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Old 02-14-2013, 08:08 AM
 
Location: Crooklyn, New York
32,122 posts, read 34,792,404 times
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Quote:
Originally Posted by brooklynborndad View Post
By "exurb" , I take it you include Annandale, Landmark, Springfield, the Rte 1 corridor in southeast fairfax, Burke, etc?
I wouldn't call those exurbs. But in my estimation, they are defiinitely distant.

Quote:
Originally Posted by brooklynborndad View Post
There are large areas of NoVa that are closer in than anything that most people would call an "exurb" where townhouses, and large apartments in older hirises, can be had for rents under 2100 a month. I can't speak to MoCo and PG, as I do not know the markets there well.
There are also units in Washington, DC that can be had for under $2,100 a month. The Envoy on 16th Street is a perfect example.

But that wasn't exactly my point. If the note on a $2,100 rowhouse on Capitol Hill is "expensive" to anyone living in the DC area, then they will struggle renting or buying a comparable home in most of the DC area. A comparable home, in this case, would be a 3-BR/1-BA townhouse (the houses that families tend to seek). $2,100 seems to be about the going rate for a three bedroom home in Annandale. It's a couple hundred dollars cheaper in Upper Marlboro and Bowie. But then you're living in Upper Marlboro or Bowie, which for all intents and purposes is the same as living way the hell out in Lorton or Woodbridge.
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Old 02-14-2013, 08:16 AM
 
Location: Crooklyn, New York
32,122 posts, read 34,792,404 times
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Quote:
Originally Posted by HurricaneDC View Post
I do know how much it costs. If you use the traditional "3x your income" limit for buying a house, you need to make $150K a year to afford a $450K house. Maybe that model is outdated though.
$150,000 is around the combined salary of two DCPS teachers. Or a schoolteacher and a public administrator. Or a paper pusher at Blue Cross/Blue Shield and someone with a mid-level position at EMCOR. You don't need sterling credentials to make that kind of money.

Quote:
Originally Posted by HurricaneDC View Post
The cost of housing is the biggest thing making me want to move. It's a damn shame, because this is where I grew up. My family lives here. I love DC, I love most of the area most of the time, but it's so god damn expensive. With the economy the way it's been, I fear I'll never even break the $100K/year barrier, which I'd say is the bare minimum for comfortably raising a family here.
You won't be able to live in Bethesda, Chevy Chase, Kensington or possibly even Silver Spring without making considerable sacrifices on space or quality of schools. But there are places in the DC Metro area for people who can't afford the inner suburbs. They're called Germantown, Gaithersburg, Accokeek, Laurel, Bowie, Upper Marlboro, Waldorf, Woodbridge, Gainesville, Stafford and Newington.
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Old 02-14-2013, 09:07 AM
 
Location: The Port City is rising.
8,868 posts, read 12,576,113 times
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Quote:
Originally Posted by BajanYankee View Post
But that wasn't exactly my point. If the note on a $2,100 rowhouse on Capitol Hill is "expensive" to anyone living in the DC area, then they will struggle renting or buying a comparable home in most of the DC area. A comparable home, in this case, would be a 3-BR/1-BA townhouse (the houses that families tend to seek). $2,100 seems to be about the going rate for a three bedroom home in Annandale..
that is not correct.


3 bed room 2 bath single families (ie detached homes with no common walls, on roughly a quarter acre of land) typically list for 450k (sometimes less) in Annandale (the part inside the beltway, which is usually considered an inner suburb)

You will have a hard time finding a town house with only one bathroom in Annandale, as almost all THs here were built after 1975, and one bath THs built in that era are a rarity (if they were ever built) you will also have difficulty, I think, finding a house in comparable condition to an unrenovated TH in Hill East - though maybe some of the 1960s vintage units in southwest Annandale come close. You will almost certainly not find oneof those listing for over 400. Under 350k would be more common.



http://www.redfin.com/VA/Annandale/4...3/home/9717457


cheaper sw annandale

http://www.redfin.com/VA/Annandale/4...3/home/9712399

Last edited by brooklynborndad; 02-14-2013 at 09:16 AM..
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Old 02-14-2013, 09:09 AM
 
Location: The Port City is rising.
8,868 posts, read 12,576,113 times
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Quote:
Originally Posted by BajanYankee View Post
$150,000 is around the combined salary of two DCPS teachers. Or a schoolteacher and a public administrator. Or a paper pusher at Blue Cross/Blue Shield and someone with a mid-level position at EMCOR. You don't need sterling credentials to make that kind of money..
a two income family, esp one with a young child, may not want to put the time into doing a renovation themselves. have we forgotten that the 450k house was unrenovated, and that renovated houses list at higher prices?
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Old 02-14-2013, 09:27 AM
 
Location: The Port City is rising.
8,868 posts, read 12,576,113 times
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BTW I did find a 3BR 1 bath TH in NoVa - in the city of alexandria, the section north of old town.

