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I bought my first townhouse in the Nothern VA area when I was single and 24 years old. And I was just making a starting engineer's salary (well, after 2 years of working) and had come here with almost no savings. It can be done, and still can be done, even though this was some time ago. No, you can't buy a huge single family home when starting out, but you can buy a nice townhouse.
I just bought my new house, on only my salary - my wife who I recently married does not work. I'm only renting out my townhouse, so that is the only income I'm getting - I did not sell it and take profit from it to buy new house.
I'm just giving this as one case where it is indeed possible to start out young, buy a townhouse if you are so inclined (it is not for everyone by any stretch of imagination) and then move up to SFH on one salary (granted, an engineer's salary and savings developed over the years) if you are so inclined. Not within eveyone's means, but not out of everyone's means either.
Washington area prices are NOT that inflated anymore compared to other areas, after big drop since 3 years ago. 3 years ago very inflated, not so much anymore.
I rented in not so glitzy areas and shared with roommates (one of which, is now my husband). My (then) boyfriend and I scrimped and saved for about 8 years and we were able to buy a house in '97 for a bit under 200K. A couple of years later we got married, had two children and I'm now a stay at home mom.
Over the years, we have done a rehab on the entire house (roof, windows, siding, baths, kitchen, etc.). With everything recently updated, we'll be enjoying fairly low maintenance for a while. Which will be nice!
I see that once again all of the "you can't say anything negative about NoVA because everything's fine the way it is" cheerleaders are chiming on in. I have chosen a lucrative career path, and it's mind-boggling and mind-numbing to consider that even if I was earning $100,000 annually it would be very difficult, if not even impossible as I'm going to illustrate below in an example, to comfortably afford a home on my own (and to those implying I could always shack up with someone else to improve our incomes need I remind you that it is still illegal in states like Virginia for me to tie the knot, rendering this unfeasible to consider as an option, and what middle-aged person wants to have "roomies?") I WILL be somewhat of a squeaky wheel because it's ludicrous that someone who earns twice the national median household income should STILL have "issues" affording a typical home in an area. Justifying this by telling me "It's the same way in Coastal California and New York City so what's the big deal?" is also laughable because you can't for one second compare the gorgeous coastal bluffs of California or the pulse of Manhattan---unique qualities that can't be replicated anywhere for any price---to what you get in Fairfax County---more or less generic suburbia that in most cases can be found on the periphery of nearly any other major metropolitan area---only here it is at an inflated price compared to the others.
How many singles in NoVA earn high enough salaries to comfortably afford their own homes?
Let's, for argument's sake, assume that the typical price for a decent single-family home in many parts of NoVA is currently $425,000, which, judging by some of my perusals of a major real estate listing web site, is not unreasonable. Assuming a $50,000 down payment with a 30-year mortgage at a generous 7% interest rate I'd be paying roughly $3,100/month or $37,200/year. Now, assuming you're not supposed to be spending more than 1/3 of your take-home pay on housing to avoid being deemed "house-poor," I would need a take-home pay of $111,600, which would probably equate to somewhere around $140,000 when you add back in payroll deductions like health/life insurance/401k, etc. I will likely be earning that much if I stick to my career plans, but it won't be until I'm in my late-40s or early-50s. In other words, I'm expected to rent until I'm 50ish in order to live in NoVA? Even with a higher down payment it's likely interest rates will rise over the years anyways, off-setting any savings. It's not "normal" that a single person is expected to wait until their late-40s at the earliest to purchase a single-family home in most cases.
I see your argument. Yeah like it's already been mentioned there isn't much that one can do about it. The government can't order every seller in the area to lower their home prices its all about supply and demand.
The truth of the matter is that yes in Northern Virginia you do see more renters and fewer single home owners. It's that way in many large cities. Earlier and easier home ownership is just a nice benefit to living in smaller or rural places.
To say that one can't compare the excitement of Manhattan or the beach in California is both true and not true. Not everyone wants to be in NYC or LA. I mean people in LA don't spend all their time at the beach they have to get up and go to work in boring office buildings just like you and me. Also there is boring suburbia in those places too. Housing prices on Long Island are just as expensive if not more expensive than Fairfax county, along with suburban southern California or the suburbs of the Bay area. My point is that not everyone paying high housing prices is living the life fantastic. They deal with the day to day just like everyone else.
If you truly do not believe that a house is not worth the price then yes you should rent for now and move on to a more affordable city in a few years. At that time go ahead and buy. You shouldn't buy a house if you're planning to move soon anyways.
"(and to those implying I could always shack up with someone else to improve our incomes need I remind you that it is still illegal in states like Virginia for me to tie the knot, rendering this unfeasible to consider as an option, and what middle-aged person wants to have "roomies?")"
It is not unfeasible to own a home with another man in Virginia. In my opinion that's a great way to solidify a relationship when marriage is not an option. So if you meet a great guy why can't you own a home together?
I'm sorry but I just don't see homeownership as the be all that ends all. It's nice and it's certainly a goal of mine but I'm just glad to have a roof over my head period. Also who says you have to own a single family home? One can get just as much space in a townhouse or condo. Especially a townhouse. A yard is nice but it's a luxury not a neccesity. A neccesity is shelter for one and one's family that's it. Entitlement is what has gotten this country into its current troubles. For me the entitlement to have nice things and charge charge charge has gotten me in trouble. For other Americans the entitlement to home ownership has gotten them in trouble. We have to get away from all that. There's no shame in being a renter until you have enough downpayment and can afford the mortgage versus thinking that owning a home is a must.
Last edited by terrence81; 05-14-2009 at 02:15 AM..
