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Do you know how much it costs to live in Washington, DC?
With historically low interest rates, a $450,000 house is a much better bargain than almost anything you can find in Washington, DC (especially Capitol Hill). With a 3.25% interest rate and 10% down, you're looking at a payment of roughly $2,100 to $2,200 (DC has lower property taxes than its surrounding jurisdictions). You could easily pay close to that living in a one-bedroom apartment in many parts of DC. And you don't get the benefit of a tax deduction when living in that apartment. The first five years of your mortgage is almost pure interest.
If you can't swing a $2,100 payment, then you will have problems living anywhere in the area besides the exurbs and run down apartment complexes in immigrant neighborhoods in Virginia or Prince George's County.
Again, the only problem is that 450k won't get you an even somewhat OK location. Isn't somewhere in Trinidad of all places going for right under $1m? If you even want Metro access, you're looking at more like 650+.
$450k will get you into a location that might be okay in the future. If the area is already somewhat ok, the market has already left you in the dust in this city.
If you can't swing a $2,100 payment, then you will have problems living anywhere in the area besides the exurbs and run down apartment complexes in immigrant neighborhoods in Virginia or Prince George's County.
By "exurb" , I take it you include Annandale, Landmark, Springfield, the Rte 1 corridor in southeast fairfax, Burke, etc?
There are large areas of NoVa that are closer in than anything that most people would call an "exurb" where townhouses, and large apartments in older hirises, can be had for rents under 2100 a month. I can't speak to MoCo and PG, as I do not know the markets there well.
And note, those rents are for units in good condition. Often units built in the 1980s. Occasionally newer, or older renovated units.
the single TH in capital hill I found for 450k was NOT renovated. I did not look closely enough to see what the main needs were, if it needed major systems etc. But I note that fully renovated THs in that area typically list for at least 550k, and usually 600k or more. Which is a lot more affordable than the million bucks mentioned in another post, but is quite a bit more than 450k.
Do you know how much it costs to live in Washington, DC?
With historically low interest rates, a $450,000 house is a much better bargain than almost anything you can find in Washington, DC (especially Capitol Hill). With a 3.25% interest rate and 10% down, you're looking at a payment of roughly $2,100 to $2,200 (DC has lower property taxes than its surrounding jurisdictions). You could easily pay close to that living in a one-bedroom apartment in many parts of DC. And you don't get the benefit of a tax deduction when living in that apartment. The first five years of your mortgage is almost pure interest.
If you can't swing a $2,100 payment, then you will have problems living anywhere in the area besides the exurbs and run down apartment complexes in immigrant neighborhoods in Virginia or Prince George's County.
Sure, but a 3.25% interest rate are still hard to come by.
most district residents won't survive long term if every place to live is going to be this sky high. it's outrageous. wth are people working for? to give all their money back to the man?
^^ That is NOT pleasing to the eye. The only way an area like that is going to attract yuppies is if they literally tear down all the existing housing and build modern rowhomes that are suitable to a hill.. use the SF model.
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The first five years of your mortgage is almost pure interest.
