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So I see a lot of 1 bedroom apartments in nice neighborhoods for about 1800 a month.... but that made me realize it would be a waste to spend 1800 for rent when i can pay less with a townhouse condo or single family in a suburban area.. so what should I do? i turn 20 very soon and plan on moving out but am undecided on what i should get
Not really an expert in this department and I don't know what your finances look like, but I'd just say that you should be cautious in this real estate market buying out in the suburbs just so because you can afford to. The DC area in general is quite pricey, but many distant suburbs are losing home value as people are getting sick of traffic and distance and moving closer in, if not into DC itself. That's part of why DC rents are among the highest in the country and neighborhoods are rapidly changing to welcome gentrifiers. So while these suburbs may be within your reach, you may be looking at a decreasing home value and lost investment when you resell. Also, at age 20, is your life sedentary enough to support hunkering down in a bought home? Just an honest question, I'm 24 living in DC and like many of my friends here I'm still very transient at this age (new jobs, new cities, grad school).
So all in all I don't know how much you can afford to buy, but just be cautious. DC neighborhoods are expensive/distant suburbs are much cheaper for a reason.
I really doubt at age 20 that it would be a better idea for you to buy. Are you in college? You may have to move to find the perfect job after you graduate or go to grad school elsewhere. You also may find a perfect job on the other side of the region and be stuck with a long commute whereas if you rent you could just move closer to work. Maybe you'll meet a girl and she has to move away (or your current GF...).
In other words, the big advantage of renting over buying is that it's easy to move. At 20, I doubt you know enough about your future and future wants to really commit to staying in this area (or any area) long term.
First thing banks and your realtor looks at is if you've been working at a good paying job for at least 2 years. I don't know your circumstances but at 20 years of age, you may be too young and that may be a turn off for them. I'd wait a few years, build up some money and then buy.
Don't buy. You will regret it. See other thread about this...I think its called rent vs. buy or something similar.
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