How expensive is it to live in NoVa? (real estate, condos)

[FindingZen]

Originally Posted by doubled8206

We would be making well over 100k with our incomes. We don't need an expensive house but now idk what you can buy houses for in PWC or fairfax. Can you get houses in the area for 250k?

While we would hope that your fiancé would be able to find a job quickly - and depending on her line of work, it may be slightly easier here than in many other metros - it's probably best to assume that your confirmed job will be bringing in the income for the time being.

It may also be better to rent than buy until you know where your fiancé will be working. Nonetheless...as I said back in post #20, $250K would likely rate a nicer 1BR condo in much of Prince William County. A TH would be a stretch. Any SFH within that range would likely be a short sale/foreclosure or located in a challenged neighborhood. The situation would not improve in Fairfax County or any points north or northeast.

EDIT: I defer to kww and spencgr who shared actual knowledge and research as opposed to my layperson's opinion.

[spleuchan]

You'd have to travel pretty far from here to get a median income of $50k. According to Top 100 counties - Median household income, 2011 , 2011 median household income is:

Loudoun VA 119,134
Fairfax VA 105,797
Arlington VA 100,735
Prince William VA 95,146
Fauquier VA 93,762
Stafford VA 91,348
Alexandria city VA 82,748
Spotsylvania VA 76,475

[doubled8206]

50k wouldn't be our median income. 50k is just my starting salary and increases significantly with time. Just wondering what I could afford or not. I wouldn't mind at all living in a nice tow home if need be

[kww]

Originally Posted by doubled8206

50k wouldn't be our median income. 50k is just my starting salary and increases significantly with time. Just wondering what I could afford or not. I wouldn't mind at all living in a nice tow home if need be

if you are looking to purchase right out the gate, you'd need to align with a lender to confirm your purchasing power...

I see 54 detached homes in all of PWC (for sale). Narrow that down to fifteen if you desire atleast 1.5 baths or more

plenty of townhomes with the same minimum criteria (1.5 baths atleast, no higher than $250,000)

if looking to rent, you should have no issue with your income (assuming your credit history is in good standing etc)

[BT Lover]

Have you tried a cost of living calculator? Just google one, because I don't think I can post the link. Realize that although you may be getting a pay increase, you might not really be getting a pay increase, but rather a cost of living increase, if that. It can't hurt to call your insurance company with hypotheticals to see what you would be paying, and figure out how much your car registration, taxes would increase with the move (they will most likely increase). I found that to be the most valuable thing to do when we were looking at if the move was worth it or not. I don't think most moves here are going to be very lucrative. Visit the area as well, during the week to get a taste of the commute you will experience and the areas that you may want to live in.

No, you don't need to have a six figure income to move here and rent, but you pretty much need that to buy a house.

[stpickrell]

I would rent until your fiancé gets a job.

[NovaOne]

Originally Posted by doubled8206

50k wouldn't be our median income. 50k is just my starting salary and increases significantly with time. Just wondering what I could afford or not. I wouldn't mind at all living in a nice tow home if need be

Regardless of what your significant future salary increases will be, the fact is your total income right now is only $50k a year, which is half of the median income for the area. I suggest that you guys rent a studio apartment for now while you get familiar with the area. I say this because 1) your questions are pretty basic and it shows that 2) you have not done even the most basic research as to housing costs in the area.

You are not going to be able to "live in a nice tow(n) home" on $50k, I guarantee you that. Anything that remotely resembles a nice town home would be in the $300k range at a minimum.

Again, don't count your chickens before they hatch. You can certainly make plans for when your income increases dramatically in the future, but don't commit yourself to financial burdens that you are ill equipped to carry with your current income.

[dmv101010]

50k wouldn't be our median income. 50k is just my starting salary and increases significantly with time. Just wondering what I could afford or not. I wouldn't mind at all living in a nice tow home if need be

let me know where you find that nice townhome! thanks for the chuckle.

[HokieFan]

Originally Posted by dmv101010

50k wouldn't be our median income. 50k is just my starting salary and increases significantly with time. Just wondering what I could afford or not. I wouldn't mind at all living in a nice tow home if need be

let me know where you find that nice townhome! thanks for the chuckle.

Why is that chuckle worthy?

[spleuchan]

Originally Posted by NovaOne

Regardless of what your significant future salary increases will be, the fact is your total income right now is only $50k a year, which is half of the median income for the area. I suggest that you guys rent a studio apartment for now while you get familiar with the area. I say this because 1) your questions are pretty basic and it shows that 2) you have not done even the most basic research as to housing costs in the area.

You are not going to be able to "live in a nice tow(n) home" on $50k, I guarantee you that. Anything that remotely resembles a nice town home would be in the $300k range at a minimum.

Again, don't count your chickens before they hatch. You can certainly make plans for when your income increases dramatically in the future, but don't commit yourself to financial burdens that you are ill equipped to carry with your current income.

If you are very frugal and don't have much expenses, with an income of $50k and know your income will increase, you can afford around a $200K house. My first house was a townhouse I bought for $180K when my income was in the mid 40s and interest rates were higher than they are now. I knew my income was going to increase fast in the next few years. In eastern PWC, you can buy a townhouse for around $200K. Without having kids in school, it opens up more possibilities.

Its amazing. The more money you make, the more you spend and sometimes its hard to remember that you used to live with less money. Most people, no matter where they are in life think, if I only made an extra 10 or 20 thousand a year, I'd be set. Then when they are making the extra 10 or 20, they wish if they only made 10 or 20 more than that.

With that said, if I were new to the area, I'd rent for a year or two and make sure I like my job/area.