With rents continuously going through the roof every sinle year, why are there not any rent control or rent stabilization laws in Fairfax County?

Because rent isn't out of control.

Rent control sucks. Look what happened to DC. Nuf said.

Please explain Wrote:
-------------------------------------------------------
> With rents continuously going through the roof
> every sinle year, why are there not any rent
> control or rent stabilization laws in Fairfax
> County?


Move to MD, you commie.

Rent control is an unconstitutional extension of government authority onto property owners. It's the equivalent of Apple being required by law to sell iPhones for $100 (or some other arbitrary price). It infringes on so many fundamental American rights. Not to mention sets dangerous precedents for the future.
Rent would not be the last thing to fall under government controls.

Rent ceilings, therefore, cause haphazard and arbitrary allocation of space, inefficient use of space, retardation of new construction and indefinite continuance of rent ceilings, or subsidization of new construction and a future depression in residential building.

rent does suck, it is expensive in this area. bottom line..if you can't afford it, get a roomate or leave the area.
stop asking for fucking hand outs.

you make it, or you don't.. plain and simple.

Because NoVa is part of Virginia, the problem does not exist in most of the state, and northern Virginia localities have not been empowered by the General Assembly to pass rent control laws.

I am not looking for a hand out. People are getting taken advantage of though. Something has to be done to keep these assholes from raising the rent on people every single time the lease is up.

Yes, rent is expensive here. And so are houses. It is virtually impossible any more to buy a property in this area and rent it out for a profit - or to even break even. I'm lucky - I bought a long time ago and make out very well. But anyone who bought property here in the last 6 to 8 years and rents it out is probably taking a substantial loss. And that doesn't count maintenance costs or property taxes.

Why should anyone (including me) subsidize you? Get a roommate if you can't afford it. That's what I did when I was younger.

then buy a house, townhome or condo. i rent also and it does go up..we have a choice, pay it, buy, get a roomate, leave the area, or go on section 8.

you can also move into another apt that has a move in special, they normally cut you a good deal, when the lease is up you get fucked.

Landlord Wrote:
-------------------------------------------------------
> Why should anyone (including me) subsidize you?
> Get a roommate if you can't afford it. That's what
> I did when I was younger.

The rents when you were younger were not as outrageous as they are now and you know that.

hey, i'm looking for a roommate comming up. my fuckin one bedroom is $1400. same shitty place that went for $800 6 years ago. yeah, it fuckin sux.

Some landlords raise rent because the cost of maintaining the property has gone up.

Some raise rent every year to keep the rent in line with market rates. A $30-$50 jump in rent is a lot easier for tenants to take than a $200 jump in rent.

Other landlords raise the rent because they have pain in the ass renters and figure if they are going to have to deal with them, they might as well get more money out of the deal. Or they are passive aggressive and instead of telling the person they are not going to renew the lease, they jack the rent up and hope the person moves out.

Some landlords rarely raise rent because they like the tenants they have.

If you don't want to pay rent, you can always buy your own place.

the rent is too damn high. Wrote:
-------------------------------------------------------
> hey, i'm looking for a roommate comming up. my
> fuckin one bedroom is $1400. same shitty place
> that went for $800 6 years ago. yeah, it fuckin
> sux.

Soon that same 1 bedroom will be raised to $1500, $1600, $1700 then $1800.

WHEN WILL IT END? SOMETHING HAS TO BE DONE!!!!!

It looks like we should call The attorney of Rusty Hall.

The truth. Deal with it Wrote:
-------------------------------------------------------
> I am not looking for a hand out. People are
> getting taken advantage of though. Something has
> to be done to keep these assholes from raising the
> rent on people every single time the lease is up.

As one of the assholes that you refer to...I have had dozens of tenants in multiple properties over the years, and I can only recall one time that I raised the rent. I would much rather have a happy tenant who stays for two or three years, than a few extra bucks.

If you are renting a home, townhome, or condo from a landlord like me, then you were undoubtedly presented with a contract, which you were not forced to sign. My contracts always state the allowed percent increase for lease renewal (I believe this is pretty standard). I generally put in about four percent, which is certainly reasonable. And then I almost never exercise that option. In any case, the tenant knows the cost up front at the time that they sign the lease.

I note that you don't appear to be complaining that rents are increasing excessively - just that they are increasing at all. That's life. If my property taxes increase, then my cost of doing business has increased, and your rent may too.

P.S. I've owned single family homes and condos. Apartments complexes may be different, but they have their own expenses.

The truth. Deal with it Wrote:
-------------------------------------------------------
> I am not looking for a hand out. People are
> getting taken advantage of though. Something has
> to be done to keep these assholes from raising the
> rent on people every single time the lease is up.


Something can be done, they can move.

