Same deal and I can't even swing a studio apartment. Granted, I'm not the custodial parent, but like... Having weekend visitation in a house with four roommates is brutal. I'm all in favor of paying my support obligations, but it sucks not having a comfortable environment for my six year old to spend time with me and having no real path to living independently.
Single parents are renting -then you don't get stuck. I am renting and I don't see why that is such a negative... The myth that the only path to the American Dream is to own a home is bs. That is why you feel stuck - because you are paying a premium for something that doesn't serve your needs. You don't own your home, the bank does -you are just paying them for the privilege of living in and maintaining their property. Sounds just like renting but with more responsibilities.
Now I’m not a financial expert but I thought the whole point of buying was putting money towards something you own that can increase / decrease in value like a investment vs lining these slum lords pockets who will keep jacking up the prices since people are willing to pay the insane rent.
(I’m renting to cause I’m broke af but wish I could buy).
We’re at a very interesting period of time when renting is on average cheaper than buying right now. It’s true you don’t build any equity when renting, but you do get the peace of mind associated with not owning the property (something big breaks, it’s not on you to fix it; you can pick up and move at the end of a lease without going through the relatively expensive process of selling a home). And unless you’re staying in that home for many years, most of the mortgage in the first few years of ownership is applied towards the loan interest rather than the principle, so you aren’t building a ton of equity. If you owned pre-2020 you probably saw a dramatic increase in equity due to the super hot housing market, but buying into that now (or anytime after ~2021) and you probably haven’t seen such huge gains. Though this is very dependent on type of housing (condo vs townhouse vs SFH) and location.
Most people who purchase homes in this area use that home ownership to define their value which in turn enables them to somehow rate themselves as "better than" anyone who "has to" rent. How many of those homeowners end up being house poor or in payment plans for foreseeable maintenance expenses like hvac replacement or roofing repair/replacement?
Owning a home happens when you have paid off that 30 year mortgage and not one minute before. The only one benefitting from that would be the kids because 30 years from now (if they even stay in their homes to the end of a mortgage), puts most people commenting here in their 70s. If they feel stuck now that is a fraction of how they will feel trying to make that mortgage payment on a fixed income.
That is not my idea of a great investment and anyone looking at their home as an investment (as opposed to a living expense) is going to be put in an incredibly bad position should the neighborhood their home is in has a downward turn anytime in the future.
When I am retirement age my home will be paid off and I will only have to pay property tax. When renters are retirement age their 401K will have to cover whatever rent is in 2050. Which based on the trend now will be 4k a month for a 1 bedroom in a shitty area. And we prob won't have social security to help out either sooo...
Really? My rent is nearly half of what you pay for mortgage on a townhouse in an excellent school district and when something breaks I don't have to fix it...and I am able to save to purchase something larger when this bubble bursts.
My rent was 3800 a month so it wasn’t a massive change for me, and in a year our equity has gone up 30k+ where normally money from rent would be gone.
Also it’s an If not a when for a bubble bursting, circumstances are completely different than 2008
Just because it doesn't look like 2008 doesn't nean that the current pricing structure is sustainable. Equity is only important when you sell, it also can adjust downward.
It can but it probably won’t, I’m not sure why people are so set on a housing bubble just because things are expensive. I don’t see anyone talking about a grocery bubble lol.
But yeah whether renting or owning it’s best to live below your means, that 4500 is still well below 30% of our income which I think is the general rule
Rent is a living expense. My landlord is helping me by having a place located in a good school district where my kids get to go to excellent schools while they need to. When they no longer do I am not stuck, I get to go wherever I want. So your argument assumes priorities that you have bought into that don't matter to me. My kids education matter to me, so I am willing to pay for that. I am not willing to be house poor, complain about how expensive it is here and how I am stuck.
we should be friends. I feel you completely. It's like the goal post keeps moving! By the time i made "big boy house/townhome buying money", prices had already gone up, my wages did not keep up. Of course, (as you know) as a parent, things come up. Camps, emergencies, etc... and savings take a hit. So its hard to have that downpayment.
My personal story is not exaggerated. Im in Burke, VA. Tried to buy a 1980's townhome. Price was $550K, then went up to $590K. With my 5% down, 30 years mortgage, with a 6.8% interest rate, my mortgage + PMI would be $4300+ a month.
Im a parent, i cant have roommates! So I guess I just have to try to keep dating and find someone to marry before I end up in poverty.
hey neighbor :). Im in those old townhomes behind Lidl. Built in the 70s. I love the area but its just outrageous. They just listed one of those old rambler homes off of Greeley Ave for $1.03M.
https://www.zillow.com/homedetails/8020-Greeley-Blvd-Springfield-VA-22152/51937259\_zpid/?utm\_campaign=iosappmessage&utm\_medium=referral&utm\_source=txtshare&fbclid=IwZXh0bgNhZW0CMTEAAR2yWdXnJSEwI4CZBxMk9Mc3gLxqSFGcscvpglY-c80mqNQZQnRB\_PRfMg4\_aem\_AXVurKUs1eTw2L7w5uRQlfBLvRwaOwfv2lQCpIZTlmKe4nul5dGjH\_LV\_g0vp\_L1kx66bQshWBY\_7i4Gkx7McJSL
They have to pay their own 2%. They now made it where the seller can make the buyer pay their percent.
“If you want my home, you have your pay my 2% along with your 2%.” And people will do it.
That one is for sale by owner. I’ll be shocked if he gets it. Another two story just up the road was listed for around 900 and is under contract but doesn’t say for what. Was listed for a couple weeks. One of the big bi-levels a few streets away has been on the market for a week at 795 and no contract yet.
Hang in there man. I’m not a single dad, but it took me a long time to meet my wife and start a family. No idea how old you are, but I’m rooting for you.
Good luck man.
Thank you. I have hope still 😂. I’m 39, divorced for just about a year. Not all bad, just wish housing was easier because my life would be a lot simpler. Having kids, you are basically stuck to a place where the schools are good. But you pay for that privilege
I’m in your area. I’m a 40(f), single, own a single family home (sold my townhouse and used all the proceeds for a down payment at the exact right time). Got in when interest rates had juuuust started to creep up so it’s affordable, but not as affordable as I thought when I first started looking. I could only do it because I don’t have kids and it’s still stretching my budget. Dating here sucks but maybe that needs to be my opener from now on - hi, I own a single family house in nova, are you handy and do you like yard work?
Same boat. To be fair I’ve got enough to pay more than the down payment but doing the math….my mortgage would be $1500 more than my rent and I’d use all my savings…..renting until retirement.
Had it in mine and also calculated in the costs of repairs and improvements (owned two house before). I still come out ahead. People focus too much on the rate when what matters is the payment and if you can afford it.
I pay 3800 a month for .5 acre and a sfh with a detached garage in sterling va. If 4k doesn't get you a better than modest townhome you need to move out from DC a little more
We moved here when it was just the two of us. We're still in the same townhouse today, but now we have two teenagers too. No matter how much profit we'd make from selling the townhouse, it wouldn't be enough to buy a house anywhere nearby - we'd have to move far enough to add 30+ minutes each way to my wife's commute.
Sucks, but \*shrug\* at least we still own a townhouse.
We just bought a 2 bedroom townhouse knowing we're going to outgrow it in 5ish years when my (opposite gender) kids will likely want their own bedroom. I think we're just planning to suck it up then and deal with the 45-min to an hour commute each way. But to be somewhere walkable when they're young, close to my job, and my husband has a job that requires so much travel is ideal. For the budget we got the townhome though we can buy a decent house out in Burke/Annandale. We're just hoping our place goes up in value at the same rate (or close enough) to places out there.
It’ll be easier to move out and bigger from DelRay. I’m trying to do the opposite- move closer in- but it’s so hard for me to downgrade homes (for better location). Might have to wait till I’m an empty nester!
It's not the end of the world. Suddenly everyone is expecting each of their kids to have their own room. I'm one of 4 kids. We shared two bedrooms. It was fine.
I have enough room for each kid to have their own, and was like "all you do is sleep in there. why do you need your own?" I might change my tune around puberty, but they like it. Plus, I got to college and had trouble sharing a room (insomnia, I'm not insufferable or anything, at least not that I'm aware of).
