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55k is a quite generous salary for someone living in DC and you should have plenty left over, considering the average rent in the District -- say, in a moderately safe and convenient area, for ~1500 a month for a suitable two bedroom apartment -- would only be around 30-33 percent of your income (financially ideal). Less if you want a one bedroom, say, ~1250 at just over a quarter percentage of your income. And that goes to show that you can pay up to 16 or 1700 for rent and still be in sensible financial shape. You'll be fine, and will have more options to take the metro to work and save money on gas for transportation, since you'll be closer. The traffic congestion here is hideous, btw, as you'd burn expensive gas just sitting in it going nowhere.
Not all of DC is a hustle and bustle area without a view, if that's what you mean by "not worth the rent". If anything, the places you'd find in nearby metro areas such as Silver Spring and Arlington will have a higher cost of rent if not the same as within the district; and that's before you even take into consideration that these areas do not have rent control, whereas the district does. There are areas in the district that are pleasant and just like living in the suburbs, you wouldn't be able to tell you're inside the city just a few miles from downtown at all. Research the areas and rent for the kind of place you're looking for. And having a roommate ain't all it's cracked up to be, especially in these times -- imagine your roommate not being able to pay his part of the rent for however long for whatever reason, and you having to sulk up the balance yourself.
And you wouldn't be counting anything to do your laundry, because with what you'd be making, you'll be able to comfortably afford an apartment with a washer and dryer already included in the unit. And if you're thorough, you won't have to pay utilities either, as they will be included in the rent (look for "all utilities included" in any apartment ad you see), and check the Apartment Showcase catalogs -- they're free.
people look down on south east but quiet as kept, i think that's where the smart money is to invest in.
Perhaps. However a renter isn't thinking about investment. At least I'm not. I'm concerned about the here and now. When its time to buy then I'd think more about investment opportunities.
Perhaps. However a renter isn't thinking about investment. At least I'm not. I'm concerned about the here and now. When its time to buy then I'd think more about investment opportunities.
not necessarily. a renter (to generalize) does think about investment with regard to living situations. there are many renters who are invested in their local communities. civic and community pride isn't the sole domain of property owners.
not necessarily. a renter (to generalize) does think about investment with regard to living situations. there are many renters who are invested in their local communities. civic and community pride isn't the sole domain of property owners.
Not to mention it is fun to live in a up and coming place no matter if you're renting or owning. It's exciting to be near new shops, restaurants, parks, and other things.
Lol. Yes I do live in the district; born, bred, and bound.. and know a good amount about the COL here at different income levels in different parts of the city. Why?
55k is plenty for a single person in the DC area...and you won't have to live far out in Reston or Germantown. I make about the same and have a little more than double your debt. I can afford to live with a couple of roommates in Arlington, pay my bills, go out w/friends and save a little. You'll probably pay around $1,000 for rent in a shared house/apartment in a nice area near public transport whether you're in Northen VA or DC. From my experience, the only difference is you'll likely have more space in NoVA.
Congrats and good luck!
Lol. Yes I do live in the district; born, bred, and bound.. and know a good amount about the COL here at different income levels in different parts of the city. Why?
Yeah the thing is that a 2 bedroom $1500 apartment isn't likely to be in the best neighborhood in the District. Even in the suburbs $1500 won't get you very far. Besides the OP stated that he didn't want to live in the city anyways.
I recommend Arlington, Alexandria on the VA side. Silver Spring on the MD side.
not necessarily. a renter (to generalize) does think about investment with regard to living situations. there are many renters who are invested in their local communities. civic and community pride isn't the sole domain of property owners.
I'm all for improving neighborhoods and having civic pride but I honestly couldn't recommend a lot of SE to a newcomer. I've lived in the area for nearly 3 years and still can't tell you where the nice parts of SE are. I know there are nice parts of SE but I can't tell the good from the bad so I just avoid it all together and well...recommend that to newcomers as well until you get your bearings.
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