Rent is an asking price by a private owner for his space, people are free to look for places in their price range. There is no right to live where you want in the place you want for the price you want

Try here:

http://www.fairfaxcounty.gov/rha/apply1.htm

U = Bullshit Wrote:
-------------------------------------------------------
> Landlord Wrote:
> --------------------------------------------------
> -----
> > Why should anyone (including me) subsidize you?
> > Get a roommate if you can't afford it. That's
> what
> > I did when I was younger.
>
> The rents when you were younger were not as
> outrageous as they are now and you know that.

Well. let's take a look... When I rented by very first place, I made about $13,000/year and paid about $600 rent for a studio apartment. That was about 5% of my income. In 2012, if I made $75,000/year (which is probably low), then 5% of my income would be $3,750. I seriously doubt that you or anyone else on this board is paying anywhere near that much for rent.

My guess is that you think rent is too high because it cuts into the car payment for your Lexus, or your dinners at Mortons, or your big screen TV - none of which I had when I couldn't afford it.

I love how renters think that the expenses associated with a property never increase. Guess again. Property taxes increase, condo/HOA fees increase, and replacing HVAC/water heaters/etc all costs money. Your landlord isn't in the charity business. They have a property with the hope of making money not losing it just so you can pay less in rent.

Don't like what you have to pay? Go buy someplace and become a homeowner or get a roommate to help split the costs.

@ Landlord: +1

@O.P. - yeah rent sux but it's not like they arent just passing on the "charges" that they have to deal with - I mean, if you dont like it, then own, y'know?

Government bubble.

"Overall, federal workers earned an average salary of $67,691 in 2008 for occupations that exist both in government and the private sector, according to Bureau of Labor Statistics data. The average pay for the same mix of jobs in the private sector was $60,046 in 2008, the most recent data available."

Overpaid employees and contractors.

Landlord Wrote:
-------------------------------------------------------
> The truth. Deal with it Wrote:
> --------------------------------------------------
> -----
> > I am not looking for a hand out. People are
> > getting taken advantage of though. Something
> has
> > to be done to keep these assholes from raising
> the
> > rent on people every single time the lease is
> up.
>
> As one of the assholes that you refer to...I have
> had dozens of tenants in multiple properties over
> the years, and I can only recall one time that I
> raised the rent. I would much rather have a happy
> tenant who stays for two or three years, than a
> few extra bucks.
>
> If you are renting a home, townhome, or condo from
> a landlord like me, then you were undoubtedly
> presented with a contract, which you were not
> forced to sign. My contracts always state the
> allowed percent increase for lease renewal (I
> believe this is pretty standard). I generally put
> in about four percent, which is certainly
> reasonable. And then I almost never exercise that
> option. In any case, the tenant knows the cost up
> front at the time that they sign the lease.
>
> I note that you don't appear to be complaining
> that rents are increasing excessively - just that
> they are increasing at all. That's life. If my
> property taxes increase, then my cost of doing
> business has increased, and your rent may too.
>
> P.S. I've owned single family homes and condos.
> Apartments complexes may be different, but they
> have their own expenses.

I just view yourself as an indivdual doing business. Complexes on the other hand are very guilty of being assholes in my opinion.

yeah, taxpayer - that's fair to compare an ENTIRE industry like everybody in it gets paid the same.............

Landlord Wrote:
-------------------------------------------------------
> U = Bullshit Wrote:
> --------------------------------------------------
> -----
> > Landlord Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Why should anyone (including me) subsidize
> you?
> > > Get a roommate if you can't afford it. That's
> > what
> > > I did when I was younger.
> >
> > The rents when you were younger were not as
> > outrageous as they are now and you know that.
>
> Well. let's take a look... When I rented by very
> first place, I made about $13,000/year and paid
> about $600 rent for a studio apartment. That was
> about 5% of my income.

I remember this era. If you were paying $600 for a studio you then were overpaying. $300-$400 for a studio is more of an accurate price range for that era.

Landlord Wrote:
-------------------------------------------------------

> My guess is that you think rent is too high
> because it cuts into the car payment for your
> Lexus, or your dinners at Mortons, or your big
> screen TV - none of which I had when I couldn't
> afford it.

Believe it or not most people do not overindulge in the type of activities you described. Some do yes. But most hard working people are just trying to get by and it is a struggle.

Me Myself Wrote:
-------------------------------------------------------
> I remember this era. If you were paying $600 for a
> studio you then were overpaying. $300-$400 for a
> studio is more of an accurate price range for that
> era.

I started out as a GS-5 in the 70s (with a masters degree, by the way) - the bottom of the rung (I left Government a few years later). I could be off by $100 or so on the studio, but no more than that. My next stop (with my future husband) a couple of years later was a condo turned apartment in Crystal City that cost about $1,200, if I remember correctly. So rent was not cheap, even back then.

Please explain Wrote:
-------------------------------------------------------
> With rents continuously going through the roof
> every sinle year, why are there not any rent
> control or rent stabilization laws in Fairfax
> County?