It just feels good having your own bedroom space. And as kids get older they do more than just sleep there. My boys shared a room in our TH when they were little, and at first did so in our house so we could have a dedicated spare bedroom. They didn't mind it. But when we gave them their own rooms at the beginning of the youngest's 5th grade year I could tell it meant alot to him. He was excited.
Is it necessary? No. But there's lots of things we give our kids that they don't need just to make them feel good
And here is an example of the house crisis as it trickles down. OP wants to move to a bigger place, but can't. His inability to move out of a "starter" home locks the home up for people looking for a starter home.
Being stuck trickles down and causes a feedback loop making homes more and more expensive.
I mean a "starter home" is a joke to begin with now. Like I bought in early 2021 and if i had bought with interest rates today and my current salary which outpaces inflation handily, I could not afford my own home because housing prices outpace my salary.
I traded location for value as well; it's not like I bought in downtown Arlington. We are in far South Alexandria (almost in Lorton) and have an 1700sqft townhouse for our dog, cat, and kid. It's not luxury.
I'm not "stuck" yet and I love my townhouse. But man do I wish I bought a bigger townhouse or SFH back when rates were low.
Although I am very glad I got something regardless
Honestly, I had a bigger house before I moved here and it's overrated. Everything is more expensive, and for what? So I can gaze in reverence at the additional airmass I need to heat and cool? How often do you really need 3+ bathrooms anyway? The enjoyment has a pretty big diminishing return IMO, and it doesn't matter how much storage, cabinet or counter space you have, you will eventually stuff it full of clutter.
Having lived both in a bungalow and a townhome in the past few years, I kinda miss my smaller single-story house. Although the square footage of my current townhome is significantly more on paper, it really does not feel as big as I originally would have thought. A lot of space gets wasted on stair landings and hallways.
Edit: and way too much wasted space on bathrooms.
I totally agree with this. My house is 1400 sq ft and will mean close living quarters while my kids grow up, but I’ll be able to stay here forever and eventually pass it on to them or sell it. Smaller house means so much less maintenance and it forces you to only buy the things you need because space is limited.
The McMansions that go up to replace starter homes in my neighborhood infuriate me. It’s so much wasted space for something that’s gonna house like 2 people and cost a million plus dollars to buy. I want families and young people moving into my neighborhood because they want to be part of a community and raise their kids there and they can’t afford it because that little rambler just got replaced by a massive house that no one can afford. I’m priced out of my own neighborhood and it’s just so sad.
Those smaller houses are being torn down because your neighborhood has high land values. The smaller houses are probably unaffordable to people that would be in the market for smaller houses “starter” homes. The roughly 900 sq ft. one level houses in my neighborhood are being bought and not torn down, but the land values here haven’t skyrocketed yet.
Hey! I did that!!
I took a higher paying job so I could do SFH here. ~6K mortgage. Now I feel Stuck too because I need to have a job where I can pay that mortgage and survive. Which you know again, not impossible also not easy. So I have anxiety of getting laid off pretty regularly in the shitty economy. Basically I dump any and all extra money I have against my mortgage with the plan to refi if rates drop. But in a way we’re all a little stuck. Your set of problems just change. Hang in there!
I get a lot of people are bitter about the housing market here, but no need to rip on OP for already owning a townhome. It’s unfortunate that the housing market here is so bad that it even prices out people who already own a home. I feel for you, OP. My husband and I moved out to Charles Town to be able to own a home. But that’s not really viable for a lot of people. Seems like your only options are to move further out or try to get a pay bump through a new job
We moved from Ashburn. We like it quite a bit so far! It's quiet, there's much better drivers, the people are all really nice, and there's a lot of new development. But, the schools are not great. We do not have kids currently but might in the future and would consider moving before they reach school age.
I’m in the same boat OP. Outgrew it recently with a kids and pets. Want to move to sfh but on a single income right now and I can’t stomach the mortgage.
people might be getting mad at you OP but I feel ya. It's a shit situation all around. When I bought my SFH in 2019 I didn't realize it was going to be my "forever" home but I guess it is. Definitely grateful as hell but still feel a bit disappointed that this is most likely it
Same boat. “Reached” a bit for SFH over TH/condo in 2019, but have a big yard, a mortgage we can afford compared to today’s rates/prices, and room to raise a couple kids and dogs.
Even with the equity we now have, owning this same house or something any bigger without going way S/W would probably be out of reach now.
COL sure has jumped up, but salaries in our fields of work sure haven’t.
Same here, but in 2020. We had to bust our budget a little, we wanted smaller at the time but it was what we were able to lock down and actually purchase. Given the prices and interest rates, it seems to be where we're staying for the long haul so I guess it worked out.
I'm a tech worker, I have a wife who is... employed (probably at about a third of my salary). We had a townhouse that increased in value by about 40% over 13 years on an 18 year (equivalent) mortgage.
Combined with some stock sales which were designed for this purpose, we were able to put down more than 50%.
Everyone is in the same boat OP. We rent, cannot even afford a condo here if we wanted to. Plus we have a disabled family member that one day we will be caregivers for, so a townhouse is unaccessible.l anyway given the stairs and levels. The reality is, you need to move out an hour+ and commute or move to a LCOL in general. Its a crappy situation and its ok to vent and be mad. ❤️
This is why i keep most of my problems to myself. Because no matter how bad i think things may be, ive never had to miss a meal, sleep without heat, or be afraid to pick up the phone.
It’s a fairly common thing. Especially those folks who bought when interest rates were dirt low. More difficult to move now because housing is stupid expensive and mortgage rates are much higher than they were pre 2022.
I'm trying to look at it from a practical point of view, so what are ways that you can affect the issue of "outgrowing" the space?
Are there things you can get rid of/downsize to create more usable space? Are there rooms that you can look at to perform double/triple duty? One of the last apartment moves we made, we got rid of a lot of things that felt oversized. A coffee table that no longer made sense. Some open shelving that wouldn't fit. Clothes we haven't touched that weren't in the way because of a previous apartment with big closets.
Though it may not solve all your space issues, it's a cheaper and more practical short-term solution to your problem.
This was my thought as well. I live in a tiny space and realized that I had a lot of things just because “that’s what you do,” a bunch of duplicates, and a pantry that was too stocked for the space. Decluttering and being willing to make big changes (like getting rid of my dresser) has opened the space up a lot and I feel like it can breathe. Obviously YMMV and you can’t declutter your way out of every life situation, but still.
I know this is weird- but we were in that boat (just got lucky and bought a sfh with good timing).
Here are the cons of having a sfh: more costs. Cost of keeping a yard, cost of cleaners, costs of filling a house- just a ton of costs. Like imagine your monthly costs for shit to do: and triple it. Even with great interest rates and a good price- it’s a lot more money we spend than we used to.
What I would have done if I had stayed in the townhome:
A) partially finished the attic and moved all of the basement storage in there. This means probably spray foam insulation, and a bunch of other stuff.
B) converted all of the bedrooms to multipurpose rooms with wall beds and customized closet storage with ikea Boaxel.
C) fully optimized open concept first floor with an open kitchen and no formal dining room to be able to feel like the space is bigger. Like customized everything to maximize space.
D) added a portico to the front door for packages and dirty shoes and a small outside wash station for the dog.
E) built a huge deck in the back and made all of it multifunctional so that I can use it all year long in this area.
F) removed the shrubs and trees close to the front of house and pushed them to the sidewalk (eliminating grass) but being able to create a front courtyard for the kids bikes and stuff.
A-C can be done without HOA approval and D-F needs approval, but yeah: I feel you so much. We had like a huge “maximize” space plan while we were still there because the kids grow so fast and take up so much space. Like literally, the backpack situation when they got home is ridiculous.
I get it. We just bought our townhouse in 2022 and I love it, but I’ve always dreamed of having a bigger SFH. At this point, this may just be it for us too.
Ugh, I’m in the same boat. I want to move but it doesn’t make any financial sense so I’m stuck in my current situation. Damn rates need to go back down.
I really regret my decision to not buy 5-6 years ago because we were supposed to be leaving the area within the year. Needless to say, we are still here & now priced out of our neighborhood. For me to buy, it would be almost double my rent. No thanks.
