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Washington DC housing prices too high, how can singles afford a nice home, don’t want townhome, high real estate prices squeezing singles out of DC market
I probably feel your pain though I haven't started looking yet. I'm still optimistic in my case though because I want a very small old home in Durham. It's hard as a single.
I don't need a McMansion. I don't want a TH but I feel I have to compromise with the wall sharing and tight feel of TH communities. Argh. I just want a decent home that's not in the woods, that's not a rancher, that's not in a funky (as in gross) neighborhood.
The homes that are *just* out of your price range always look sooooo much better than the ones you can afford.
I probably feel your pain though I haven't started looking yet. I'm still optimistic in my case though because I want a very small old home in Durham. It's hard as a single.
The last part of your sentence hits home as a single guy who doesn't make 80k a year and who doesn't have a wife or girlfriend's income to help out with the mortgage. A guy I work with and his wife had a new home built in North Durham a couple of months ago. He makes the same amount that I do but he and his wife pay the mortgage together. Together they make about 30k more than I do. But he always manages to ask why I don't buy a home. I know he doesn't mean any harm but I have to keep telling the dude that I'm not making the type of money that would allow me to buy a 200k home and I'm not going way out just so I can say I bought a home.
Hopefully when I make a next level career move in the next 2 years or so, I'll be able to afford one of these nice homes where I live in South West Durham using my one person income.
Oh how I do love to rant and rave too!!! And I remember "the old days" when hubby and I bought our first home for a mere $32,000!!! It was only 1100 Sq.Ft. but in North Raleigh. My parents wanted to know how we found this house "way out in no where"!!!
My point is this...if we hadn't pushed to get into the first house, we wouldn't have made a small amt. to put down on the next and then the next and the next. You have to jump in sometime. The longer you wait, the more prices are moving up.
Get what you can afford NOW and hope that it appreciates so that you can buy the next house.
I don't see how anyone who just moved from the DC area can feel "priced out" of this market. Back there a 30 year old starter home in the suburbs was $400K. There are a *ton* more options here - I'm amazed at how affordable townhomes are. Or as someone else said, get a roommate and a single family home.
I also wasn't disappointed when I saw houses in person vs. online - yeah, there was definitely some "trick photography" of sorts, but I didn't have any difficulty finding a reasonably priced house that I liked and could afford.
Hopefully when I make a next level career move in the next 2 years or so, I'll be able to afford one of these nice homes where I live in South West Durham using my one person income.
Yup, good luck to you! I'm lucky in that the area I want to live in is the area I can probably afford. But if I wanted to live in Southpoint I'd have to work three jobs and still worry about the student loan debt I have!
People always say to go in on a house with a roommate but I don't even want a roommate as a renter! I'll just wait, my rental is fine for now
Oh how I do love to rant and rave too!!! And I remember "the old days" when hubby and I bought our first home for a mere $32,000!!! It was only 1100 Sq.Ft. but in North Raleigh. My parents wanted to know how we found this house "way out in no where"!!!
My point is this...if we hadn't pushed to get into the first house, we wouldn't have made a small amt. to put down on the next and then the next and the next. You have to jump in sometime. The longer you wait, the more prices are moving up.
Get what you can afford NOW and hope that it appreciates so that you can buy the next house.
Vicki
I just saw a 1901 home in the neighborhood I want for under 100K. I nearly died. but I just signed a year lease AND the people put vinyl siding on it.
VINYL SIDING ON A 1901 HOME?!?!?!?!??!?! (sorry vinyl siding lovers but this is a sin to me)
Yup, good luck to you! I'm lucky in that the area I want to live in is the area I can probably afford. But if I wanted to live in Southpoint I'd have to work three jobs and still worry about the student loan debt I have!
People always say to go in on a house with a roommate but I don't even want a roommate as a renter! I'll just wait, my rental is fine for now
True. It's good be to lucky like that. Southwest Durham is somewhat high, but I like this area the amenties that it offers. Sure, I can go get a place in north Durham, but I don't want to live up there.
On the topic of a roommate, I'm with you. if I wanted a roommate I would go back to college. I never had a roommate when I moved into off campus housing in grad school and I don't plan on having on now whether I rent or buy.
Well, I don't consider a roommate ideal either - but I'd not have been able to buy a single family home in my 20's either. My first real estate purchase was a 500sf condo bought in 1988 (top of the last bubble) for $62.5K when I was 24 (and single). I lived in it a few years happily, but when I wanted to move similar units were selling at foreclosure for $30K. I wound up being a landlord (sucked) and eventually sold it for $63.5K after 10 years total ownership. I was much luckier with my 2nd purchase - a 30-year old 1500sf townhouse for $82K, that sold 5 years later for $165K (I put $25K into it though). I could have spent much less money fixing it up and sold it for $150K so live and learn. My 3rd purchase was a single-family (finally!) and I put a lot of the money I made from the TH into fixing it up (it needed it). Sold it last year and moved to Apex into a newer SF house that cost less 50% less than what I sold my previous house for. So, at age 43 (still single) I'm on my 4th piece of property.
What's my point? Well, you have to start someplace for one. It is harder to afford a house on one salary, but it's possible. You might have to start with a condo, or a TH, or a roommate. I mentioned DC before - I have no idea how a single person can afford anything back there. I mean, seriously.. $400K for a 30 year old, 1800sf ranch? Townhouses are at least $300K. And the crummy 1940's 500sf condo I sold for $63.5K? Those were $200K the last time I checked. I think a single person in this area has MUCH better options.. and at least there ARE options!
Last edited by adlnc07; 05-16-2007 at 07:06 AM..
Reason: correction
I agree with the previous post - as a "older and wiser" person I'll offer my advice as well. My first home I built a townhouse as well, at 28. It was a HUGE jump for me and it was scraping pennies up from the couch cushions for about 6 months. Very uncomfortable. But the advice my boss gave me at the time was "your salary will go up over time, but your mortgage will stay the same (assuming you don't do something foolish like a 1-year ARM). So, tough times now but rewards later."
He was soooo right. It was a 6-month struggle, but then I refinance when the rates went down, I had my yearly review, and bingo it got a lot easier. Did I want a single-family home? Yes, someday. But this was a beautiful townhouse I built and it made me proud to have accomplished it. When I sold it 4 years later, it allowed me to build my next home with my fiance. We never would have been able to make that move if I hadn't bought the townhouse first. My husband was divorced too and of course his house and everything in it went to the ex-wife (thank you Massachusetts law!).
So my advice would be to do what you can to get in to the market as it will help you grow in the market.
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