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I grew up in Montgomery County and lived there all my life, but it seems difficult to buy a home in this county. I am in my late 20’s and looking to settle down and start a family. I really would like to live in the area I grew up Cloverly/Colesville, MD. All the homes seem to be overpriced. Single family homes average around 400k and up. I looked up the average combined home income and it is around 120k per year. My combined home income is slightly above the average income for this area. When I budget other cost like PMI, utilities, student loans, car loan, insurance, groceries, Credit Cards, and spending money, I still can’t seem to afford to live in this area. I always dreamed of living in a single family home, but it seems like I am priced out of that market. I am forced to settle for a condo or small townhome in MoCo. I considered starting small like a condo, then upgrading to a single family home in the future, but how is that possible as the market continues to grow? I am worried if I decide to start small then upgrade to single, the prices of these homes in the area I am interested in will increase even more still leaving me in the dust.
I have started to consider PG as single family home prices are much more affordable and appear to be in good shape. How are people affording to live in this county?
I'd like to know where you're looking for a home. There are plenty homes in MoCo in the $200k's. MoCo is bigger than the well know areas such as Silver Spring, Rockville, Bethesda, etc. Of course the closer you are to D.C. or a metro stop, the more expensive the home. It all depends on where you're looking. A quick glance at Zillow.com in Wheaton alone reveals tons of sfh for sale under $400k.
I'd like to know where you're looking for a home. There are plenty homes in MoCo in the $200k's. MoCo is bigger than the well know areas such as Silver Spring, Rockville, Bethesda, etc. Of course the closer you are to D.C. or a metro stop, the more expensive the home. It all depends on where you're looking. A quick glance at Zillow.com in Wheaton alone reveals tons of sfh for sale under $400k.
Mainly in 20904 and 20905 Coleseville/ Cloverly area. I have expanded my search. To include other areas. There are a few single family homes going for 200k, but they are in dire need of attention an require way to many repairs for my likening. I am trying to stick to single family homes and to stay away from townhomes and condos. I am not interested in going to Gaithersburg or parts more north as 270 is a nightmare. I would like to stay near the eastern part of Montgomery. That’s why I am starting to consider PG. I saw some nice homes in Calverton and Laurel.
I grew up in Montgomery County and lived there all my life, but it seems difficult to buy a home in this county. I am in my late 20’s and looking to settle down and start a family. I really would like to live in the area I grew up Cloverly/Colesville, MD. All the homes seem to be overpriced. Single family homes average around 400k and up. I looked up the average combined home income and it is around 120k per year. My combined home income is slightly above the average income for this area. When I budget other cost like PMI, utilities, student loans, car loan, insurance, groceries, Credit Cards, and spending money, I still can’t seem to afford to live in this area. I always dreamed of living in a single family home, but it seems like I am priced out of that market. I am forced to settle for a condo or small townhome in MoCo. I considered starting small like a condo, then upgrading to a single family home in the future, but how is that possible as the market continues to grow? I am worried if I decide to start small then upgrade to single, the prices of these homes in the area I am interested in will increase even more still leaving me in the dust.
I have started to consider PG as single family home prices are much more affordable and appear to be in good shape. How are people affording to live in this county?
I was in the same predicament as you. I feel that young couples are priced out of the traditional single family home market in Montgomery County. If we really want to live in Montgomery county, we have to choose to live in a smaller space (not that there is anything wrong with that). We don’t have the advantage or same opportunities that our parents had when they were starting out in Montgomery County.
I have posted several responses and one thread on this site detailing my ordeal looking for a home in Montgomery County. After months of looking and not finding a nice home, I ended up buying a fully renovated top to bottom single family home with driveway and garage in west Lanham (PG county) for the same price of a small townhome in Montgomery County. I chose to move to PG because I wanted to live comfortably. I grew up my entire life living in a townhouse in Montgomery and I swore that I would never do it again. Parking was terrible in my subdivision and I always felt like I didn’t have much privacy.