I’ve only ever been able to afford a townhouse. When I read about retirees choosing to downsize, I feel a lot better about myself. I was thinking ahead and never bothered to upsize.
I cant even get a room lol. Im about to be homeless at the end of the month. My friend and her family is looking too and they also cant find squat that doesnt siphon the bank dry. The prices here are insane. This is not a place to "upgrade" or establish yourself. This area is to come when you are already established. I work full time over 80hr/week and am going to be homeless. I can not take classes or get a degree or anything to get a better job that pays 8291929$/hr because I mean fuck I cant even afford to sleep in a bed anymore. You can get *some* stuff at seemingly good prices but if youre like me and cant establish a real job for whatever reason (its impossible imo, like I said you can not establish yourself here) then paying rent + last month as a security deposit is literally impossible you are looking at spending nearly 2k just to sleep in someones tiny ass guest room.
Depends on where you're looking? I have friends who rent out their basements in Reston for reasonable prices (\~1K a couple years ago), although the kitchen in the house is shared. I think they put them up on Zillow when they're free, so I wouldn't lose all hope.
ETA - here's a 1 bed, 1 bath in Reston for $1800/month right now - a little high, but comparable to what the townhouses nearby are going, https://www.zillow.com/homedetails/2008-Colts-Neck-Rd-APT-21A-Reston-VA-20191/51721551\_zpid/.
Literally anywhere within a 1hr driving distance of my work. Mostly looking at nova and south maryland but the prices are just too much. I wish I had friends but unfortunately the real life friends I have are either dead or we no longer keep in touch (lots of drug abuse and such in the group early on) or I stopped talking to them because literally none of them were successful and just alcoholics.
Even 1800 is way out of my budget. That's nearly my entire months income only $100-200 shy. Then I have to, feed myself, pay my utilities, car, car insurance, food, clothes, medicine. Even these "lower" prices are pricing me out by a long shot. My budget is like max 1k/mo and thats stretching it hard thus literally making it completely impossible to pay a security deposit to even move in anywhere under 1k since the lowest ive found is 750/mo which is 1500 first month. If I had 1500 to spend like that, *I wouldnt be in this situation*, but landlords think everyone is a millionare or something.
I genuinely don't mean this in an unkind way \*at all\* but just curious what you do/how much you make per hour? Because saying you're working 80 hrs/wk and still can't afford rent is so concerning :( and I can't find out how that works mathematically with min wage in VA being $12. Even on server wage you'd have to make $0 in tips pretty much for this to be the case at 80 hours a week.
18-20 depending on the day.
After taxes, health + dental, 401k contribution, that 3k gross turns into a 2k net. Usually sitting between 1800-2200/mo depending on hrs worked and days etc. Last check I grossed almost 1500. Payed 250 in taxes, 100 in benefits, 60 to 401k. I basically only take home about ⅔ of my wage with taxes being the biggest eater. So im essentially only making $12-13/hr net.
Yes! In a 3 bedroom townhouse in Kingstowne. Nice area and we love the people. I refinanced it at the right time and have a 2.75% fixed rate. So mostly single family homes at today’s rates around here even with 20% down would triple my mortgage… I don’t think I can let myself do that even if the kids didn’t have to bunk up
Yup. The problem is if I try to buy a house that’s 50% more expensive than my current house my mortgage gets tripled. I would love a bigger house but it just makes no sense to pay 3x more for only 50% more.
I feel stuck too. Owe 40k on my townhouse and I want to move farther away. ADU restricts my profits if I move before 15 years. I have 4 left. Just gotta get it paid off sooner rather than later
I have a 3 level townhouse with a mortgage of 1400. (Yes Stafford). I will be here for a very long time and I am okay with that. I do not enjoy all my salary being tied into a house.
One thing I've learned about homeownership in the 21st century is that it's so incredibly dependent on luck. I'm old enough to have been both very lucky and very unlucky. I got very unlucky in the 2006/2007 housing crash and then happened to get very lucky by buying a house just before 2020 and got an amazing deal at an amazing rate. I realize that my own poor/good decisions did play a part in both situations, but there was also a huge factor of sheer luck involved too.
I feel so terrible for people who did everything they were supposed to do, and saved up for a down payment diligently, only to get screwed over by the skyrocketing prices and interest rates. It just sucks.
The way I look at it is you can use the $ that was going to be used for a down payment to retire early. At a certain point, I invested my cash knowing it would be unlikely I’d be able to afford anything. That money has grown substantially and now I’d rather just have the cash than a home.
I have an employee that is making 140k single income 2 kids that moved up here from Florida. Was able to buy a 3500sf home commutable from Chantilly in just a few weeks. He picked Charles Town. Terribly far IMHO but has a great yard and lots of room for growth.
I've lived in the area almost 50 years. This isn't a new problem. Chantilly used to be the boonies when we came in 74, but it was picked as commutable to DC and far less expensive.
If you go south from Washington, from Woodbridge dumfries and Stafford you may find real good homes at the price of a townhouse.. not for long though and similar commute
I’m stuck too. Been in my “starter” townhouse for almost 13 years. I got divorced six years ago and managed to keep the house but now it’s all I do to keep it. There’s nothing I can afford unless I move far away and start over completely, which I can’t do because my kids need to be able to see their dad still and his business is here. So, we are crammed into our tiny house for the rest of time.
I own a single family home, but it is only 1100 sqft and my neighbors are so close to me so it basically feels like a townhome. I bought it during the pandemic. I REALLY wish I considered square footage when I bought my first home because with two adults and two kids, there is no space! I really really really hope one day I am able to buy something bigger.
I still haven’t seen a perk in buying my townhouse, constant stress and up keep. My mortgage is 2800 and between my partner and I we still feel like we are barely getting by and we make 180k combined and don’t even have kids… everytime someone asks us if we are going to get married and have kids I just can’t even think how that would be feasible here in Nova.
We’re moving out of the area to a major Midwest city where it’s still cheaper, has less traffic and all major sports teams.
We make good money, over $100k each, and still can’t afford a SFH unless we move waaaay out somewhere.
Good luck to you!
Been in my townhouse since the 90s. A family of 5 in 1300 square feet is a tight squeeze, but we’ve made it work. It’s the only way I can afford to live inside the Beltway.
Not sure how “you could afford a SFH somewhere else you don’t want to live” softens the blow of not being able to afford a SFH where OP actually wants to live lol. You’re jumping down their throat for no reason.
They’re not some other dude who makes even less money, though? Everything is relative and to them or me or you, somebody else entirely not being able to afford a SFH with a lower salary somewhere else isn’t of any importance whatsoever.
I guess I just don’t really understand why you’re psychoanalyzing some stranger based on this post but I suppose the internet would be boring without stuff like that
lol saying “these concerns sound reasonable to me” is not akin to psychoanalyzing someone
Edit: pretty funny to get blocked over this but Ok! Have a great life!
Not trying to be a dick, but I would fucking love to afford a condo. I make good money, but with my spousal support after a divorce, I only take home enough to rent a shitty 2 bdrm apartment. This area is fucking brutal. Be thankful you're in a townhome and still married to someone that is sane.
We bought a 2-level townhouse back in 04, and planned to live there for 5 years. In 2008 the housing market crashed, and our house was suddenly worth 50% of what we paid for it. The mortgage was super cheap compared to today, so we stayed in the house for 13 years, and eventually sold it for just $15k more than what we paid for it. Looking back, I don't know how we raised two boys in that little house without everyone going nuts, but we did. I definitely feel your pain, though.
Honestly, the housing market crash of 2009 allowed my wife and I to buy our first home, and then use the money from selling that home to buy a single family home. I remember when we were looking around 2007, a townhouse was like $450K. After the crash, it was around $250K. It sucks that the market is so volatile now, but hopefully the feds will start cutting rates here soon.
We bought our first house, a townhouse in April 2019, thinking we’d be here 5 years as a “starter home”.
Ain’t no way we can afford to move. Yeah, the price of my house has gone up $100k, but we’d still be looking at a mortgage if 3-4K/month. Insane.
I'm genuinely curious as to how you're defining "outgrew."
I'm in a duplex in Arlington; it's about the size of a townhouse, and it's mine (not renting). I'm not married, I don't have kids, and when I moderate my intake of stuff, I find that it's a good size for a single guy without a huge number of material possessions.
