Living on 120K family of 3. Doable?? (Alexandria, Reston: to rent, mortgage, how much)

[LIG3204]

We're moving to NOVA or MD in a few months, and until I find a job, we will be on 120k per year. My husband said we will be totally fine; I think we'll be totally tight.

What area can we afford around NOVA/Bethesda area?

TIA

[Deluusions]

Bethesda is too expensive for you. That's a very rich area, that's very unrealistic. You should be fine if you live in other areas that are not like Bethesda.

Look into Alexandria, silver spring, and Germantown.

[Bigfoot424]

Where will the job be? That makes a difference. Moving outside the beltway is something you should really consider. Generally the further you move outside the beltway the cheaper housing will be.

[Vectorhead]

We would need more information to give a definite reply, but if you're not loaded down with debt then $120,000 is perfectly adequate for a family of 3 in NOVA (can't speak to Bethesda). It sounds like you'll be looking for a job too, but if you pick a place you can afford on just one salary then you should be in good shape. You certainly shouldn't be limited to the very least expensive areas, either.

Where will your husband be working? That should be your primary consideration when you're deciding where to look. Are you open to renting for a while? That would especially be a good idea if you're looking for a job. That way you'll be able to relocate if you find a job that's not close to where you first settle.

[LIG3204]

Originally Posted by Vectorhead

We would need more information to give a definite reply, but if you're not loaded down with debt then $120,000 is perfectly adequate for a family of 3 in NOVA (can't speak to Bethesda). It sounds like you'll be looking for a job too, but if you pick a place you can afford on just one salary then you should be in good shape. You certainly shouldn't be limited to the very least expensive areas, either.

Where will your husband be working? That should be your primary consideration when you're deciding where to look. Are you open to renting for a while? That would especially be a good idea if you're looking for a job. That way you'll be able to relocate if you find a job that's not close to where you first settle.

Thank you for your replies!!

My husband will be working in Bethesda and we prefer planning on one salary just in case.

We have 0 debt.

We could rent, but rather settle and not switch our kid to a new school.

I saw Reston Lake something. Is this a nice area? It seems to be just 30 min from Bethesda.

Looking forward to moving in the DC area.

[Germany2DC]

Just to piggy-back on this post. What are some thoughts on a family of four living on one income of 103,000 and zero debt? Will be working in downtown DC.

[blindside]

Don't spend more than 25% of your take home on housing (15 yr mortgage or total rent) and you should be OK. I've lived in many areas of the country (with variable costs of living) and I've found this formula to work quite well.

[LIG3204]

Originally Posted by blindside

Don't spend more than 25% of your take home on housing (15 yr mortgage or total rent) and you should be OK. I've lived in many areas of the country (with variable costs of living) and I've found this formula to work quite well.

Great advise!

[Vectorhead]

Originally Posted by LIG3204

Thank you for your replies!!


I saw Reston Lake something. Is this a nice area? It seems to be just 30 min from Bethesda.

I think Reston to Bethesda would be pretty awful. The general rule of thumb is to take the mileage between two points and double or triple it to get the typical commute time at rush hour.

In general, it's not the greatest idea to rely too heavily on advice from other people about what you can afford based on your annual income. What really matters is how you like to live. A family that eats out once a month can afford more than a family that eats out 2 or 3 times a week. A family that loves to watch movies on TV on weekends can afford more than a family that loves to spend winter weekends skiing and summers at the beach. Some people are thrilled to be moving to an area with outstanding public schools (and NOVA definitely qualifies in that regard) but some people want their kids in private schools.

So sure, it doesn't hurt at all to listen to general advice about what percentage of your income MAX should go to housing. But you need to look at what you're making now, how much of that is available to you after you pay whatever you pay now for housing, and how you spend that money. No one can really help with that process. Once you've really analyzed what you spend your money on, and placed priorities on that spending, THEN you can decide for yourself what you would feel comfortable paying for mortgage or rent. And when you're deciding that, you need to realize that around here, you also have to take commuting costs into account -- they are effectively part and parcel of your basic living expenses. The further out you live, the cheaper the housing and the more expensive your commute. It's a balancing act!

[Panu16]

Will you be renting or buying? Is your husband's job Metro accessible?