Moving to PG also comes with its sacrifices (PG county schools aren’t considered the best and isn’t as diverse as Montgomery), but I already knew that going in. I think that parents play a major role in a child’s education and I as a new parent will take the initiative to be involved in my child’s education. Diversity was the second issue, PG is predominately AA, I am Latino but that doesn’t bother me. My neighborhood is very diverse so I don’t notice it that much. My advice is go with your gut and don’t listen to others. My friends and family were initially against me moving to PG, but now whenever we have a family get-together they want to come to my house because I have much more room. They also tell my how nice the neighborhood and are considering moving here too. If you choose to stay in Moco, good for yo0. Either way... I hope you find something you like.
The Baby Boomers and their selfish politics have made it increasingly unaffordable for young people to enjoy even a fraction of the life they enjoyed. They truly are America's worst generation.
Montgomery is unaffordable because of policies that limit supply in the face of increasing demand.
I grew up in Montgomery County and lived there all my life, but it seems difficult to buy a home in this county. I am in my late 20’s and looking to settle down and start a family. I really would like to live in the area I grew up Cloverly/Colesville, MD. All the homes seem to be overpriced. Single family homes average around 400k and up. I looked up the average combined home income and it is around 120k per year. My combined home income is slightly above the average income for this area. When I budget other cost like PMI, utilities, student loans, car loan, insurance, groceries, Credit Cards, and spending money, I still can’t seem to afford to live in this area. I always dreamed of living in a single family home, but it seems like I am priced out of that market. I am forced to settle for a condo or small townhome in MoCo. I considered starting small like a condo, then upgrading to a single family home in the future, but how is that possible as the market continues to grow? I am worried if I decide to start small then upgrade to single, the prices of these homes in the area I am interested in will increase even more still leaving me in the dust.
I have started to consider PG as single family home prices are much more affordable and appear to be in good shape. How are people affording to live in this county?
Homes in MOCO are not overpriced. They're going to sell for whatever someone is willing to pay. Now you and I may agree that it's stupid to pay certain prices for certain homes, but to someone else it might be worth it. I too grew up in MOCO. Many of the kids I went to high school with moved out of state. This area is not for people who just want to get by. You have to be in it to win it here.
You are still pretty young. Getting into a single family home in a nice area will be tough for you. You cannot compare yourself to 30, 40 and 50 year olds who live in the nice single family homes. That's not fair. They had to work and save for what they have and it didn't come to them overnight. These people could be twenty years older than you. Of course they have more money to spend on housing. Most people don't buy their dream home in their twenties. You start small. Or you move to a place with a lower cost of living. For me, I just bought the home I plan on being in until I retire (ha ha..retire) but it is far from being my dream home.
There was a recession on when I graduated from college too. I had to work at some pretty horrible jobs before finding something that stuck. Had to do several career changes along the way.
It also sounds like you have a lot of debt. Clear that up and you'll have more money to spend on a mortgage.
Homes in MOCO are not overpriced. They're going to sell for whatever someone is willing to pay. Now you and I may agree that it's stupid to pay certain prices for certain homes, but to someone else it might be worth it. I too grew up in MOCO. Many of the kids I went to high school with moved out of state. This area is not for people who just want to get by. You have to be in it to win it here.
You are still pretty young. Getting into a single family home in a nice area will be tough for you. You cannot compare yourself to 30, 40 and 50 year olds who live in the nice single family homes. That's not fair. They had to work and save for what they have and it didn't come to them overnight. These people could be twenty years older than you. Of course they have more money to spend on housing. Most people don't buy their dream home in their twenties. You start small. Or you move to a place with a lower cost of living. For me, I just bought the home I plan on being in until I retire (ha ha..retire) but it is far from being my dream home.
There was a recession on when I graduated from college too. I had to work at some pretty horrible jobs before finding something that stuck. Had to do several career changes along the way.
It also sounds like you have a lot of debt. Clear that up and you'll have more money to spend on a mortgage.
Yeah how dare she think she can afford a home about 3 times her family's annual income, a typical lending standard? Her sense of entitlement is astounding and the nerve of her taking out student loans to get a decent job. I mean it is completely her fault tuition has risen above inflation fir the last 30 years or so.
Car? She doesn't need that she can walk! Good schools well not necessary.