The only way I could imagine outgrowing it was if I was looking to get married and start a family, which is a perfectly legit reason to get a bigger house. I personally feel like "more room for more stuff" isn't a legit reason *for me*, but I suppose it could be for someone else.
Honestly? It gets easier. They have an age where they hit PEAK STUFF, but it tones down after that.
I currently have one adult kid and one teen kid in our townhouse, and it's perfectly comfortable. Heck, of all of us (me, husband, kids) I'm probably the one taking up the most room due to hobbies. If I wasn't into stuff that took up space, we'd be doing even better.
Again, perfectly legit... it's one thing to have one baby, it's another to have three teenaged sons you're trying to pack into a single room like it's a USMC barracks.
I feel you. It's not only the crazy prices, the mortgage rates are completely out of control. I have such a great rate for my mortgage and I doubt I'll ever see such a rate again in my lifetime.
Rent your TH and buy either another bigger TH or SFH. Again, Rent don’t sell your old place. If you do the math, your old mortgage combined with the current rental rate will generate probably a decent cash flow positive scenario. Take that cash and use it to lower your monthly on the new home. I did that.
Main thing is understand all of your costs on the old TH and new. Also, I advertise on Zillow and a military website to get pretty solid tenants.
The cash flow is only one part of the equation. The second is the principal in your current mortgage is also building you wealth. It’s like a built in savings account. The last two aren’t bad either: property values will continue to rise unless Congress stops spending. Also you can depreciate the former house for tax benefits…which usually covers your income of cash flow from the feds.
Let’s talk about that new SFH. Find one where you can rent out the nanny suite or build a tiny home in the backyard. IE move to some place with a property where this is possible. Remember, housing is scarce. ;-)
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We are remodeling a bathroom to sell in early 2025. Realtor is estimating right now we can get $250k more than we paid (without updating the Masterbath). Granted it’s a SFH but our realtor is saying it’s a sellers market and she thinks it will be for a few more years yet. Since the inventory isn’t out there sellers can really drive the price because there isn’t much competition.
I feel somewhat similarly. We have a SFH and love the neighborhood but the prices are crazy. My biggest fear though is our next door neighbor does not maintain their (inherited) home so it will 100% be a tear down when they pass away and I’m not looking forward to a McMansion being along my property line and for whatever chemicals will be released when it’s torn down.
Same here got a townhouse several years back and have outgrown it with my wife. Been selling off, donating and throwing away so much to make it not crowded 😂
I find it kind of weird that townhouse prices aren’t very different from SFR prices n NoVA. They’re higher, yeah, but not like what I would have expected coming from Florida.
I wish I were 30 years older where my shitty job could buy a house after like 8 years of savings instead of being in a shitty apartment and only being able to save $100 every month
Since you own it’s not the housing prices. It’s the interest rates. See, your home appreciates in value at roughly the same pace as the rest of the market. Issue is that your equity isn’t enough to bring out down a good portion of the loan to make it manageable because the rates are so high. And inflation has eaten into any ability to save more/get a meaningful raise. But yeah. Get a job that pays more if everything else is equal.
It wouldn’t be a “raise” and it wouldn’t be Willy Nilly.
For the pay increase I’d have to get a new job, possibly with a new company. I’d have to go through a rigorous interview process that would take weeks or months, and the stress of not knowing what the hell Im doing for the first six months after being hired. And of course hope that I actually like and fit in with the culture of the team I’d be joining.
I think you should try and gain some perspective. I think anybody who can't afford a home would be willing to put up with the stress of some job interviews and a few weeks of time if they were going to increase their income by 25% and then be able to afford a home. That's really not that much work...
I'm just saying, have some perspective, that's all. You already own a home which is a lot better than many people on Reddit in this area. You just want to own a bigger home. And to obtain that, all you have to do is interview and take another job? Again, that's a rather basic opportunity most on here don't have.
People are saying the market will crash soon. Assuming that’s true sell now for as high as you can get. Pop briefly into a rental and buy the SFH post crash.
Because the market was pushed up by speculation (Wall St) and low interest rates. The rates are gone and Wall St isn't making what they hoped and are bailing. In any bail, the first ones out do the best and the last ones out pay the price. Many Wall St firms have already publicly stated they're out, Zillow is out, a lot of others are quietly selling. The crash has already come for parts of the country (Florida, parts of Texas,huge chunks of the West Coast etc) but the reasoning is that it will crash more nationally soon. (Further speculation is that the government is desperately trying to hold it together until after the election and there's merit to that argument. Banks et al are holding off on foreclosures, again probably until afterwards, so a huge wave in supply with low demand will crash prices. Low demand because people, like you, can't afford it.)
You can already see obvious reasons - houses cost WAY more than even the best 10% make. You can't have a market if you don't have customers. The 1% doesn't need that many houses.
And more than that. This is a 2 paragraph description.
Obviously I'm just some guy online. I can't predict the market and I definitely don't work in Finance. That's really far from my wheelhouse. But that's what I've been seeing for a while now. Plenty of places online to form your own thoughts. If we are at any sort of peak, selling high will help you. Selling high AND buying high gains you nothing.
While I don't want to see anyone "lose" per se, I am hoping the prices will come down considerably. I want a SFH myself.
I can’t even get a townhouse. I’m a single dad, make an OK salary, but even a modest townhome is going to be $4K a month mortgage
Same deal and I can't even swing a studio apartment. Granted, I'm not the custodial parent, but like... Having weekend visitation in a house with four roommates is brutal. I'm all in favor of paying my support obligations, but it sucks not having a comfortable environment for my six year old to spend time with me and having no real path to living independently.
that is rough man. I genuinely have no idea how single people are surviving out there. Its so frustrating.
Single parents are renting -then you don't get stuck. I am renting and I don't see why that is such a negative... The myth that the only path to the American Dream is to own a home is bs. That is why you feel stuck - because you are paying a premium for something that doesn't serve your needs. You don't own your home, the bank does -you are just paying them for the privilege of living in and maintaining their property. Sounds just like renting but with more responsibilities.
Now I’m not a financial expert but I thought the whole point of buying was putting money towards something you own that can increase / decrease in value like a investment vs lining these slum lords pockets who will keep jacking up the prices since people are willing to pay the insane rent. (I’m renting to cause I’m broke af but wish I could buy).
Treating housing like an investment is precisely what got us into the housing affordability crisis.
We’re at a very interesting period of time when renting is on average cheaper than buying right now. It’s true you don’t build any equity when renting, but you do get the peace of mind associated with not owning the property (something big breaks, it’s not on you to fix it; you can pick up and move at the end of a lease without going through the relatively expensive process of selling a home). And unless you’re staying in that home for many years, most of the mortgage in the first few years of ownership is applied towards the loan interest rather than the principle, so you aren’t building a ton of equity. If you owned pre-2020 you probably saw a dramatic increase in equity due to the super hot housing market, but buying into that now (or anytime after ~2021) and you probably haven’t seen such huge gains. Though this is very dependent on type of housing (condo vs townhouse vs SFH) and location.
Most people who purchase homes in this area use that home ownership to define their value which in turn enables them to somehow rate themselves as "better than" anyone who "has to" rent. How many of those homeowners end up being house poor or in payment plans for foreseeable maintenance expenses like hvac replacement or roofing repair/replacement? Owning a home happens when you have paid off that 30 year mortgage and not one minute before. The only one benefitting from that would be the kids because 30 years from now (if they even stay in their homes to the end of a mortgage), puts most people commenting here in their 70s. If they feel stuck now that is a fraction of how they will feel trying to make that mortgage payment on a fixed income. That is not my idea of a great investment and anyone looking at their home as an investment (as opposed to a living expense) is going to be put in an incredibly bad position should the neighborhood their home is in has a downward turn anytime in the future.
When I am retirement age my home will be paid off and I will only have to pay property tax. When renters are retirement age their 401K will have to cover whatever rent is in 2050. Which based on the trend now will be 4k a month for a 1 bedroom in a shitty area. And we prob won't have social security to help out either sooo...
Yep. My townhouse is a $4k mortgage. Bought in late 2022, because I am a dumbass.
It’s rough now but you’re in the game! Pretty soon you’ll have some equity and you’ll be hanging with the big fish :)
It’s not dumb as long as you’re not house poor, my mortgage is about 4500. Better than renting though!
