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Old 06-06-2014, 02:13 AM
 
1,162 posts, read 2,062,031 times
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Reasonable?

It's all relative.

There are many households paying far more than $4,000 a month in mortgage payments in the DC area. Chevy Chase, Bethesda, NW DC, Georgetown, Great Falls, Potomac, McLean... where houses in the multiple millions are normal.

DC is an expensive town and is likely to remain expensive for the foreseeable future.

Even in other cities, including the low-cost midwest and South, $4,000 isn't unrealistic depending on the type of house/neighborhood.

You should be asking if the asking price of the house is reasonable for the immediate area (not relative to the rest of DC.

As it is, if the house is in Wheaton or near Wheaton, you are in the unfashionable part of Montgomery County. If there's another crash in property prices, your house will depreciate more quickly than in Bethesda/Chevy Chase. And you won't see the appreciation levels the popular areas see. The upside is that you are getting more house for your money in that part of Montgomery County. As with everything there's a tradeoff.

Quote:
Originally Posted by usermp10 View Post
Hi everyone,

I am considering purchasing a house in Silver Spring, MD at the Poplar Run community. It will be a brand new home. Our mortgage payment will be closer to $4000. Is it reasonable to have that payment in the DC metro area? $4000 seems pretty high to me, however if it is worth it, we are going for it.
Will this house at Silver Spring appreciate in the future? 8-10 years from now? Or is it better to pay the same mortgage at a location with better schools? Although $4000 seems a lot, I still can't afford Bethesda, but something in between?
I appreciate any advice. Thanks!
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Old 06-06-2014, 09:33 AM
 
Location: East Coast of the United States
19,027 posts, read 20,902,031 times
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BTW, if the OP is that concerned about schools, I will say that there are ways to get your children transferred to schools in other districts if you can show some kind of "hardship." Loopholes exist in every system. You might have to fight for it, but it can be done.

Contact the Montgomery County Board of Education about it.
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Old 06-06-2014, 04:00 PM
 
580 posts, read 638,225 times
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We pay $4500 a month in Ellicott City in Howard County. It's an escrowed account, so our $12k/year property tax is rolled into that.

Would see what % of your gross, net income that $4k is. The DMV is an expensive place to live; if you have kids, like luxury cars, like dropping $200-$300 dollars a meal at high end restaurants or for a dress or jeans at Tysons, make sure you make enough to be able to support your lifestyle in addition to be able to max your 401K/Roth, 529 plans, etc. as well as that mortgage payment.

For future appreciation; look how close your place would be to the Purple Line; would bet a place within biking distance of a Purple Line stop will appreciate in the future.
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Old 06-07-2014, 05:42 AM
 
Location: Baltimore
1,759 posts, read 4,560,901 times
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i work for a competitor just FYI. Winchester/ Everson builds a really nice product but they do very large projects so it's very likely to take them 10 years to sell out. Cabin Branch next to Clarksburg and Lansdowne are two good examples.
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Old 06-09-2014, 06:47 AM
 
581 posts, read 1,021,001 times
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I think if you have to ask the question, then you probably shouldn't.
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Old 06-09-2014, 07:11 AM
 
Location: East Coast of the United States
19,027 posts, read 20,902,031 times
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As a rule of thumb, your annual household income should be 40 times your monthly mortgage payment.

In this case, $4000 x 40 = $160,000 per year

This also means that your monthly mortgage payment is 30% of your monthly income. So, it works out both ways.
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Old 06-10-2014, 01:00 PM
 
204 posts, read 356,987 times
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the ole mighty american dream!! holy cow is right!!!! 4k a month! geeze...working to live..scary add on top of that utilities FOOD, gas, cable...etc etc etc..I would say if you have a really high paying job..go for it..I guess..at my age I wouldn't want to strap myself with that kind of debt. I agree no one knows what the future will bring.but we have houses here on the shore that people bought (most of them from the western shore mind you) for that price and now most of the neighborhood is for sale and you can get the same house for about 250K...good luck to you..most be a damn great place to live..come with a club house? pool? golf course?
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Old 06-11-2014, 07:06 AM
 
Location: between three Great Lakes.
1,978 posts, read 2,151,920 times
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kbug3, at that price the house had better come with helipad and a new Vespa 250 in the garage.
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Old 06-11-2014, 08:25 AM
 
Location: East Coast of the United States
19,027 posts, read 20,902,031 times
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Quote:
Originally Posted by kbug3 View Post
the ole mighty american dream!! holy cow is right!!!! 4k a month! geeze...working to live..scary add on top of that utilities FOOD, gas, cable...etc etc etc..I would say if you have a really high paying job..go for it..I guess..at my age I wouldn't want to strap myself with that kind of debt. I agree no one knows what the future will bring.but we have houses here on the shore that people bought (most of them from the western shore mind you) for that price and now most of the neighborhood is for sale and you can get the same house for about 250K...good luck to you..most be a damn great place to live..come with a club house? pool? golf course?
In this era of the internet, it should be rather easy for people to find information about the socioeconomics of an area. This information is freely available at your fingertips. Therefore, people should not be this surprised.

For example, check out this map and article. It shows you in detail the wealth breakdown of different places. The yellow areas are the richest and most educated 5% in the U.S. Just enter your zip code and see how it compares:

Washington: A world apart | The Washington Post
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Old 06-11-2014, 11:00 AM
 
Location: between three Great Lakes.
1,978 posts, read 2,151,920 times
Reputation: 6905
^ cool website!
Yeah, I see where we compare, all right.
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