I like the way you are thinking.
Attachments:

My Myself Wrote:
-------------------------------------------------------
> Landlord Wrote:
> --------------------------------------------------
> -----
>
> > My guess is that you think rent is too high
> > because it cuts into the car payment for your
> > Lexus, or your dinners at Mortons, or your big
> > screen TV - none of which I had when I couldn't
> > afford it.
>
> Believe it or not most people do not overindulge
> in the type of activities you described. Some do
> yes. But most hard working people are just trying
> to get by and it is a struggle.

I think that people's expectations have changed radically since I was younger. What would have been considered extravagant 30 years ago (had it existed) is now just considered "normal".

When I first came to DC, I didn't even own a bed (or anything else) for several months. I saved for months for a low-end TV. I never ate out. Even now, I drive a 20 year old car that no one here would be caught dead in (why? cause it works and I don't care about appearances).

Pretty much everyone around here now has a state-of-art cell phone and TV. Most drive upscale cars. Many people, especially young people, routinely eat out. It's just expected. Hell, all I have to do is look at my own kid to know that expectations have changed. He'd think it was child abuse if I took away his cell phone.

I know that it can be struggle living in this high cost of living area. And I dont' envy kids starting out in this job market. But to the extent possible, people have to scale their costs to their income.

in other words...stop being nigger rich.

Landlord Wrote:
-------------------------------------------------------
> Pretty much everyone around here now has a
> state-of-art cell phone and TV. Most drive upscale
> cars. Many people, especially young people,
> routinely eat out. It's just expected. Hell, all I
> have to do is look at my own kid to know that
> expectations have changed. He'd think it was child
> abuse if I took away his cell phone.
>
> I know that it can be struggle living in this high
> cost of living area. And I dont' envy kids
> starting out in this job market. But to the extent
> possible, people have to scale their costs to
> their income.

I agree with you on that.

My Myself Wrote:
-------------------------------------------------------
> Landlord Wrote:
> --------------------------------------------------
> -----
>
> > My guess is that you think rent is too high
> > because it cuts into the car payment for your
> > Lexus, or your dinners at Mortons, or your big
> > screen TV - none of which I had when I couldn't
> > afford it.
>
> Believe it or not most people do not overindulge
> in the type of activities you described. Some do
> yes. But most hard working people are just trying
> to get by and it is a struggle.


That's funny. They're struggling, yeah, while buying shit at Starbucks, McDonalds, and numerous other non-essential places daily. Oh, and they're texting or chatting away on their cell phones constantly. Yeah, I know, they don't pay for a home phone, so they're 'saving' money. All the while paying 60-200/month for that phone. Really? Do you really need to communicate with others to that degree/cost? And more often than not, they are paying for more than basic TV service and they aren't watching it on a 26" or even a 32" TV usually. Hell, I didn't pay for TV until late in 2002 and then only because the damn AWAX planes kept disrupting the TV signals. Additionally, a great many young adults pay for online gaming and they buy new video games every other week. Now, if that's your only entertainment, maybe, but even so, if you're really living tight, $50-60 for a video game is a bit much.


I can see how that would mean they were struggling. No, actually I can't.

nigga please.

Because basic human behavior and economics counteracts the well-meaning but ill-informed actions of government more often than not. In plain English: it backfires.

Rent controls* often introduce all sorts of black-market activity and work-arounds that hurt consumers in the aggregate.

There is much more demand than supply at the given, fixed price point (shortage), so property owners either use their space for other, more profitable purposes, don't take care of it (because they can get away with it), or possibly even abandon certain buildings. Long wait lists, bribes and/or ridiculous costly tie-ins (i.e. purchasing worthless furniture as a requirement), and poor service result.

But places like NYC have them, right? Well...

[This next part is copied from Baumol and Blinder]:

Virtually every price ceiling or floor creates a class of people that benefits from the regulations. These people use their political influence to protect their gains by preserving the status quo, which is one reason why it is so difficult to eliminate price ceilings and floors.



*I'm talking about the long-run, not certain short-run situations where it may be applicable.



Edited 2 time(s). Last edit at 02/27/2012 03:44AM by snowdenscold.

Not a troll post.

I'm not sure what you're complaining about. In 2003 I rented at what is now Avalon Fair Lakes (just off the fairlakes parkway). I rented a 2 bed, 2 bath, 1018 sq ft for $1,350 a year.

The price now, 9 years later, is only $1,635 per month. I'd hardly call a $235 increase over a period of 9 years (so, $31.67 per year increase) as "going through the roof every single year"

what they are complaining about is that the VERY SAME 2 bed, 2 bath and sq ft would be ONLY $550 a month in El Paso ha ha ha ha ha ha ha ha ROFLMAO ha ha ha ha

I'll choice Fair Lakes thank you veddymuch :)

Why no rent controls? Simple. Because they don't work.