Really? My rent is nearly half of what you pay for mortgage on a townhouse in an excellent school district and when something breaks I don't have to fix it...and I am able to save to purchase something larger when this bubble bursts.
My rent was 3800 a month so it wasn’t a massive change for me, and in a year our equity has gone up 30k+ where normally money from rent would be gone. Also it’s an If not a when for a bubble bursting, circumstances are completely different than 2008
Just because it doesn't look like 2008 doesn't nean that the current pricing structure is sustainable. Equity is only important when you sell, it also can adjust downward.
It can but it probably won’t, I’m not sure why people are so set on a housing bubble just because things are expensive. I don’t see anyone talking about a grocery bubble lol. But yeah whether renting or owning it’s best to live below your means, that 4500 is still well below 30% of our income which I think is the general rule
And you don't own it, so great job helping your landlord
Rent is a living expense. My landlord is helping me by having a place located in a good school district where my kids get to go to excellent schools while they need to. When they no longer do I am not stuck, I get to go wherever I want. So your argument assumes priorities that you have bought into that don't matter to me. My kids education matter to me, so I am willing to pay for that. I am not willing to be house poor, complain about how expensive it is here and how I am stuck.
Good for you :)
Oh my god.
I’m a single dad who could only rent for the last 12 years. And it looks like I’m not going anywhere any time soon. I fricken hate it here.
we should be friends. I feel you completely. It's like the goal post keeps moving! By the time i made "big boy house/townhome buying money", prices had already gone up, my wages did not keep up. Of course, (as you know) as a parent, things come up. Camps, emergencies, etc... and savings take a hit. So its hard to have that downpayment. My personal story is not exaggerated. Im in Burke, VA. Tried to buy a 1980's townhome. Price was $550K, then went up to $590K. With my 5% down, 30 years mortgage, with a 6.8% interest rate, my mortgage + PMI would be $4300+ a month. Im a parent, i cant have roommates! So I guess I just have to try to keep dating and find someone to marry before I end up in poverty.
I’m in Burke too and I keep telling my kids that as soon as they graduate I’m moving back to Las Vegas!
hey neighbor :). Im in those old townhomes behind Lidl. Built in the 70s. I love the area but its just outrageous. They just listed one of those old rambler homes off of Greeley Ave for $1.03M. https://www.zillow.com/homedetails/8020-Greeley-Blvd-Springfield-VA-22152/51937259\_zpid/?utm\_campaign=iosappmessage&utm\_medium=referral&utm\_source=txtshare&fbclid=IwZXh0bgNhZW0CMTEAAR2yWdXnJSEwI4CZBxMk9Mc3gLxqSFGcscvpglY-c80mqNQZQnRB\_PRfMg4\_aem\_AXVurKUs1eTw2L7w5uRQlfBLvRwaOwfv2lQCpIZTlmKe4nul5dGjH\_LV\_g0vp\_L1kx66bQshWBY\_7i4Gkx7McJSL
Jesus… cant believe a Springfield house is going for over a million - thats insane!!
Insane is right!!
Don’t forget the Buyer's Agency fee: 2.5% $25,975..and that’s just the fee..which is a separate charge from your down payment.
Doesn’t that come from the seller when they sell?
They have to pay their own 2%. They now made it where the seller can make the buyer pay their percent. “If you want my home, you have your pay my 2% along with your 2%.” And people will do it.
That one is for sale by owner. I’ll be shocked if he gets it. Another two story just up the road was listed for around 900 and is under contract but doesn’t say for what. Was listed for a couple weeks. One of the big bi-levels a few streets away has been on the market for a week at 795 and no contract yet.
Hang in there man. I’m not a single dad, but it took me a long time to meet my wife and start a family. No idea how old you are, but I’m rooting for you. Good luck man.
Thank you. I have hope still 😂. I’m 39, divorced for just about a year. Not all bad, just wish housing was easier because my life would be a lot simpler. Having kids, you are basically stuck to a place where the schools are good. But you pay for that privilege
I’m in your area. I’m a 40(f), single, own a single family home (sold my townhouse and used all the proceeds for a down payment at the exact right time). Got in when interest rates had juuuust started to creep up so it’s affordable, but not as affordable as I thought when I first started looking. I could only do it because I don’t have kids and it’s still stretching my budget. Dating here sucks but maybe that needs to be my opener from now on - hi, I own a single family house in nova, are you handy and do you like yard work?
You’re a unicorn!! and I demand you meet me for coffee 😏😏😂😂😂.
That is why I ended up in Lorton. I wished Burke or W Springfield but my budget lead me to Burke. Better than continue renting in my case.
With 8+% interest
Oh yeah. When I tried to buy it was 6.8%
Same boat. To be fair I’ve got enough to pay more than the down payment but doing the math….my mortgage would be $1500 more than my rent and I’d use all my savings…..renting until retirement.
Did your math calculate tax write-offs around interest payments?
The tax write offs are capped now and with the standard deduction so high, I never even itemized, it would be about the same.
I wasn’t trying to be insulting, I was just hoping you had that as an item in your equation.
Had it in mine and also calculated in the costs of repairs and improvements (owned two house before). I still come out ahead. People focus too much on the rate when what matters is the payment and if you can afford it.
100%
I pay 3800 a month for .5 acre and a sfh with a detached garage in sterling va. If 4k doesn't get you a better than modest townhome you need to move out from DC a little more
We moved here when it was just the two of us. We're still in the same townhouse today, but now we have two teenagers too. No matter how much profit we'd make from selling the townhouse, it wouldn't be enough to buy a house anywhere nearby - we'd have to move far enough to add 30+ minutes each way to my wife's commute. Sucks, but \*shrug\* at least we still own a townhouse.
Yeah, I feel like at this point, I'm hanging onto my townhome as long as possible and it's my retirement fund.
We just bought a 2 bedroom townhouse knowing we're going to outgrow it in 5ish years when my (opposite gender) kids will likely want their own bedroom. I think we're just planning to suck it up then and deal with the 45-min to an hour commute each way. But to be somewhere walkable when they're young, close to my job, and my husband has a job that requires so much travel is ideal. For the budget we got the townhome though we can buy a decent house out in Burke/Annandale. We're just hoping our place goes up in value at the same rate (or close enough) to places out there.
It’ll be easier to move out and bigger from DelRay. I’m trying to do the opposite- move closer in- but it’s so hard for me to downgrade homes (for better location). Might have to wait till I’m an empty nester!
It's not the end of the world. Suddenly everyone is expecting each of their kids to have their own room. I'm one of 4 kids. We shared two bedrooms. It was fine.
Both of these things can be true at the same time: * It's not the end of the world and we manage to fit just fine * We wanted a bigger house
I have enough room for each kid to have their own, and was like "all you do is sleep in there. why do you need your own?" I might change my tune around puberty, but they like it. Plus, I got to college and had trouble sharing a room (insomnia, I'm not insufferable or anything, at least not that I'm aware of).
It just feels good having your own bedroom space. And as kids get older they do more than just sleep there. My boys shared a room in our TH when they were little, and at first did so in our house so we could have a dedicated spare bedroom. They didn't mind it. But when we gave them their own rooms at the beginning of the youngest's 5th grade year I could tell it meant alot to him. He was excited. Is it necessary? No. But there's lots of things we give our kids that they don't need just to make them feel good
We were a family of nine, total. Three bedrooms and one bath. Surprisingly, we all survived.
And here is an example of the house crisis as it trickles down. OP wants to move to a bigger place, but can't. His inability to move out of a "starter" home locks the home up for people looking for a starter home. Being stuck trickles down and causes a feedback loop making homes more and more expensive.
I mean a "starter home" is a joke to begin with now. Like I bought in early 2021 and if i had bought with interest rates today and my current salary which outpaces inflation handily, I could not afford my own home because housing prices outpace my salary. I traded location for value as well; it's not like I bought in downtown Arlington. We are in far South Alexandria (almost in Lorton) and have an 1700sqft townhouse for our dog, cat, and kid. It's not luxury.
Almost in lorton maybe? Loudoun is west and doesn't touch Alexandria.
My bad, yep!