Now take her scenario and transport it back to the 70s. She most likely wouldn't be working but hubby would make enough to get a single family home in the burbs in a decent school district. Of course back then builders could build to meet demand and they actually built homes to serve all income levels. Shocking I know. Her husband most likely wouldn't have had any loans as tuition at UMD would have been relatively affordable. Maybe his father paid for it with his factory gig. There wasn't an entire higher education industry getting rich off of $1 trillion govt subsidized student loans.
She can afford a decent home. It just won't be a big single family home with a lot of land. She will have to keep saving for that. I don't understand the complaint. This is an expensive area, that has probably doubled in population since the 70's and is still growing. That's just the reality. I don't like it either, but i'm not entitled to a SFH just because i grew up in one in the area. I'm living in a townhouse. If I want land and privacy I need to relocate to a less expensive city. Or put up with a very long commute.
Yeah how dare she think she can afford a home about 3 times her family's annual income, a typical lending standard? Her sense of entitlement is astounding and the nerve of her taking out student loans to get a decent job. I mean it is completely her fault tuition has risen above inflation fir the last 30 years or so.
Car? She doesn't need that she can walk! Good schools well not necessary.
Now take her scenario and transport it back to the 70s. She most likely wouldn't be working but hubby would make enough to get a single family home in the burbs in a decent school district. Of course back then builders could build to meet demand and they actually built homes to serve all income levels. Shocking I know. Her husband most likely wouldn't have had any loans as tuition at UMD would have been relatively affordable. Maybe his father paid for it with his factory gig. There wasn't an entire higher education industry getting rich off of $1 trillion govt subsidized student loans.
I'm not sure how many people who were working in the 1970's think that things we're great economically at that time and idealize that decade the way you have above. My parents had to move out to the country (Gaithersburg) in the early 70's to barely afford their first home. 90% of my father's salary went towards paying for that mortgage on a monthly basis and interest rates were not at 4% I can tell you that. They were in their 30's. They never traded up and live in the same house to this day. Never bought their dream home. The schools I went to did not have a good reputations!
No it's not the posters fault for inflation rising and the cost of tuition going up, but it could be his/her fault if he/she wasn't smart about the loans. I don't know how much debt the original poster has, but there are ways to cut down on tuition expenses...unless he/she has gone into a medical field, etc. It always amazes me how many people I meet that have over 100K of student loan debt and yet they're making the same amount of money as I am...we ended up in the same profession. I did attend community college before transferring to a four year school thereby reducing my student loan burden. Also, I worked my rear off in high school and summer to save up quite a bit before heading off to college. And no, I am not a boomer but late Gen X. My parents are older than boomers too. It wasn't that long ago I was in college and I continue to take courses to this day to keep myself competitive.
Also with cars. We don't know how much debt the poster has tied up in car payments. Did they buy used? New? A BMW or a used Accent? It all adds up and it's all choices. Of course they need a car in this area. Just don't be stupid about the car you buy. Big difference between a $250 car payment and a $500 car payment. Or how about no car payment at all?
This area is not really the burbs anymore. There are a lot of people jammed into here with a lot of money. You are not entitled to a single family home in a nice community just because you went to college. There are others who have worked harder and smarter (some of them haven't even attended college, say what?) and those homes are for them. There are plenty of homes available for the poster in the three times your annual income range. It's just not going to be a sprawling single family. At least, not in nice parts of MOCO. In twenty years the next generation coming up will complain the same way you are except you'll be on the receiving end. Darn whippersnappers!
It depends where in MoCo; Gaithersburg and Germantown are far more affordable than, say, Bethesda/Rockville.
Just so you know, people are also buying houses in Frederick (used to be a rural area but rapidly becoming professional) and Ellicott City is another hot area where lots of young couples are settling.
The Baby Boomers and their selfish politics have made it increasingly unaffordable for young people to enjoy even a fraction of the life they enjoyed. They truly are America's worst generation.
Montgomery is unaffordable because of policies that limit supply in the face of increasing demand.
I can't really believe this is on here. Where would this nation be without baby boomers? Most liberal politicians are baby boomers. I and most people I know are baby boomers.
Respect your elders.
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