It was built in 1941, and it sold in November for 310k
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Old 02-14-2013, 01:32 PM
 
Location: Crooklyn, New York
32,122 posts, read 34,792,404 times
Reputation: 15109
Quote:
Originally Posted by brooklynborndad View Post
that is not correct.


3 bed room 2 bath single families (ie detached homes with no common walls, on roughly a quarter acre of land) typically list for 450k (sometimes less) in Annandale (the part inside the beltway, which is usually considered an inner suburb)

You will have a hard time finding a town house with only one bathroom in Annandale, as almost all THs here were built after 1975, and one bath THs built in that era are a rarity (if they were ever built) you will also have difficulty, I think, finding a house in comparable condition to an unrenovated TH in Hill East - though maybe some of the 1960s vintage units in southwest Annandale come close. You will almost certainly not find oneof those listing for over 400. Under 350k would be more common.



4737 BACKLICK Rd, ANNANDALE, VA 22003 | MLS# FX7782945 | Redfin


cheaper sw annandale

4905 HERKIMER St, ANNANDALE, VA 22003 | MLS# FX7942962 | Redfin
I wasn't talking about the purchase price. I was talking about the rental price.

My point was basically this:

The rental prices for a 3-BR/2-BA townhouse in Annandale on CL are in the $2,000 to $2,200 range.

The mortgage on a $450,000 house (assuming a 3.25-3.75% rate, which is par for the course nowadays) is roughly the same thing after factoring in DC taxes and insurance (and cheaper when factoring in the mortgage interest and homestead deductions).

It's pretty tough to rent a 3-BR townhouse anywhere in the DC Metro area for less than $2,000. And when you do find one, it's usually in some far flung place like Lorton or Manassas. You can just see for yourself by going to CL, looking at Northern Virginia rentals for three bedrooms, and typing in "townhouse."
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Old 02-14-2013, 01:40 PM
 
Location: Crooklyn, New York
32,122 posts, read 34,792,404 times
Reputation: 15109
Quote:
Originally Posted by brooklynborndad View Post
a two income family, esp one with a young child, may not want to put the time into doing a renovation themselves. have we forgotten that the 450k house was unrenovated, and that renovated houses list at higher prices?
I don't think you're understanding the context of my response.

HurricaneDC basically said that $450,000 was not "affordable" period.

I then replied that a mortgage at the ridiculous historically low levels they are at today is about the same as a $2,100 rent payment.

And $2,100 is about what you would expect to pay even if you rented a townhouse in most parts of the Metro area.

In sum, $450K ain't really all that bad for the area. Granted, you could do better, but you could also do far far worse.

So just get the Capitol Hill rowhouse out of your head for the purpose of this post. I was addressing how affordable or unaffordable a $450,000 mortgage is period. Given that you could easily pay $2,100 to rent a 3-BR anything in the DC area, I think it's a pretty good deal if you can buy for practically the same cost.
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Old 02-14-2013, 01:40 PM
 
Location: The Port City is rising.
8,868 posts, read 12,576,113 times
Reputation: 2604
why are you comparing a purchase price in DC to a rental in NoVa?

you are mixing up the rent vs buy decision, which involves several factors, with the question of whether hill east is expensive by the standards of the region.
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Old 02-14-2013, 01:42 PM
 
Location: Crooklyn, New York
32,122 posts, read 34,792,404 times
Reputation: 15109
Quote:
Originally Posted by brooklynborndad View Post
why are you comparing a purchase price in DC to a rental in NoVa?

you are mixing up the rent vs buy decision, which involves several factors, with the question of whether hill east is expensive by the standards of the region.
See above post.
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Old 02-14-2013, 01:44 PM
 
Location: The Port City is rising.
8,868 posts, read 12,576,113 times
Reputation: 2604
Quote:
Originally Posted by BajanYankee View Post
So just get the Capitol Hill rowhouse out of your head for the purpose of this post. I was addressing how affordable or unaffordable a $450,000 mortgage is period. Given that you could easily pay $2,100 to rent a 3-BR anything in the DC area, I think it's a pretty good deal if you can buy for practically the same cost.

Why should I get the rowhouse out of my head? the topic of this thread is gentrication eotr, and the point of my post was that prices WOTR in that area (including Hill East) were high enough to motivate such gentrification.

Again, Im sorry if the word "unaffordable" touches a hot button for you. Put it out of your head.
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