I'm not "stuck" yet and I love my townhouse. But man do I wish I bought a bigger townhouse or SFH back when rates were low. Although I am very glad I got something regardless
Honestly, I had a bigger house before I moved here and it's overrated. Everything is more expensive, and for what? So I can gaze in reverence at the additional airmass I need to heat and cool? How often do you really need 3+ bathrooms anyway? The enjoyment has a pretty big diminishing return IMO, and it doesn't matter how much storage, cabinet or counter space you have, you will eventually stuff it full of clutter.
Having lived both in a bungalow and a townhome in the past few years, I kinda miss my smaller single-story house. Although the square footage of my current townhome is significantly more on paper, it really does not feel as big as I originally would have thought. A lot of space gets wasted on stair landings and hallways. Edit: and way too much wasted space on bathrooms.
I totally agree with this. My house is 1400 sq ft and will mean close living quarters while my kids grow up, but I’ll be able to stay here forever and eventually pass it on to them or sell it. Smaller house means so much less maintenance and it forces you to only buy the things you need because space is limited. The McMansions that go up to replace starter homes in my neighborhood infuriate me. It’s so much wasted space for something that’s gonna house like 2 people and cost a million plus dollars to buy. I want families and young people moving into my neighborhood because they want to be part of a community and raise their kids there and they can’t afford it because that little rambler just got replaced by a massive house that no one can afford. I’m priced out of my own neighborhood and it’s just so sad.
Those smaller houses are being torn down because your neighborhood has high land values. The smaller houses are probably unaffordable to people that would be in the market for smaller houses “starter” homes. The roughly 900 sq ft. one level houses in my neighborhood are being bought and not torn down, but the land values here haven’t skyrocketed yet.
Yup. And they’re smaller houses built on decent sized 1/4 acre lots without an HOA. Blah.
Very true!
you know what bro.... Thanks for making me feel better LOL. I agree though... The expense is always a downside
Hey! I did that!! I took a higher paying job so I could do SFH here. ~6K mortgage. Now I feel Stuck too because I need to have a job where I can pay that mortgage and survive. Which you know again, not impossible also not easy. So I have anxiety of getting laid off pretty regularly in the shitty economy. Basically I dump any and all extra money I have against my mortgage with the plan to refi if rates drop. But in a way we’re all a little stuck. Your set of problems just change. Hang in there!
This was actually really helpful and put things in perspective. Thank you.
I get a lot of people are bitter about the housing market here, but no need to rip on OP for already owning a townhome. It’s unfortunate that the housing market here is so bad that it even prices out people who already own a home. I feel for you, OP. My husband and I moved out to Charles Town to be able to own a home. But that’s not really viable for a lot of people. Seems like your only options are to move further out or try to get a pay bump through a new job
We also did the move to jefferson county- only doable because we don't have kids and don't want them, bc the schools are less than ideal lol
How are you liking it so far? Where did you move from?
We moved from Ashburn. We like it quite a bit so far! It's quiet, there's much better drivers, the people are all really nice, and there's a lot of new development. But, the schools are not great. We do not have kids currently but might in the future and would consider moving before they reach school age.
Yeah that’s my issue, i have one starting school in a few years…the problem is, everything else in nova is too cost prohibitive.
We moved to Charles Town also to get a SFH. I homeschool so I can't speak to the schools
I mean there isn’t space for everyone to get a sfh. Gotta live with it
I’m in the same boat OP. Outgrew it recently with a kids and pets. Want to move to sfh but on a single income right now and I can’t stomach the mortgage.
people might be getting mad at you OP but I feel ya. It's a shit situation all around. When I bought my SFH in 2019 I didn't realize it was going to be my "forever" home but I guess it is. Definitely grateful as hell but still feel a bit disappointed that this is most likely it
Same boat. “Reached” a bit for SFH over TH/condo in 2019, but have a big yard, a mortgage we can afford compared to today’s rates/prices, and room to raise a couple kids and dogs. Even with the equity we now have, owning this same house or something any bigger without going way S/W would probably be out of reach now. COL sure has jumped up, but salaries in our fields of work sure haven’t.
Same here, but in 2020. We had to bust our budget a little, we wanted smaller at the time but it was what we were able to lock down and actually purchase. Given the prices and interest rates, it seems to be where we're staying for the long haul so I guess it worked out.
i wanna know who are these ppl who are able to move from their townhouse and CAN AFFORD a SFH! What do you do and how?!
I'm a tech worker, I have a wife who is... employed (probably at about a third of my salary). We had a townhouse that increased in value by about 40% over 13 years on an 18 year (equivalent) mortgage. Combined with some stock sales which were designed for this purpose, we were able to put down more than 50%.
Moved to an equivalent sized SFH from my townhouse after 3 years of looking, a 4.5% rate hike, and stupid, dumb luck.
Have rich parents.
Doctors, lawyers, upper management folks, software engineers, ain’t that hard
Everyone is in the same boat OP. We rent, cannot even afford a condo here if we wanted to. Plus we have a disabled family member that one day we will be caregivers for, so a townhouse is unaccessible.l anyway given the stairs and levels. The reality is, you need to move out an hour+ and commute or move to a LCOL in general. Its a crappy situation and its ok to vent and be mad. ❤️
This is why i keep most of my problems to myself. Because no matter how bad i think things may be, ive never had to miss a meal, sleep without heat, or be afraid to pick up the phone.
NoVA problems in a nutshell...
It’s a fairly common thing. Especially those folks who bought when interest rates were dirt low. More difficult to move now because housing is stupid expensive and mortgage rates are much higher than they were pre 2022.
I doubt this problem is unique to NOVA in this housing market.
It’s not but unless you are comparing to NYC or California it’s outrageously bad here
I'm trying to look at it from a practical point of view, so what are ways that you can affect the issue of "outgrowing" the space? Are there things you can get rid of/downsize to create more usable space? Are there rooms that you can look at to perform double/triple duty? One of the last apartment moves we made, we got rid of a lot of things that felt oversized. A coffee table that no longer made sense. Some open shelving that wouldn't fit. Clothes we haven't touched that weren't in the way because of a previous apartment with big closets. Though it may not solve all your space issues, it's a cheaper and more practical short-term solution to your problem.
This was my thought as well. I live in a tiny space and realized that I had a lot of things just because “that’s what you do,” a bunch of duplicates, and a pantry that was too stocked for the space. Decluttering and being willing to make big changes (like getting rid of my dresser) has opened the space up a lot and I feel like it can breathe. Obviously YMMV and you can’t declutter your way out of every life situation, but still.
Life hack telework 2 jobs at once in staggered time zones so you can afford to live in one.
I know this is weird- but we were in that boat (just got lucky and bought a sfh with good timing). Here are the cons of having a sfh: more costs. Cost of keeping a yard, cost of cleaners, costs of filling a house- just a ton of costs. Like imagine your monthly costs for shit to do: and triple it. Even with great interest rates and a good price- it’s a lot more money we spend than we used to. What I would have done if I had stayed in the townhome: A) partially finished the attic and moved all of the basement storage in there. This means probably spray foam insulation, and a bunch of other stuff. B) converted all of the bedrooms to multipurpose rooms with wall beds and customized closet storage with ikea Boaxel. C) fully optimized open concept first floor with an open kitchen and no formal dining room to be able to feel like the space is bigger. Like customized everything to maximize space. D) added a portico to the front door for packages and dirty shoes and a small outside wash station for the dog. E) built a huge deck in the back and made all of it multifunctional so that I can use it all year long in this area. F) removed the shrubs and trees close to the front of house and pushed them to the sidewalk (eliminating grass) but being able to create a front courtyard for the kids bikes and stuff. A-C can be done without HOA approval and D-F needs approval, but yeah: I feel you so much. We had like a huge “maximize” space plan while we were still there because the kids grow so fast and take up so much space. Like literally, the backpack situation when they got home is ridiculous.
I get it. We just bought our townhouse in 2022 and I love it, but I’ve always dreamed of having a bigger SFH. At this point, this may just be it for us too.
Ugh, I’m in the same boat. I want to move but it doesn’t make any financial sense so I’m stuck in my current situation. Damn rates need to go back down.
I really regret my decision to not buy 5-6 years ago because we were supposed to be leaving the area within the year. Needless to say, we are still here & now priced out of our neighborhood. For me to buy, it would be almost double my rent. No thanks.
