Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Having spent M-F in Woodbridge for 3 years on a project - I wouldn't live in Woodbridge if I was you, either. ESPECIALLY not if I was working in DC (I was working on Quantico).
Get as close-in as you can for your budget that still checks all your "must have" boxes.
I work in Farragut Square, about a block from the White House. So prime real estate.
I currently live in Prince William County along the Potomac, about a 5 minute walk from a VRE (commuter train) station. It gets me into Arlington in 45 minutes where I transfer to metro and add another 30 minutes. So 75 minute daily commute.
The commute isn't actually too bad and is doable without a car, but I (a) find my suburb utterly soulless and empty (the #1 attraction is Potomac Mills Mall - yuck!) and (b) if I ever want to visit D.C. outside of commuting hours, I'm screwed, since there are only trains into DC in the morning and back in the evening.
Ideally, the options would be someplace like the DC Diamond, or further out like Loudoun County where I'm still metro accessible and a short drive to Dulles.
Tolerance for risk is rather high. I'd prefer higher future appreciation with more volatility (assuming that I'm not buying at the market top and my $600k home purchase in Alexandria quickly becomes $400k in a few years.
I already currently pay $2,600 for a 3-bedroom apartment that I use to take care of my siblings (15 year old sister and older brother). That's about what a $500k mortgage seems to run. The plan is that once she turns 18, her and brother would go to college/Oklahoma and I'd have the house to myself.
I do not have enough for rainy days (my downpayment pot of $30k is also essentially my emergency fund), but my job is bulletproof (as in I can't get fired unless I commit a gross felony), so that doesn't bother me as much (though I know it should). I just don't want to pass off on buying now and we get another 20% home price increase and that's another $100k hit.
No roomates. I'm almost 30 and once the siblings are gone, I want the house all to myself (or until I get a partner of course).
OK that provides some clarity on your situation. Overall, you're a young man with good income in a fairly secured job, taking a higher risk to buy in an area that will appreciate faster should present a low risk to you. Kudos to you for taking care of your sibling, BTW.
Just about the only risk of your only have $30K down pay for a $500K+ house is that you will need to pay PMI that's an additional monthly payment on top of your PITI. Also since that's your only rainy day funds, you may want to consider a lower down payment initially, and after you save more money you can pay down the mortgage and eliminate the PMI later.
It's been awhile since I lived in Alexandra, VA and took the yellow line into DC to work. My recollection on inside the loop houses are very expensive. A $500K budget may get you a Condo unless you go to non-metro accessible area such as Annandale or Springfield.
$500K will get you a small townhouse or condominium in Arlington, Virginia. If you’re okay with that amount of space, then I’d say go ahead and do it. Arlington is an excellent location.
I would caution you not to go into a less desirable area to try to get more space for that price point. You will end up regretting it.
I work in Farragut Square, about a block from the White House. So prime real estate.
I currently live in Prince William County along the Potomac, about a 5 minute walk from a VRE (commuter train) station. It gets me into Arlington in 45 minutes where I transfer to metro and add another 30 minutes. So 75 minute daily commute.
The commute isn't actually too bad snip
No roomates. I'm almost 30 and once the siblings are gone, I want the house all to myself (or until I get a partner of course).
You might want to pay attention to your words here.
2 and a half hours per day is A LOT of YOUR time, to give up. Yes, I know it's only 2 days a week. Someday, it may be 5 days a week, like it used to be for everyone. These hours are your hours, not the company's.
These are considered "critical" hours.
These are not work hours.
These are not sleep hours.
These are the most valuable hours you have.
Just FYI~ We're probably looking at the sellers market to flip to a buyers market by the next Presidential election. It may/may not be much, but it should taper off from the frenzy it's been the last 2-3 years. Look forward to pricing soften, but offset by higher interest rates. So, the price might be less, but your payment more, due to interest rate increases.
I can't imaging putting only $30k down on a $500k house. Heck, I put $40k down on a $230k house in 2018 and considered it money well-spent. At least I have a reasonable mortgage payment.
I can't imaging putting only $30k down on a $500k house. Heck, I put $40k down on a $230k house in 2018 and considered it money well-spent. At least I have a reasonable mortgage payment.
A large down payment ties up cash unnecessarily and only serves to reduce the bank's risk by making sure you have 'skin' in the game. The only things that matters to you is DTI (indicator of ability to make the payments). I would have put down $0 if my mortgage lender let me and I could afford the payments.
$500K will get you a small townhouse or condominium in Arlington, Virginia. If you’re okay with that amount of space, then I’d say go ahead and do it. Arlington is an excellent location.
I would caution you not to go into a less desirable area to try to get more space for that price point. You will end up regretting it.
Wherever your job is. Commuting anywhere near the beltway is a nightmare so you will be happier the closer you are to your job. Quality of life issues to not have to sit in a parked car for hours every day trying to get back and forth to work,
Inside the beltway. Commuting grinds on you. Been there done that. Financially, as long as you are prudent in what you buy, it will increase in value.
I know you are many years away from retiring but I have several friends that owned houses just outside the beltway (Vienna and parts of Alexandria) and when it came time to retire, they sold and moved to cheaper areas of Virginia to live. They did well financially with that move.
You need to be close to a metro stop if you live in or outside of side the Beltway--or at least close to a bus that will take you there. I would not buy inside DC. If you do, you need 2 parking spaces--one for you and a guest. Traffic is awful and parking is expensive, especially for your visitors. I have a new car and no way would I park it on a tight DC city street to go visiting or a night on the town.
I take the Metro to DC and am always glad to Metro out!
Do not move anywhere that has you relying on Route 66 or I 95 in VA to commute--its a nightmare! I 270 in MD is not as bad as those two.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
