We all know housing is expensive here, but how bad is it really? How much does it cost for a young person to get an apartment or condo, one that may not be great but is in a reasonably safe neighborhood? I've heard conflicting reports, some people says it's a atrocious but some people say it really isn't.

Decent apartments will cost $1500-$2000 + a month for a two bedroom.. For a similar amount, you can rent a house. Arlington will cost more, Herndon will cost less, pretty much.

Near metro, $1500 atleast.

Buy a tent and sleeping bag and live in the woods. Its free unless you get
caught. If you do get caught, have a grocery cart full of newspapers handy
and talk to yourself when the cops ask you why you are there. If they get
nasty, claim to be an illegal alien from the planet Jupiter.

It really depends where you are living. Outside the beltway in the western part of the county decent apartments can be rented for $1500. You can likely rent someone's basement for a couple hundred less.

Buying is another issue entirely. Given that people will now have to shockingly apply for loans via legit means (like, you know, providing PROOF you make what you say you make and having a decent credit history before a bank hands you several hundred thousand dollars), you need to fall back on the classic "the loan I can get it about three times my annual salary" rule-of-thumb assuming your credit is good.

If your credit is good you can probably find a decent foreclosure townhouse in Prince William or Herndon for under $200,000 (or will be able to come summer, I have seen them now under $125k but not in ones that are ready to move into). Condos will maybe be a little less... I am not sure that condos are foreclosing at the same rates as other properties.



Edited 1 time(s). Last edit at 03/31/2008 07:50AM by pgens.

It depends on the zip code and the neighborhood, and whether you are renting from a complex or a private owner. I've got a 3 bd 2 ba place in Centreville that's renting for $1400/mo. Couldn't get anything higher, but then it's also in an older development, built in early seventies. If it were closer in or newer, it'd be a higher rent, no question. So it all depends on where you are willing to live.

Usually, the complexes cost more than renting from a private owner, but not always.

Email me i have a sweet two bedroom townhouse i am looking to rent for about 1300.


centrevillerent@yahoo.com

Radiophile Wrote:
-------------------------------------------------------
> Decent apartments will cost $1500-$2000 + a month
> for a two bedroom.. For a similar amount, you can
> rent a house.

Or own one.

Owning a house for $1500/mo?

Not in this area.

A 10% down payment, followed by a $1500 principal+interest payment on a 5.75% 30-year fixed loan equals a purchase price of around $275k-$280k. That should work for an apartment or a townhouse foreclosure in the coming months.

what about taxes? utilities? hoa fees? condo fees?
trash removal fees?

Its $2000+ easy.

Not to mention those prices are rising.

If you read my post I specified P+I. The other things you mention will depend on where the house is bought, whether it is a condo or a townhouse, etc. You forgot homeowner insurance.

My point is, for $1500, you can't own a home. You can only get a mortgage :) LOL

Renting is cheap, but owning a house is expensive. Well, not for long though.

Kiev Wrote:
-------------------------------------------------------
> what about taxes? utilities? hoa fees? condo
> fees?
> trash removal fees?
>
> Its $2000+ easy.
>
> Not to mention those prices are rising.


I bought my first house when I was 24, on a 50K salary. It was 315K and with 10% down and a 5/1 ARM I was paying $1700/month. HOA was $70/mo, and with utilities it was a little over $2K a month. It's all about sacrifice people =D It can be done.

stinkypoon Wrote:
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> Renting is cheap, but owning a house is
> expensive. Well, not for long though.

Renting has no long term benefits.

Oh I disagree. It allows you to look back and say, "WHAT THE HELL WAS I THINKING!!" after you realize the thousands of dollars you spent living in your sh*tty apartment were flushed right down the toilet.

that was my point. lol

I was talking about a basic 1 or 2 bedroom apartment, or a condo/townhouse. It doesn't have to be near a Metro stop or anything. I've always been outside the Beltway.

Gayvis Wrote:
-------------------------------------------------------
> Kiev Wrote:
> --------------------------------------------------
> -----
> > what about taxes? utilities? hoa fees? condo
> > fees?
> > trash removal fees?
> >
> > Its $2000+ easy.
> >
> > Not to mention those prices are rising.
>
>
> I bought my first house when I was 24, on a 50K
> salary. It was 315K and with 10% down and a 5/1
> ARM I was paying $1700/month. HOA was $70/mo, and
> with utilities it was a little over $2K a month.
> It's all about sacrifice people =D It can be
> done.



Smart man.

Sgt. Hulka Wrote:
-------------------------------------------------------
> Gayvis Wrote:
> --------------------------------------------------
> -----
> > Kiev Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > what about taxes? utilities? hoa fees? condo
> > > fees?
> > > trash removal fees?
> > >
> > > Its $2000+ easy.
> > >
> > > Not to mention those prices are rising.
> >
> >
> > I bought my first house when I was 24, on a 50K
> > salary. It was 315K and with 10% down and a
> 5/1
> > ARM I was paying $1700/month. HOA was $70/mo,
> and
> > with utilities it was a little over $2K a month.
>
> > It's all about sacrifice people =D It can be
> > done.
>
>
>
> Smart man.

Yeah, a 5/1 ARM would be a real "smart" idea right now.

Hi Sarah,

First figure out what you pre-qualify for. Talk to a mortgage broker or walk into any bank, ask your family/friends for references. You may not want to get someone *too* close to you (as in close friend or relative) in case said person is not a good fit professionally.

Then go to realtor.com, zillow.com, or any of the many 'homes for sale' websites.

My own opinions:
(1) Don't take out a mortgage that's more than 4x your salary.
(2) Owning is probably better than renting if owning is 125% or lower than renting.

Good luck!

Owning is always better then renting.

Renting is like leasing a fucking civic.

Well, some would say that renting about 2 years ago was a smart move. Why own, when you can rent and watch all your future neighbors lose 20% of their house value.......

For me it is about the cost benefit. Owning is better than renting, but if you were looking in 2006-7, renting was suddenly becoming more attractive due solely to cost considerations. OTOH, if your mortgage is less than 4x your highest salary, then owning is rarely a bad idea.

I thought housing costs a buck o' five? Oh wait. That's FREEDOM.

FREEDOM ISN'T FREE. -§