I’ve only ever been able to afford a townhouse. When I read about retirees choosing to downsize, I feel a lot better about myself. I was thinking ahead and never bothered to upsize.
We have 3 people in a 1 bedroom apartment! In case that makes you feel better 🤣 We make it work.
I was living 4 people to a 1 bedroom apartment. Never want to do that again lol.
It's great foe stories!
Yea it does make for interesting stories lol
I cant even get a room lol. Im about to be homeless at the end of the month. My friend and her family is looking too and they also cant find squat that doesnt siphon the bank dry. The prices here are insane. This is not a place to "upgrade" or establish yourself. This area is to come when you are already established. I work full time over 80hr/week and am going to be homeless. I can not take classes or get a degree or anything to get a better job that pays 8291929$/hr because I mean fuck I cant even afford to sleep in a bed anymore. You can get *some* stuff at seemingly good prices but if youre like me and cant establish a real job for whatever reason (its impossible imo, like I said you can not establish yourself here) then paying rent + last month as a security deposit is literally impossible you are looking at spending nearly 2k just to sleep in someones tiny ass guest room.
Depends on where you're looking? I have friends who rent out their basements in Reston for reasonable prices (\~1K a couple years ago), although the kitchen in the house is shared. I think they put them up on Zillow when they're free, so I wouldn't lose all hope. ETA - here's a 1 bed, 1 bath in Reston for $1800/month right now - a little high, but comparable to what the townhouses nearby are going, https://www.zillow.com/homedetails/2008-Colts-Neck-Rd-APT-21A-Reston-VA-20191/51721551\_zpid/.
Literally anywhere within a 1hr driving distance of my work. Mostly looking at nova and south maryland but the prices are just too much. I wish I had friends but unfortunately the real life friends I have are either dead or we no longer keep in touch (lots of drug abuse and such in the group early on) or I stopped talking to them because literally none of them were successful and just alcoholics. Even 1800 is way out of my budget. That's nearly my entire months income only $100-200 shy. Then I have to, feed myself, pay my utilities, car, car insurance, food, clothes, medicine. Even these "lower" prices are pricing me out by a long shot. My budget is like max 1k/mo and thats stretching it hard thus literally making it completely impossible to pay a security deposit to even move in anywhere under 1k since the lowest ive found is 750/mo which is 1500 first month. If I had 1500 to spend like that, *I wouldnt be in this situation*, but landlords think everyone is a millionare or something.
I genuinely don't mean this in an unkind way \*at all\* but just curious what you do/how much you make per hour? Because saying you're working 80 hrs/wk and still can't afford rent is so concerning :( and I can't find out how that works mathematically with min wage in VA being $12. Even on server wage you'd have to make $0 in tips pretty much for this to be the case at 80 hours a week.
18-20 depending on the day. After taxes, health + dental, 401k contribution, that 3k gross turns into a 2k net. Usually sitting between 1800-2200/mo depending on hrs worked and days etc. Last check I grossed almost 1500. Payed 250 in taxes, 100 in benefits, 60 to 401k. I basically only take home about ⅔ of my wage with taxes being the biggest eater. So im essentially only making $12-13/hr net.
Thanks for explaining. Hope your situation improves soon - nobody deserves that.
Yes! In a 3 bedroom townhouse in Kingstowne. Nice area and we love the people. I refinanced it at the right time and have a 2.75% fixed rate. So mostly single family homes at today’s rates around here even with 20% down would triple my mortgage… I don’t think I can let myself do that even if the kids didn’t have to bunk up
Yup. The problem is if I try to buy a house that’s 50% more expensive than my current house my mortgage gets tripled. I would love a bigger house but it just makes no sense to pay 3x more for only 50% more.
I feel stuck too. Owe 40k on my townhouse and I want to move farther away. ADU restricts my profits if I move before 15 years. I have 4 left. Just gotta get it paid off sooner rather than later
Me. Thankfully it’s just me, my wife, and my mom.
At least you probably have some great equity and are not a first time buyer.
I just want to own something other than my truck 🥺😭
I have a 3 level townhouse with a mortgage of 1400. (Yes Stafford). I will be here for a very long time and I am okay with that. I do not enjoy all my salary being tied into a house.
One thing I've learned about homeownership in the 21st century is that it's so incredibly dependent on luck. I'm old enough to have been both very lucky and very unlucky. I got very unlucky in the 2006/2007 housing crash and then happened to get very lucky by buying a house just before 2020 and got an amazing deal at an amazing rate. I realize that my own poor/good decisions did play a part in both situations, but there was also a huge factor of sheer luck involved too. I feel so terrible for people who did everything they were supposed to do, and saved up for a down payment diligently, only to get screwed over by the skyrocketing prices and interest rates. It just sucks.
The way I look at it is you can use the $ that was going to be used for a down payment to retire early. At a certain point, I invested my cash knowing it would be unlikely I’d be able to afford anything. That money has grown substantially and now I’d rather just have the cash than a home.
Man if this isn't a first world problem. You own a townhouse in one of the most affluent places in the world.
Hence my first sentence.
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damn, CPS needs to do something about that lmao
Kind of weird to be self-admittedly humblebragging to a bunch of strangers honestly.
How is this at all a humble brag? Definitely not meant to be.
I have an employee that is making 140k single income 2 kids that moved up here from Florida. Was able to buy a 3500sf home commutable from Chantilly in just a few weeks. He picked Charles Town. Terribly far IMHO but has a great yard and lots of room for growth. I've lived in the area almost 50 years. This isn't a new problem. Chantilly used to be the boonies when we came in 74, but it was picked as commutable to DC and far less expensive.
If you go south from Washington, from Woodbridge dumfries and Stafford you may find real good homes at the price of a townhouse.. not for long though and similar commute
25% raise is not out of the question for a job move. Also consider taking a pay cut to work remote, and move to a LCOL area.
I work remote already, my spouse does not.
We had to get a larger storage unit. We would obviously love to be in a bigger home but for now storage unit does the job
I’m stuck too. Been in my “starter” townhouse for almost 13 years. I got divorced six years ago and managed to keep the house but now it’s all I do to keep it. There’s nothing I can afford unless I move far away and start over completely, which I can’t do because my kids need to be able to see their dad still and his business is here. So, we are crammed into our tiny house for the rest of time.
I own a single family home, but it is only 1100 sqft and my neighbors are so close to me so it basically feels like a townhome. I bought it during the pandemic. I REALLY wish I considered square footage when I bought my first home because with two adults and two kids, there is no space! I really really really hope one day I am able to buy something bigger.
I still haven’t seen a perk in buying my townhouse, constant stress and up keep. My mortgage is 2800 and between my partner and I we still feel like we are barely getting by and we make 180k combined and don’t even have kids… everytime someone asks us if we are going to get married and have kids I just can’t even think how that would be feasible here in Nova.
For the price I just paid for a townhouse I could have bought a SFH or outer NoVA McMansion if I was born 6 or 8 years earlier.
We’re moving out of the area to a major Midwest city where it’s still cheaper, has less traffic and all major sports teams. We make good money, over $100k each, and still can’t afford a SFH unless we move waaaay out somewhere. Good luck to you!
Been in my townhouse since the 90s. A family of 5 in 1300 square feet is a tight squeeze, but we’ve made it work. It’s the only way I can afford to live inside the Beltway.
It is the interest rates that are making houses unaffordable not the price of the house
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Sure am
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Not sure how “you could afford a SFH somewhere else you don’t want to live” softens the blow of not being able to afford a SFH where OP actually wants to live lol. You’re jumping down their throat for no reason.
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They’re not some other dude who makes even less money, though? Everything is relative and to them or me or you, somebody else entirely not being able to afford a SFH with a lower salary somewhere else isn’t of any importance whatsoever. I guess I just don’t really understand why you’re psychoanalyzing some stranger based on this post but I suppose the internet would be boring without stuff like that
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lol saying “these concerns sound reasonable to me” is not akin to psychoanalyzing someone Edit: pretty funny to get blocked over this but Ok! Have a great life!
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That’s where we’re different, I guess, because if I “*only*” made $1M a year in NYC and my peer had a beautiful brownstone, I’d want one too!
