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I am 43 years old, unmarried and no kids. I have an opportunity to transfer internally in my company. The position would be located in Research Triangle Park and would pay $43,000/year.
I currently live in Indiana. My job pays $37,000/year. I bought my townhouse brand new a few years ago for $155,000 and it is now valued about $160,000. It is 4 bedrooms (or 3 bedrooms + office) with 1650 square feet.
I have visited NC a few times and from what I can tell, townhouses with 4 bedrooms (or 3 bedrooms + office) with 1650 square feet that are under 10 years old will run $210,000+. There is no way to afford that on my salary.
I generally like very suburban areas near strip shopping centers and chain restaurants. Yes, I know most people think these neighborhoods are too cookie-cutter
Am I overlooking neighborhoods that I could afford?
Is the Raleigh metro area more of a place where all of the housing is targeted toward 2 income households?
I don't want to move from a modern townhouse with plenty of rooms for hobbies and guests into a rundown, cramped townhouse.
I am seriously considering backing out of the transfer at work.
Wow. Four bedrooms, three bathrooms, + office for 155k new? Good luck hon. You maybe able to find a 2br/2ba for that price new. Of course, there may be some older properties in your price range. If you do find a new construction with that much space at a comperable price, chances are it's going to be a very shoddy new construction that will fall apart in a few years.
the salary your employer is offering doesn't compensate for the higher housing costs that you will have to pay
based on the quality of your current situation I would tell your employer that whilst you would love to relocate that the financial burden would be to difficult and that you are reluctantly having to decline their proposition
I read somewhere that average salary in Cary / Morrisville is around $100k which reflects the housing cost
I am 43 years old, unmarried and no kids. I have an opportunity to transfer internally in my company. The position would be located in Research Triangle Park and would pay $43,000/year.
I currently live in Indiana. My job pays $37,000/year. I bought my townhouse brand new a few years ago for $155,000 and it is now valued about $160,000. It is 4 bedrooms (or 3 bedrooms + office) with 1650 square feet.
I have visited NC a few times and from what I can tell, townhouses with 4 bedrooms (or 3 bedrooms + office) with 1650 square feet that are under 10 years old will run $210,000+. There is no way to afford that on my salary.
I generally like very suburban areas near strip shopping centers and chain restaurants. Yes, I know most people think these neighborhoods are too cookie-cutter
Am I overlooking neighborhoods that I could afford?
Is the Raleigh metro area more of a place where all of the housing is targeted toward 2 income households?
I don't want to move from a modern townhouse with plenty of rooms for hobbies and guests into a rundown, cramped townhouse.
I am seriously considering backing out of the transfer at work.
Under your circumstances, I might suggest some of the townhouse communities in southern Durham. The area is close to one of the area's most popular malls and there are numerous grocery stores, strip malls, etc. nearby. It's not my thing (I prefer older urban neighborhoods) but there are lots of new developments going in in this area of Durham.
For instance, Beazer Homes is building Wynterfield, which has 3-4 bd, 2.5-3 ba townhomes with garage from $161,900, all the way down to no garage, 2 bd 2.5 ba townhouses that start from the $130s. It's in the northern part of southern Durham on NC 55 and is an easy (5-10 minutes) drive to RTP.
Most of the townhouse developments in southern Durham, particularly those that are right up against Streets at Southpoint (the big mall), will run into the $200s. But there are things in your price range out there. I'd also suggest looking at some of the communities off of MLK Jr. Pkwy. -- there are lots of townhouse communities there, particularly near the intersection of Fayetteville St., and that area is close to a SuperTarget, Sam's Club, and soon a Lowe's.
If you will consider older homes, there are opportunities around.
New 3 and 4 BR, 1650SF will be difficult at your price.
I don't think housing is specificly targeted at two income households. It's just that the market supports more expensive housing, land is expensive, and the business model is to make the best profit available.
If that best profit is to offer $150,000 3/4 br TH's, then you will see your product.
I think Bull City Rising had some excellent suggestions. I also highly recommend you engage a local realtor who can help you with your needs. There are many new townhome communitites popping up allthe time here in the triangle and since soem are so new they don't always pop up on searches in Realtor.com. A realtor would be very valuable to you since you have very specific needs and they could be your eyes and ears down here and send you listings via email tha meet your criteria.
I think you will be able to find a nice modern townhome in your price range, but you may need to reconsider the 4 bedrooms as a requirement. I think you will find many 3 bedrooms 2 to 2.5 baths with square footage in the area that you need. Getting soemthing with 4 bedroom in that range mauy be a bit tough.
Also keep in mind where you want to live. Again, BCR's suggestions were great since they provide you a great commute to RTP.
Well, I'll stick my neck out and ask what's probably an unpopular question around here: Are you 100% committed to buying over renting?
I ask because I make a little more than you, have no kids to support, yet I still rent because I know I couldn't afford much here. (Unless I lived way way out.)
Actually, the median salary in Cary is 60K which is one of the priciest markets in Wake county.
Although it would be a little challenging, I think if you look hard enough, you could find what you are looking for and be able to afford it. The further out from RTP you go, the lower the prices are generally. I bought a house in Fuquay Varina for 152K that has 4 brs and is 1850 sq ft. That was two years ago but you could find something in other towns here in that range. Try Durham, Knightdale, Garner, Clayton, Willow springs, and Wendell.
You really should come and visit and see all the different areas and towns. You may like one so much that you would be willing to sacrifice something to afford a home in an area you love. For example, maybe being able to walk to a park or shopping is worth giving up a bedroom for?
This area is great and I feel there are opportunities here for just about everyone. The quality of life is wonderful as is the climate. It's definitely worth considering and it sure doesn't hurt to look! Personally, I'm an opportunist and would go for it.
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