Let's start with a basic premise: You'll get the widest availability of housing if you allow the free market to work. If you put a cap on what a landlord can charge, one of two things will happen:

(1) The landlord will find ways around the cap. And often they're legitimate work-arounds. Many rent control programs do allow landlords to pass along certain expenses, such as increased taxes. There often are exemptions for "small" landlords--those owning fewer than 5 (or 11 . . . the number varies, of course) rental units. So unless you've got an outrageously restrictive rent control program, many/most landlords will still be able to adjust their rents.

(2) The landlord is restricted by the rent control cap. So what happens then? The landlord starts cutting back as his/her expenses rise. And they do rise. So maintenance deteriorates. And that affects not just the one property but--directly--all rentals in the neighborhood. And that, in turn, affects the entire neighborhood, rental or owner-occupied.

Under the free(er) market, if a landlord wants to charge more than the market rate, tenants move out. The property doesn't get rented. So the market serves as a cap on rents, and does it a lot more efficiently than some county bureaucrats.

Beyond that, you're wrong about rents "going through the roof every single year." Yes, they generally go up. And, yes, they may be high compared to other areas. But the rent increases I've seen are more in the range of 5% or so . . . not 10%-20% or so that would legitimately be described as "through the roof."

If you don't like the rents, there are plenty of options:
-->Search around for something less expensive.
-->Downsize from a 2-bedroom to a 1-bedroom, or from a 1-bedroom to an efficiency.
-->Take in a roommate.
-->Become someone else's roommate.
-->Rent further out.
-->Negotiate a 2- or 3-year lease with built-in caps. Many landlords would much prefer a multi-year lease.
-->Buy with a VA loan. That's 0% down.
-->Buy with an FHA loan. That's only 3.5% down.
-->Buy with owner financing. The amount down is negotiable.
-->Get into some really creative financing. Do a master lease and then rent individual rooms out. Or do a sandwich lease-option, perhaps then renting individual rooms out.

The list goes on and on.

best commute cites!

http://www.bizjournals.com/bizjournals/on-numbers/scott-thomas/2012/01/grand-forks-offers-ease-of-movement-in.html

and both are AWESOME places to live...........so go on ahead and move there!

if you aint got $$ in the bank already, you better hope you know how to work a forklift, though................

What on gods green earth makes you think that government intrusion into a free-market is a good idea, or legal for that matter?

The government needs LESS control on our lives not more. GM is going under? Fuck em! If your business model is no longer profitable, shut the doors. Thats it. There is nothing else to it. Every and any other argument on this is completely irrelivant and a loss-leader. Companies that are not making money should shut down under their own failure. Period.

Just like healthcare laws are ultimately designed to limit salaries to doctors; rent control seeks to limit profits by investors. We are a sick, sad nation in desperate need of a real revolution; Starting with several thousand entitlement-pay sucking, resource leaching cleptocracists on the hill.

Gordon Blvd Wrote:
-------------------------------------------------------
> what they are complaining about is that the VERY
> SAME 2 bed, 2 bath and sq ft would be ONLY $550 a
> month in El Paso ha ha ha ha ha ha ha ha ROFLMAO
> ha ha ha ha
>
> I'll choice Fair Lakes thank you veddymuch :)

yes. In el Paso. Which sucks and has zero job prospects.

Hey, speaking as one of the "assholes", I raise the rent because expenses are constantly going up, insurances, taxes (even tho the actual value goes down, taxes still go up), and usually people like you either don't pay on time, or damage the property.

fuck you

There are plenty of places that have rent controls. Rather than complain about not having rent controls in VA, why not move to one of those shitholes that already has them? What? No jobs there? No vacancies? They're all rundown? Duh! Friggin libtards always trying to confiscate others' private property, others' income, and the fruits of others' hard work.

Renter Wrote:
-------------------------------------------------------
> There are plenty of places that have rent
> controls. Rather than complain about not having
> rent controls in VA, why not move to one of those
> shitholes that already has them? What? No jobs
> there? No vacancies? They're all rundown? Duh!
> Friggin libtards always trying to confiscate
> others' private property, others' income, and the
> fruits of others' hard work.


Rent control in NYC was introduced as a 'temporary' price control during WWII. Rent controls have the effect of driving up the cost of all other rental property, since the prices on rent controlled units are below market and owners of rental property will make it up somewhere. Once in a rent controlled market, the renter (rationally) tends to not move - thus the rent controlled properties are locked up by a small, semi-permanent group.

Property owners subject to rent control will typically get the value of that property adjusted for tax purposes, thus lowering the property taxes paid on the property. Who makes that up? The rest of us with higher taxes, property or otherwise.

Rent controls also limit the creation new rental properties - since rent control has the effect of restricting the amount of a commodity, shortages will occur.