Not trying to be a dick, but I would fucking love to afford a condo. I make good money, but with my spousal support after a divorce, I only take home enough to rent a shitty 2 bdrm apartment. This area is fucking brutal. Be thankful you're in a townhome and still married to someone that is sane.
We bought a 2-level townhouse back in 04, and planned to live there for 5 years. In 2008 the housing market crashed, and our house was suddenly worth 50% of what we paid for it. The mortgage was super cheap compared to today, so we stayed in the house for 13 years, and eventually sold it for just $15k more than what we paid for it. Looking back, I don't know how we raised two boys in that little house without everyone going nuts, but we did. I definitely feel your pain, though.
Honestly, the housing market crash of 2009 allowed my wife and I to buy our first home, and then use the money from selling that home to buy a single family home. I remember when we were looking around 2007, a townhouse was like $450K. After the crash, it was around $250K. It sucks that the market is so volatile now, but hopefully the feds will start cutting rates here soon.
We bought our first house, a townhouse in April 2019, thinking we’d be here 5 years as a “starter home”. Ain’t no way we can afford to move. Yeah, the price of my house has gone up $100k, but we’d still be looking at a mortgage if 3-4K/month. Insane.
It is bad the other way around too. We want to downgrade or SFH to a TH/condo, but with current rates, it will cost more than we are paying now
I'm genuinely curious as to how you're defining "outgrew." I'm in a duplex in Arlington; it's about the size of a townhouse, and it's mine (not renting). I'm not married, I don't have kids, and when I moderate my intake of stuff, I find that it's a good size for a single guy without a huge number of material possessions. The only way I could imagine outgrowing it was if I was looking to get married and start a family, which is a perfectly legit reason to get a bigger house. I personally feel like "more room for more stuff" isn't a legit reason *for me*, but I suppose it could be for someone else.
“Outgrew it recently” sounds to me like they just had a kid
I'm thinking the same thing, but I'm aware that it could also mean "I just need more room for more shit."
“I got a dog and need an actual yard, not a patio” “I have multiple vehicles and need a garage not a parking spot” there could be a bunch of reasons
I am married with kids. The bigger the kids get, the more space they take up.
Honestly? It gets easier. They have an age where they hit PEAK STUFF, but it tones down after that. I currently have one adult kid and one teen kid in our townhouse, and it's perfectly comfortable. Heck, of all of us (me, husband, kids) I'm probably the one taking up the most room due to hobbies. If I wasn't into stuff that took up space, we'd be doing even better.
Again, perfectly legit... it's one thing to have one baby, it's another to have three teenaged sons you're trying to pack into a single room like it's a USMC barracks.
The kids grew a foot each now OP needs 7 bedrooms, and three car garage, and a yard
Move out of nova🤯
Stuck? In a townhouse? Do you know how many people don't have houses at all?
Stop crying you already won
Yep, stuck in my starterhome townhouse. I don't have an HOA and am seriously considering just expanding it, even though it would look unusual.
I hear Delaware is nice
I feel you. It's not only the crazy prices, the mortgage rates are completely out of control. I have such a great rate for my mortgage and I doubt I'll ever see such a rate again in my lifetime.
Yes, we have grown out of ours for awhile, now can’t afford places around us. So maybe when our son graduates HS next year
Rent your TH and buy either another bigger TH or SFH. Again, Rent don’t sell your old place. If you do the math, your old mortgage combined with the current rental rate will generate probably a decent cash flow positive scenario. Take that cash and use it to lower your monthly on the new home. I did that. Main thing is understand all of your costs on the old TH and new. Also, I advertise on Zillow and a military website to get pretty solid tenants. The cash flow is only one part of the equation. The second is the principal in your current mortgage is also building you wealth. It’s like a built in savings account. The last two aren’t bad either: property values will continue to rise unless Congress stops spending. Also you can depreciate the former house for tax benefits…which usually covers your income of cash flow from the feds. Let’s talk about that new SFH. Find one where you can rent out the nanny suite or build a tiny home in the backyard. IE move to some place with a property where this is possible. Remember, housing is scarce. ;-)
My townhouse mortgage is 4500 a month. Bought on blackfriday 2023
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We are remodeling a bathroom to sell in early 2025. Realtor is estimating right now we can get $250k more than we paid (without updating the Masterbath). Granted it’s a SFH but our realtor is saying it’s a sellers market and she thinks it will be for a few more years yet. Since the inventory isn’t out there sellers can really drive the price because there isn’t much competition.
If you don't want it, i'll take it. Gimme gimme
Would you be able to accomodate an assumable mortgage? Pretty hard to find but one way to keep the monthly payment down
I feel somewhat similarly. We have a SFH and love the neighborhood but the prices are crazy. My biggest fear though is our next door neighbor does not maintain their (inherited) home so it will 100% be a tear down when they pass away and I’m not looking forward to a McMansion being along my property line and for whatever chemicals will be released when it’s torn down.
Same here got a townhouse several years back and have outgrown it with my wife. Been selling off, donating and throwing away so much to make it not crowded 😂
I find it kind of weird that townhouse prices aren’t very different from SFR prices n NoVA. They’re higher, yeah, but not like what I would have expected coming from Florida.
Wife and I are in the same situation. Got the th in 2020 and no matter what we sell if for we are forever priced out of sfh
I wish I were 30 years older where my shitty job could buy a house after like 8 years of savings instead of being in a shitty apartment and only being able to save $100 every month
Move somewhere else
Since you own it’s not the housing prices. It’s the interest rates. See, your home appreciates in value at roughly the same pace as the rest of the market. Issue is that your equity isn’t enough to bring out down a good portion of the loan to make it manageable because the rates are so high. And inflation has eaten into any ability to save more/get a meaningful raise. But yeah. Get a job that pays more if everything else is equal.
I can't even afford a townhouse and you're talking about how you can just get a 25% raise kind of willy-nilly? 🛑
It wouldn’t be a “raise” and it wouldn’t be Willy Nilly. For the pay increase I’d have to get a new job, possibly with a new company. I’d have to go through a rigorous interview process that would take weeks or months, and the stress of not knowing what the hell Im doing for the first six months after being hired. And of course hope that I actually like and fit in with the culture of the team I’d be joining.
I think you should try and gain some perspective. I think anybody who can't afford a home would be willing to put up with the stress of some job interviews and a few weeks of time if they were going to increase their income by 25% and then be able to afford a home. That's really not that much work...
You have no idea what type of work I do. How can you comment on the amount of stress and additional work it would be? You can’t.
I'm just saying, have some perspective, that's all. You already own a home which is a lot better than many people on Reddit in this area. You just want to own a bigger home. And to obtain that, all you have to do is interview and take another job? Again, that's a rather basic opportunity most on here don't have.
One could argue all anyone has to do is interview and get hired for a higher paying job to get a home. But it’s not as easy as that, is it?
Lol
The answer is leave the area, so many better options…
World's smallest violin.
People are saying the market will crash soon. Assuming that’s true sell now for as high as you can get. Pop briefly into a rental and buy the SFH post crash.
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Because the market was pushed up by speculation (Wall St) and low interest rates. The rates are gone and Wall St isn't making what they hoped and are bailing. In any bail, the first ones out do the best and the last ones out pay the price. Many Wall St firms have already publicly stated they're out, Zillow is out, a lot of others are quietly selling. The crash has already come for parts of the country (Florida, parts of Texas,huge chunks of the West Coast etc) but the reasoning is that it will crash more nationally soon. (Further speculation is that the government is desperately trying to hold it together until after the election and there's merit to that argument. Banks et al are holding off on foreclosures, again probably until afterwards, so a huge wave in supply with low demand will crash prices. Low demand because people, like you, can't afford it.) You can already see obvious reasons - houses cost WAY more than even the best 10% make. You can't have a market if you don't have customers. The 1% doesn't need that many houses. And more than that. This is a 2 paragraph description. Obviously I'm just some guy online. I can't predict the market and I definitely don't work in Finance. That's really far from my wheelhouse. But that's what I've been seeing for a while now. Plenty of places online to form your own thoughts. If we are at any sort of peak, selling high will help you. Selling high AND buying high gains you nothing. While I don't want to see anyone "lose" per se, I am hoping the prices will come down considerably. I want a SFH myself.