Renting near Chanitilly? Husband interviewing for a job there. (Roanoke: sales, real estate)

[Danimarie]

Originally Posted by Middlin

A basic rule of thumb is that your rent/mortgage should not exceed 25% of wages. This number has been pushed by mortgage companies and rental offices to as high as 35%, but IMO that isn't realistic for most families. If you had to pay the mortgage and rent on that salary, you would be at 41%. Too me, that is a recipe for financial disaster.

So, I see what you're saying. My only thought is - though I'd have to compare taxes - just looking at the gross, I am left with more money after paying rent and mortgage than after mortgage in Montana. Or does that not matter?

[Middlin]

No, it doesn't matter. If you go to an apartment complex and they know you are paying your mortgage and then add the rent on a apartment, you simply won't qualify. I don't know how extensive their financial checking goes.

[Danimarie]

OK, thanks.

[ghett61]

Depends on the apartment complex. I moved up here and have a mortgage on a home I am trying to sell. I am at roughly 42% and I am doing fine. The apartment complex didn't blink and eye. I easily qualified. That being said its only my wife and I so our overall expenses are less.

[snoie]

Originally Posted by Middlin

A basic rule of thumb is that your rent/mortgage should not exceed 25% of wages. This number has been pushed by mortgage companies and rental offices to as high as 35%, but IMO that isn't realistic for most families. If you had to pay the mortgage and rent on that salary, you would be at 41%. Too me, that is a recipe for financial disaster.

I agree with this - be careful. We put about 35% of our wages into our mortgage, could be more, I can't remember fully. After all our other bills, I feel like I'm barely putting anything way (I'm really not..). Our bills are higher than normal though, as we have different requirements at home that we need vs standard people. We don't have kids though - just two dogs, but I feel the strain. Considering we are only 2 years out of college, we are doing all we can to stay on top.

[Danimarie]

Originally Posted by ghett61

Depends on the apartment complex. I moved up here and have a mortgage on a home I am trying to sell. I am at roughly 42% and I am doing fine. The apartment complex didn't blink and eye. I easily qualified. That being said its only my wife and I so our overall expenses are less.

Good to know. I know another person that lives there that has a family of 4 and making $4000 a month with $1300 rent. So, that'd put them making less than I expect my husband to be offered minimum even if I include our mortgage. I really feel we could make it as we aren't big spenders. My kids really don't seem to cost me much money. I shop thrift stores and clearance for clothes and use cloth diapers. They don't eat a ton, so for now I don't see them as that big of an expense.

(For reference - my kids are 4, 2 and due in May.)

[michgc]

Do you have a written budget where you live now - something like:

Mortgage: 800
Utilities: xxx
Food: xxx
Gasoline: xxx
Car Payment: xxx
Car Ins.: xxx
Health Ins.: xxx
Clothing: xxx
Gifts: xxx
Travel: xxx

If so, then figure out what your other expenses add up to. And we can help you estimate what a comparable bill would be here. For example, car insurance may be $500 per year in MT, but may be $800 here. You can probably call your company and ask them based on zip code. Food may cost more here, but it may cost less. Utilities here may be more - less heating in winter but more AC in summer. I think you need to write up a realistic list of your expenses to see if you can afford it, but of course, you need to know salary first.

Selling your house or possibly renting it out would be a big help, obviously. And whether or not you have other debt may count toward whether you can rent a place.

[michgc]

That's why I think it might be possible. It sounds like you are frugal as many homeschoolers are. I cloth diapered, too; it's a great savings (and good for the environment). I shop thrift stores as well. My brother who is a financial planner is always amazed on how little we live on. We don't do the latest and greatest things and try not to be influenced by the Joneses.

But you do have to be realistic about the expenses. And of course kids tend to cost more as they grow up. Hopefully, your husband's salary will go up, too. And him having good benefits would be a great help.

Originally Posted by Danimarie

Good to know. I know another person that lives there that has a family of 4 and making $4000 a month with $1300 rent. So, that'd put them making less than I expect my husband to be offered minimum even if I include our mortgage. I really feel we could make it as we aren't big spenders. My kids really don't seem to cost me much money. I shop thrift stores and clearance for clothes and use cloth diapers. They don't eat a ton, so for now I don't see them as that big of an expense.

(For reference - my kids are 4, 2 and due in May.)

[Danimarie]

michgc:

Thanks. I'll get to work on the budget this weekend. I know my husband has something written up but I don't know where it is and it may need some editing.
The benefits package looked really good - it's listed online. Health and dental insurance included, semi-flexible hours, retirement, tuition reimbursement etc...

[HereinVA]

Originally Posted by michgc

That's why I think it might be possible. It sounds like you are frugal as many homeschoolers are. I cloth diapered, too; it's a great savings (and good for the environment). I shop thrift stores as well. My brother who is a financial planner is always amazed on how little we live on. We don't do the latest and greatest things and try not to be influenced by the Joneses.

But you do have to be realistic about the expenses. And of course kids tend to cost more as they grow up. Hopefully, your husband's salary will go up, too. And him having good benefits would be a great help.

Kids really do get more expensive as they get older. I remember how "inexpensive" my kids were when they were 4,2 and newborn
I also cloth diapered, breastfed, bought some clothing at 2nd hand stores, the older "solid eating ones" didn't eat much, etc.

Now my kids are 10, 9, 6, and 4 and cost us a fortune! It's a lot harder to do hand-me downs/2nd hand stores for older kids because they (especially boys, which all 4 of mine are!) are so much rougher on their clothes than younger ones are.
I find I often need to double recipes when I cook because I'm essentially cooking for 3+ "men", so my food bill has gone way up!

We don't vacation often, but when we do it's a lot more expensive...when they were smaller, we could pile 3 of them into one bed in the hotel or bring a long a pack n play, so just a regular hotel room could accomodate us. Now that they are to big for that, we have to get a 2nd hotel room or a suite with 2 bedrooms or camp in a tent.

The positive is there are a lot of free or inexpensive family friendly activities here in Nothern VA/DC that will help with your entertainment budget. Our best purchase each year is our $80 National park pass. It will get you and your family free admission to any of the National Parks, and here in the Nova area there are a lot--Manassas Battlefields, Shenandoah National Park, Prince William Forest, Great Falls...Visiting National Parks can be very useful in your homeschooling as well