Is it $4000 mortgage payment too high for a house in DC-MD-VA area? (Silver Spring: 2013, how much)

[usermp10]

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!

[goldenage1]

Originally Posted by usermp10

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 wish you well, but nobody can predict 8-10 years in the future. We used to live in Wheaton, and our house appreciated nicely between 1982 and 2013, but I could not say that will continue.

I also have some concerns about the schools assigned to Poplar Run. I would suggest looking at some smaller and older houses in better school districts, perhaps Olney.

You don't have to discuss your income here, but ask yourself whether your jobs are secure enough to support the mortgage payment. How long would you last if one or both partners lost their income?

[DaveinMtAiry]

Where is Poplar Run? Damn that's a big monthly check. With that said I have to believe this is a great time to buy, prices are still down here.

[DomRep]

Originally Posted by DaveinMtAiry

Where is Poplar Run? Damn that's a big monthly check. With that said I have to believe this is a great time to buy, prices are still down here.

If it's the community I'm thinking about, it's about a 5 minute drive from the Glenmont metro. It's a brand new development. I think if you're already spending close to half a mil on a home, there will be little appreciation, but that's just my two cents.

[MidValleyDad]

The question isn't whether the amount is reasonable in the area but whether you can afford the payment

[BigCityDreamer]

Originally Posted by usermp10

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!

I was paying $4800, but I recently got a mortgage modification. My payment has been knocked down to $3000. What you pay depends on your mortgage balance and interest rate, of course.

Use this tool to learn about your public school options:

http://gis.mcpsmd.org/SchoolAssignme...essInput.xhtml

There are of course lot of other options for non-public schools if you're willing to pay for them.

[cjmeck]

Its an expensive area, there is no doubt about it. What does your realtor say about the value of that community compared to existing homes? Nobody, nobody, nobody can guarantee *any* appreciation. But homes in good school districts tend to resell easier. Just take a look at all your options with your realtor and if the new home is still the winner and you are comfortable with that payment, then you'll find peace with your decision. Good luck!

[goldenage1]

You also should not be making a mortgage payment so large that it prevents you from saving for anything else like your kids' education or your own retirement.

[Zenstyle]

Ho-ly cow. I can't fathom a mortgage payment of four grand per month.
(Ours is $685 per, but then we don't live in the North East.)

Surely there are more reasonably priced houses in your desired area. Keep looking, for the sake of my blood pressure.

[King_of_DC]

Originally Posted by usermp10

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!

Go hang out in the economics section of this site... sounds like you need to learn some basics first....

And no one can really answer since we don't know the house and don't know how much money you make and what other income/expenses you have. Heck, if you can afford 6000 payment per month, but only get one for 4000, then you are doing great... if the house is in a great location.