something different when I was younger, I wouldn't have bought that brand new car. I should bought a cheaper used car and saved the difference of the monthly payment.

[pcity]

Originally Posted by ScranBarre

I'm bolding your final response as that is what I'll reply to first. It is quite possible to have "smart growth" that incorporates single-family detached dwellings. They just have to be similar to the one I chose---small square footage, narrow lot size, and in a walkable mixed-use neighborhood that isn't 100% reliant upon the automobile. The reason I eventually yearn for a place like that is simply because I don't understand how I'd be able to accomplish dreams of being able to adopt a Siberian Husky, grow a vegetable garden, and grow sunflowers in a high-rise condo. Yes, I may very well end up buying a $290,000 1-BR, 700-square-foot condo in Arlington as my next jumping point out of Reston, but every year I live in that will be one fewer year I'll be alive to enjoy those goals I want to have someday and that does depress me a bit.

There are community gardens around for you to try your hand at horticulture. Admittedly, the Siberian Husky is probably out of the question in a small condo, but there are many people who have mid-size dogs like beagles or dachsunds.

If Arlington is the "Beverly Hills" of Northern Virginia, as you claim, then why are so many people in Reston opposed to having Reston become "Arlingtonized?" Hell, wouldn't most people want their communities to turn into Beverly Hills so that their property values would appreciate astronomically? It can't be "all that" if people here are terrified of Arlington (or are people in Reston just fear-mongerers?)

I can't speak for your neighbors, but the prices people are willing to pay to live in Arlington speak for themselves. It's an extremely desirable area, and one that just isn't going to support a lot of single-family houses. An important part of smart growth, and one that I wholeheartedly support (as opposed to more questionable ones like growth boundaries, but that's a whole 'nother thread ), is that you have to build up, not out. It would be a colossal waste of space to have many single-family houses in the heart of Arlington. Arlington is optimized for walking and public transit. If there were more single-family houses, this would not be the case. Hence, the supply of single-family houses is going to be very low and only available at a huge premium. You can't have both smart growth and an abundance of cheap single-family houses. They're incompatible with each other.

I suppose one scenario would be to find a roomie to split the mortgage on a place like this with, each taking one of the bedrooms and sharing the bathroom, but how many thirty-somethings still want to have roomies---complete strangers who could have rowdy parties who could damage the property when you're on a business trip?

You'd be surprised how many thirtysomethings still have roommates in Northern Virginia. It's a very smart way to get more house than you could afford on your own. They don't have to be "complete strangers" either. Many people get their roommates through friends, friends of friends, that sort of thing.