Income

[bavariantransplant]

Originally Posted by CAVA1990

I'm guessing you'd be spending around $10K/month+/-:

Housing- $3,500 (mortgage, upkeep, HOA, utilities)
Transportation - $1,000 (fuel, insurance, depreciation, taxes, interest, maintenance)
Groceries - $1,200 (food, supplies, dining out, incidentals)
Clothing - $250 (purchase and cleaning)
Child Care and Education - $1,000 (day care, summer camps, school lunches and supplies)
Entertainment - $400 (movies, vacations)
Charity - $100 (tithes, school fund drives, panhandlers)
Debt - $1,500
Savings - $1,000 (college, weddings, medical, rainy day, retirement)

The budget is pretty close for us, thanks for taking the time. I agree 10k/month +/- is accurate.

Our household income will be more then 120k, if I were to move to DC it would be 170-180k for household income. I was using 120k because that is what the median income was for the area. I was trying to determine what the average family household income is for the area. I think financially with our income we can make it but our income wont be too much less in Tampa (which is our other relocation choice) so again, financially it makes more sense to go to Tampa but the reason why I return to the NoVA forum is because there are more to decision making then finances.

[bavariantransplant]

Originally Posted by JfromReston

Strange because it works in my post on another thread

//www.city-data.com/forum/north...l#post29271615

It didnt work for me either but I went to the second link you posted to the blank spreadsheet. Thanks for posting it, very nice worksheet, I have been working on it to see how everything washes out.

[Nancy in Nokomis]

Wow - 3,000 square foot? Why do you need such a big home? Not meant to me nasty, just wondering?

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Originally Posted by Fairfax Mom

Wow - 3,000 square foot? Why do you need such a big home? Not meant to me nasty, just wondering?

You write that like I will be living in the Taj Mahal? How small should a 4 (or 5 bedroom) be? Would I have dulled the shock and awe if I said 2700 sqft?

I made my post to inquire the feasibility of what we want, not a critique of our wants.

[lqda4]

With level of income in the range of $150K+ you will be ok. As someone else has mentioned, it depends on cash for mortgage down payment - if you can make a sizable down, you should have no problem living comfortably. You might be more comfortable in Tampa, but I'd think DC area would give you a broader networking base for the next career moves. I would also think properties in DC would also hold value better (as painful as it is) if you decide to move again.

(you don't have to tell me but I think I have a good idea of whom you work for, considering your choices and where you came from :-) )

[CAVA1990]

Originally Posted by Fairfax Mom

Wow - 3,000 square foot? Why do you need such a big home? Not meant to me nasty, just wondering?

Are there any SFHs in Ashburn or anywhere else built since the 80s that are smaller than that? I'm not sure it would even be possible to buy one.

[bavariantransplant]

Originally Posted by CAVA1990

Are there any SFHs in Ashburn or anywhere else built since the 80s that are smaller than that? I'm not sure it would even be possible to buy one.

I agree, most 4 bedroom new homes are at minimum 2500-2700, we just found that 4 bedrooms under 3000 normally have rooms that are a bit small for furniture. I understand some people may not have much furniture but I have full furniture for each room including bedroom sets.

I rounded up on my debts to 1500 because I like to have a cushion, with our household income our credit union approved us for a VA home loan (doesn't require money down) up to 780k. I personally don't feel comfortable at that level and have capped my home search in NoVA to 600k trying to target 550k. I dont plan on putting a whole lot down, with rates so low plus I am more from the camp that I want the available funds in savings (etc,) then committed to a mortgage, just the way I was raised I guess.

The entire purpose of this thread was for me to get some peace of mind of how well I fit into the framework of the rest of the families who lived in master planned communities in Ashburn, in a 3000sqft+ palace with 2-4 kids and a dog.

I really appreciate all the feedback. Unfortunately my visit this summer will be short, only 1 full day, I plan to spend it immersed in Ashburn area looking at what I can buy or build for 500-600k, keeping one eye on traffic and the other on day care centers.

As far as my other choice being Tampa, it is and in many ways both are extremes from one another. Of course DC will offer so much growth potential and more exciting job details compared to a Novocaine shot to the head for my work details in Tampa. However, Tampa is a much more easy going city which I will be on the high end of the income scale making easier access to nice things and more time with family. I am certain I will wrestle with this until the day my employer demands to know where I am returning to from overseas.

Again, thanks.