Here's a longer explanation of why rent control is a bad idea:

http://www.cato.org/pubs/pas/pa-274.html

I like this line:
"But like many socialist programs, rent control turned out to be a one-generation wonder."



It's long, and from 1997, but worth taking the time to read. Especially these sections:
Shortages and Hoarding
Excluding Outsiders
Generational Subsidies
Shadow-Market Housing
Burdens on Newcomers
Can Rent Control Be Abolished?

Some of your attitudes are laughable.

At the current pace we will soon reach the point where a 1 bedroom will go for no less than $2,000 a month and that my friends is NOT a good thing.

I'm not saying prices aren't ridiculously high and that it's a pain to live here - just that rent controls aren't the solution.

Most of you are full of shit Wrote:
-------------------------------------------------------
> Some of your attitudes are laughable.
>
> At the current pace we will soon reach the point
> where a 1 bedroom will go for no less than $2,000
> a month and that my friends is NOT a good thing.


Whats laughable is your complete disdain for a free-market economy. Its simple, If prices get higher than the market can bear, people will start sharing dwellings, living with relatives and renting 'income properties' from folks who want help with the mortgage. Rent costs will retard to come into line with what the market will bear.

Most of you are full of shit Wrote:
-------------------------------------------------------
> Some of your attitudes are laughable.
>
> At the current pace we will soon reach the point
> where a 1 bedroom will go for no less than $2,000
> a month and that my friends is NOT a good thing.


Since you want a price control, you should also be ready to accept a wage control. Shall we sign you up for a freeze on your pay rate as well?

Well lets just hope a consumer created ceiling comes along before $2,000 a month for a 1 bedroom becomes a reality.

Obamas policys and the reason sir and so are the prices you have to pay at the pump make no mistake he is one arrogant kenyan I thought he would of been assassinated long before now oh well.

kimjongdill Wrote:
-------------------------------------------------------
> Obamas policys and the reason sir and so are the
> prices you have to pay at the pump make no mistake
> he is one arrogant kenyan I thought he would of
> been assassinated long before now oh well.


Is that supposed to resemble a coherent thought?

Snowden.............you damn well know better. Sentences that have the both the words "Obama" and "Kenyan" in them are not part of any coherent thought............... :)



Edited 1 time(s). Last edit at 02/29/2012 06:41AM by Gordon Blvd.
Attachments:

And McDonnell is not a socialist or controlling people's lives when he forces them to get an ultrasound procedure and pay for that . . .

@makes total - those ppl are even WORSE :(

fucking idiots fo Richmond fiddling around with womens pussies while Rome burns around us.............
Attachments:

So true. The gov't is out of control. Let's throw them all out and start over.

Gordon Blvd Wrote:
-------------------------------------------------------
> Snowden.............you damn well know better.
> Sentences that have the both the words "Obama" and
> "Kenyan" in them are not part of any coherent
> thought............... :)


Kenyan-American. Much better.

The rent is too damn high.

Rent too high? You're free to move. Or shut up, go back to school, get an education, get a real job, and earn enough to pay for a decent place. But libturds will just whine and demand Obama steal more from decent people to subsidize your lazy ass.

I bet you can get a real nice double wide down south.

John Galt Wrote:
-------------------------------------------------------
> Rent too high? You're free to move. Or shut up,
> go back to school, get an education, get a real
> job, and earn enough to pay for a decent place.
> But libturds will just whine and demand Obama
> steal more from decent people to subsidize your
> lazy ass.

Shut the hell up. There are policeman and fireman who cannot afford to live here. Those qualify as real jobs to me.

Typical NOVA douchebag Wrote:
-------------------------------------------------------
> John Galt Wrote:
> --------------------------------------------------
> -----

>
> Shut the hell up. There are policeman and fireman
> who cannot afford to live here. Those qualify as
> real jobs to me.

Bullshit. You can live here on a ff/cop salary. What you cannot do is live here in a single family house, with a late model car, the flat screen, wife that stays home, vacations to Orlando, etc. It's all about choices - if you want all those things, you can't live around here and you end up in western Loudoun. But a cop/ff with a spouse that works, living in a townhouse, and staying on a budget can absolutely live in FFX.

Typical NOVA douchebag Wrote:
> Shut the hell up. There are policeman and fireman
> who cannot afford to live here. Those qualify as
> real jobs to me.


If they cant they arent looking very hard. What it comes down to is the same complaint as the teachers, I cant afford to live here. No, you can afford a home just not the one you want which is a four bedroom, four bath two car garage close by. If you took a job as a teacher, fire fighter or cop in order to get a luxury home in Fairfax then you didnt do your homework.

A quick check of realtor.com shows 35 properties in Centreville between 200k and 250k. Yeah I know its not what you want but guess what in the real world of home ownership you start at entry level for a few years and gradually work your way up.