I was one of those people and it was NOT because of the hispanic population, it was because of the illegals and the associated crime. And yes, there might not be gang violence but there IS crime in Herndon, no matter how much people say otherwise.
e.g. The condos that we used to rent at, have had 5 cars stolen from the parking garage within one month AND its a gated community . I guess you don't value people's advice at all or you just don't believe us and think we're all lying
Now I heard that the area to the west of World Gate around I think Alabama Ave or Drive or whatever was MS-13 territory. Yeah I have a friend back home who lived in a gated community who was robbed despite the burglar alarm. So I will say that crime can happen anywhere. This was a nice apartment complex as far from poverty as one could get and next to a golf course too.
You shouldn't buy a house if you're planning to move soon anyways.
Excellent point.
Quote:
Originally Posted by terrence81
It is not unfeasible to own a home with another man in Virginia. In my opinion that's a great way to solidify a relationship when marriage is not an option. So if you meet a great guy why can't you own a home together?
Also, a roommate does not have to be a man. There's a middle-aged gay guy down the street who shares his place with a woman, sort of a Will & Grace situation. It works well for them, and it makes sense to me to have a roommate you're not going to be sexually attracted to.
BTW, you might want to avoid saying things like "what middle-aged person wants to have "roomies?" You might end up offending someone you work with. Sharing rent is more common than you think, and besides sneering at other people's lifestyles is just not a smart thing to do.
Also, a roommate does not have to be a man. There's a middle-aged gay guy down the street who shares his place with a woman, sort of a Will & Grace situation. It works well for them, and it makes sense to me to have a roommate you're not going to be sexually attracted to.
BTW, you might want to avoid saying things like "what middle-aged person wants to have "roomies?" You might end up offending someone you work with. Sharing rent is more common than you think, and besides sneering at other people's lifestyles is just not a smart thing to do.
Now I will say that some people don't like living alone. I had an ex that had a roommate just because he hated being by himself not because he couldn't afford a one bedroom so that's certainly a point.
Although the counterpoint could be that most not neccesarily all single people want to live alone. And that counterpoint is that we still should be mindful of blanket statements.
Now I will say that some people don't like living alone. I had an ex that had a roommate just because he hated being by himself not because he couldn't afford a one bedroom so that's certainly a point.
I was like that when I was single. I had a few apartments on my own, mostly because I moved around the country quite a bit and didn't know anyone when I'd first arrive in town.
It was ok having my own place, but I'd get bored and usually go out every night. Watching tv by yourself is lonesome, watching with your roommates is fun. We used to sit up every night making popcorn and watching Letterman and old reruns--great memories, but watching late night reruns is something I never do when I'm alone.
Plus, having roommates meant it was easier to have someone to go places with on those days you want to make spontaneous plans. But everyone's different. If Scran doesn't want a roommate, who am I to judge?
Oh boy. Figured I'd chime in. Yes yes yes the cost of living is high. There's no escaping that. Like I mentioned there are other options one doesn't have to have the $600K house. There's the foreclosure route which looks attractive to me once I pay off my credit cards. The single family house is a LUXURY not a neccesity and just as much space can be obtained in a townhouse.
Also this isn't the only area that's outrageously expensive. There's New York, San Francisco, Honolulu, Miami, Boston and San Diego to name a few. Then you have places that aren't as expensive when compared to DC and NYC but some complain that their money still doesn't go far like Baltimore or Philadelphia. The DC area is, I think, number 9 in cost of living so it could be worse. Of course 9 out of what 300 something metropolitan areas is still pretty high but not the highest. That just comes with living in a large in-demand city. This isn't even a unique American problem any time you're moving to a large city anywhere in the world there's a high cost of living compared to surrounding smaller cities. While Fairfax county is not the city life we're still in DCs orbit evidenced by the horrible traffic and cost of living.
I don't know, I think in the end just make due and keep a roof over your head. I know that with the cost of living that home ownership is out of the question. However I have a roof over my head. So if you can't afford a single family house here that sucks, but having a house is not the be all that ends all.
You left out California for a very high cost of living. Our sales tax is now 9.25% and city, water, utilities are going up in Pasadea, CA where I live.
With a grandchild in Haymarket, at times it seems an idea to move to N. VA. However, even though the houses are cheaper, I'd be at retirement with only social security, and a small pension. So, I'm trying to put away all the grand ideas of a patio and yard --- and look at apartments in Middleberg, Haymarket and Aldie. Even though I have a 1925 Spanish home with a lovely yard, patio and garden, I can't afford it when I retire.
Where does one go to live economically and, at the same time, be with family? It's not about finding the cheapest city/state for me.
Therefore, your statement about a roof over one's head seems very appropriate. All the usual aesthetic dreams I have of a a home are really the dreams I had as a young woman. Right now, I have 900 square feet to clean, which is easy. In fact, my one bedroom house is perfect for retirement in size, but too expensive for me to afford if I retire. I say "if" because I don't think I can ever stop working and I'm about to be 64.
It's really helpful to read all the opinions and dreams of the people on this site. I just wish I could find someone who lives in an over-55 community.
In terms of housing cost, of course it's cheaper than LA.
A small, tiny house in a good neighborhood without gangs in Los Angeles is $550,000 - $450,000.
So, your housing costs look pretty good to me. Especially when I see homes under $300K in Gainesville (Morris Farm), or Townhouses in Haymarket. Two patio homes in Ashburn (Centex) just sold for $269,000/259,000. That's amazing to me.
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. I guess you don't value people's advice at all or you just don't believe us and think we're all lying 
I like the way you think; Try living in CA!