ICU 2 Wrote:
-------------------------------------------------------
> Typical NOVA douchebag Wrote:
> > Shut the hell up. There are policeman and
> fireman
> > who cannot afford to live here. Those qualify
> as
> > real jobs to me.
>
>
> If they cant they arent looking very hard. What it
> comes down to is the same complaint as the
> teachers, I cant afford to live here. No, you can
> afford a home just not the one you want which is a
> four bedroom, four bath two car garage close by.
> If you took a job as a teacher, fire fighter or
> cop in order to get a luxury home in Fairfax then
> you didnt do your homework.
>
> A quick check of realtor.com shows 35 properties
> in Centreville between 200k and 250k. Yeah I know
> its not what you want but guess what in the real
> world of home ownership you start at entry level
> for a few years and gradually work your way up.

How do they work their way up when the cost of living keeps getting higher and higher?

To HOW: They work their way up the same way the previous generation, and the one before that did. ICU 2 has it right.

If you need a roadmap, here it is: You buy a property with FHA financing. You put 3.5% down, and get the seller to pay some of the closing costs. So you move in with, perhaps, 2% down. Those Centreville properties--let's say 2% of $225,000. That's $4,500.

Let's get a 15-year loan because that'll amortize faster (more rapid payoff of principle). Total monthly payments (PITI) will be in the range of $1,760. Of that payment, more than $900 a month pays off the principle. In 1 year, the principle will be down to $208,000. Take it out to 6 years. You'll owe $144,700.

Meanwhile, values are likely to rise. Maybe not 20% or 25% or even 10% a year. Let's say 3%. In 6 years, the house will be worth $260,800. You decide to sell.

Transaction costs often run 8%-10%--real estate commission, other costs, etc. Let's call it 9%. So it costs you $23,472. That means you net $237,328. Pay off your $144,700 mortgage and you're left with $92,628.

Now, over the 6 years, that nicer house you want has gone up in value, too. But, presumably, so has your income. And let's assume interest rates have gone up to 6% on 15 year mortgages. And let's say you now can afford to pay $2,300 a month (versus the $1,760 we started you off at today). That works out to a loan amount of $272,560. Add the cash from your last sale to that and you can buy a property for $365,188. Maybe not your dream home, but you'd be selling your old one for $260,800 and buying another one worth over $100,000 more.

And let's say your income had gone way up. That $92,628 in cash could represent a 20% downpayment on a property worth $463,000.

If that doesn't get you the house you want, you just repeat the process another time. Let the mortgage principle shrink some, and hold onto the property long enough so that the value goes up from when you bought it.

And what if the value goes down? With low interest rates and a 15 year amortization, look at what you could survive. Buy that $225,000 house today. Even if prices continue to fall, in 6 years you'll only owe $144,700. You shouldn't be upside down--if you are, just wait another year or two and you'll owe even less. Meanwhile, you've got a place to live. You've built up your good credit. You've got income tax deductions. And you've got a payment that isn't going up like rent.

That's how you do it.

Affording $2300 a month would require quite a bit of income increase for a public employee in 6 years. If they're the only income earner, I would think $80K a year would be minimum to afford that - not sure someone who's only 6 years into this plan is there yet.

but to qualify for that 230k starter house you will need an income of 72k to get that 270k mortgage. Not too many lenders are gonna lend you 230k with a salary of only 50k now. That is what I make- and I have a 4 year degree and am in IT. The current wages are going DOWN if you did not notice. I had to take this 50k job to have a job even though I made 50k 6 years ago. So i guess in another 5-10 years i can get a starter home here in fairfax county? great!!!!

The rent is out of control. I have an education and a good job - I am a teacher and have taught for 9 years. After taxes, I take home about $3000 a month. I don't think I should have to pay half my salery for a decent place to live or have to get a roomate. It is ridiculous. Guess all of the teachers should just move. Oh, and yeah, we had a salery freeze, but guess what - my rent still kept going up.

*salary*

but honestly, y'all all complaining about it here............yet prolly 80-some% of you would NEVER be caught dead living in a place that would allow neighbors to park on their lawns, knocking out most of the planet right there LoLz.

Also pls note that all this traffic around here kinda has something to do with the fact that compared to the rest of the country, jobs are still like dangling from trees ripe for the pluckin'. Yeah, they may suck in pay but still beats not having one, is all I'm saying.

If yr retired, then yeah - GTFO and happy trails, all that crap. Not in a mean way either - but just it's you REALLY should stop complaining and move on with yr life.........and like TODAY - no joke. Cause if yr retired and dont like it here, then yr really more part of the problem than anything else.

(If you like it here, then that's a ENTIRELY different ball of cheese (wtf?) so dont get all butthurt on me)

anywho, rent sux LoLz - but whatcha gonna do? Fair's fair. Aint heard ONE person say something factual that anything crooked is going on about rent.......cause it aint - it's just we live in a rich-ass part of the world is all. Which is really a kinda pathetic thing to complain about, aint it? :)

pic unrelated



Edited 2 time(s). Last edit at 03/03/2012 09:48AM by Gordon Blvd.
Attachments:

Don't know why I'm sharing this secret of success with you losers - guess I'm just a nice guy. Here's what you do: work your butt off, save money, and buy your own place. Whining and demanding help from the government just turns you into a self-entitled, lazy lib that no one would ever want to hire, promote, or pay more money. Become productive, and people will knock on your door with higher salary offers.

"Not too many lenders are gonna lend you 230k with a salary of only 50k now."

I hope not. However, I know someone who recently borrowed 1m on a combined household income of 200K. The only real fix is to revert interest rate markets and lending to more normal standards of 6.5% and 10-20 percent down.

Rent is too damn high

HHH2ME Wrote:
-------------------------------------------------------
> "Not too many lenders are gonna lend you 230k with
> a salary of only 50k now."
>
> I hope not. However, I know someone who recently
> borrowed 1m on a combined household income of
> 200K. The only real fix is to revert interest
> rate markets and lending to more normal standards
> of 6.5% and 10-20 percent down.

What 'fix' does having higher interest rates like 6.5% provide?

It would lower house prices across the board, but not do anything about the situation you describe.

yeah, i'm at 45 k, single. fucked for buying here. also, fucked for living here.

BS

You are quite rude. Did you know in NOVA that rent can go up 500 dollars from one year to the next? It happens all the time. How would you like your mortgage to go up 500 dollars a month. No one is asking for hand outs. I too rent and 5 years ago my rent was 1745 and now it is over 2200! I don't make enough to buy a 600 k townhome. We all aren't wealthy like you must be.

Apartment complexes are very different. They can go up as high as they like. I had 3 neighbors move because their rent went up per month ranging from 200-500. That is like 10 percent and more! The average rent in my neighborhood is 1600 and up.

Deena Wrote:
-------------------------------------------------------
> You are quite rude. Did you know in NOVA that
> rent can go up 500 dollars from one year to the
> next? It happens all the time. How would you
> like your mortgage to go up 500 dollars a month.
> No one is asking for hand outs. I too rent and 5
> years ago my rent was 1745 and now it is over
> 2200! I don't make enough to buy a 600 k
> townhome. We all aren't wealthy like you must be.

So your rent went up less than $100/month each year - about 5%. That's about average. Nothing to complain about. Landlord expenses go up too - even if the mortgage does not. Believe it or not, landlords charge what the market will bear - as would you in the same situation.

http://www.fairfaxcounty.gov/consumer/tenant/tenant_landlord_faqs.htm#question4

Is there any limit or ceiling on rent increases?
There is no rent control in Virginia. A landlord can increase rent to whatever the rental market will bear, regardless of how long you have rented there. However, a landlord cannot increase rent during the term of the rental agreement.

This is a hard market, few sellers equal higher prices. But the rental market around here will be strong for a year or two until it's saturated, just watch. All these condos and apartments, priced astronomically will eventually fail, there are far too many. I am not talking DC, just NoVa. DC is going thru a real estate bubble that blows my mind, I would never live there. But I would def. invest, there's some serious rental income in the NE/SE side.

Deal With It Wrote:
-------------------------------------------------------
> Deena Wrote:
> --------------------------------------------------
> -----
> > You are quite rude. Did you know in NOVA that
> > rent can go up 500 dollars from one year to the
> > next? It happens all the time. How would you
> > like your mortgage to go up 500 dollars a month.
>
> > No one is asking for hand outs. I too rent and
> 5
> > years ago my rent was 1745 and now it is over
> > 2200! I don't make enough to buy a 600 k
> > townhome. We all aren't wealthy like you must
> be.
>
> So your rent went up less than $100/month each
> year - about 5%. That's about average. Nothing to
> complain about. Landlord expenses go up too - even
> if the mortgage does not. Believe it or not,
> landlords charge what the market will bear - as
> would you in the same situation.


Less than 5% ... $2200 is a 14.6% increase over $1745 ... divide by 5 years, that's a 2.9% annual increase. Nothing outrageous about that at all.

Deena Wrote:
-------------------------------------------------------
> You are quite rude. Did you know in NOVA that
> rent can go up 500 dollars from one year to the
> next? It happens all the time. How would you
> like your mortgage to go up 500 dollars a month.
> No one is asking for hand outs. I too rent and 5
> years ago my rent was 1745 and now it is over
> 2200! I don't make enough to buy a 600 k
> townhome. We all aren't wealthy like you must be.


Did you know this post died almost a year ago?

Back from the dead Wrote:
-------------------------------------------------------
> Deena Wrote:
> --------------------------------------------------
> -----
> > You are quite rude. Did you know in NOVA that
> > rent can go up 500 dollars from one year to the
> > next? It happens all the time. How would you
> > like your mortgage to go up 500 dollars a month.
>
> > No one is asking for hand outs. I too rent and
> 5
> > years ago my rent was 1745 and now it is over
> > 2200! I don't make enough to buy a 600 k
> > townhome. We all aren't wealthy like you must
> be.
>
>
> Did you know this post died almost a year ago?


My rent just went up from last year..Go figure so did this thread.

Who is dumb enough to pay the asking price for rent. Why not get section 8 housing and the rent is next to nothing. You just have to have no shame if you are able bodied and taking other peoples money to let you live in a luxury condo.

section 8 sharon. Wrote:
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> Who is dumb enough to pay the asking price for
> rent. Why not get section 8 housing and the rent
> is next to nothing. You just have to have no shame
> if you are able bodied and taking other peoples
> money to let you live in a luxury condo.


Agree, I was going to ask my employer for a pay cut for that reason, fuck it! Just make under 44k a year. You will get a nice apartment for cheap. I'm thinking about knocking up an illegal spick,that will = more free shit.
Keep working hard and pay your taxes, we need the free money.

mo kids = mo money... No one says you have to spend the money on the kids, treat yourself to a few days in Vegas, you've earned it.

Libby grow a set and get a real job.

Maybe you should actually learn how to do math and realize that the $600 a month times the 12 months in a year adds up to $7,200 which is not 5% of $13,000 but almost 60% of $13,000, which means that the $600 each month is also 60% of monthly income. That's a large percentage to pay for rent, when other basis living expenses are also much higher in this region than elsewhere.

Landlord Wrote:
-------------------------------------------------------


>
> Well. let's take a look... When I rented by very
> first place, I made about $13,000/year and paid
> about $600 rent for a studio apartment. That was
> about 5% of my income. In 2012, if I made
> $75,000/year (which is probably low), then 5% of
> my income would be $3,750. I seriously doubt that
> you or anyone else on this board is paying
> anywhere near that much for rent.

Local rents keep getting raised every year so this thread will always be relevant.

Please explain Wrote:
-------------------------------------------------------
> With rents continuously going through the roof
> every sinle year, why are there not any rent
> control or rent stabilization laws in Fairfax
> County?
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I can do math! Wrote:
-------------------------------------------------------
> Maybe you should actually learn how to do math and
> realize that the $600 a month times the 12 months
> in a year adds up to $7,200 which is not 5% of
> $13,000 but almost 60% of $13,000, which means
> that the $600 each month is also 60% of monthly
> income. That's a large percentage to pay for rent,
> when other basis living expenses are also much
> higher in this region than elsewhere.

Duh. I didn't say 5% of MONTHLY income, did I? And yes, that is a lot of money - then and now. That's what it's like starting out.

Illegal studio apartments
http://washingtonexaminer.com/fairfax-battles-black-market-for-studio-apartments/article/2522894

These illegal rooming houses are all over the place. How is the county going to stop the madness?

Shadow Wrote:
-------------------------------------------------------
> I love how renters think that the expenses
> associated with a property never increase. Guess
> again. Property taxes increase, condo/HOA fees
> increase, and replacing HVAC/water heaters/etc all
> costs money. Your landlord isn't in the charity
> business. They have a property with the hope of
> making money not losing it just so you can pay
> less in rent.
>
> Don't like what you have to pay? Go buy someplace
> and become a homeowner or get a roommate to help
> split the costs.


Not to mention lousy tenants that trash the place and move out after being behind three months in rent. Sure you can go after them in civil court but good luck trying to recoup money from people that were bums in the first place. Landlords are not in the charity business but with todays mindset that making a profit is somehow evil try telling that to people.

wtftard Wrote:
-------------------------------------------------------
> Gordon Blvd Wrote:
> --------------------------------------------------
> -----
> > what they are complaining about is that the
> VERY
> > SAME 2 bed, 2 bath and sq ft would be ONLY $550
> a
> > month in El Paso ha ha ha ha ha ha ha ha
> ROFLMAO
> > ha ha ha ha
> >
> > I'll choice Fair Lakes thank you veddymuch :)
>
> yes. In el Paso. Which sucks and has zero job
> prospects.

Zero job prospects (for tech workers like me) is why I left El Paso in 2009. As for 2 bed 2 bath houses in El Paso, nowadays, you can't find one for less than $900/month. It hasn't been $500/mo avg since 2001.

Rent control brings in even more corruption.

Always relevant Wrote:
-------------------------------------------------------
> Local rents keep getting raised every year so this
> thread will always be relevant.


IN OTHER WORDS.....................
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Gordon Blvd Wrote:
-------------------------------------------------------
> Always relevant Wrote:
> --------------------------------------------------
> -----
> > Local rents keep getting raised every year so
> this
> > thread will always be relevant.
>
>
> IN OTHER WORDS.....................


Damn.