Welcome Guest! To enable all features please Login or Register.

Notification

Icon
Error

Financial Discussion

It is always wise to have a secure financial foundation. Here is a place to ask questions, exchange ideas and share information on how to make the most of your money.


To read today's top news stories on federal employee related news visit FederalDaily.com.
Options
Go to last post Go to first unread
LawOrder  
#1 Posted : Tuesday, September 22, 2020 3:04:21 PM(UTC)
LawOrder

Rank: Groupie

Groups: Registered
Joined: 2/15/2019(UTC)
Posts: 50
Man
United States
Location: Washington, D.C.

Thanks: 11 times
Was thanked: 1 time(s) in 1 post(s)
What percentage of net income (after taxes) do most folks pay for their monthly housing costs in the D.C. area? Either rent or mortgage.
smithandjones  
#2 Posted : Tuesday, September 22, 2020 3:48:44 PM(UTC)

Rank: Advisor

Groups: Registered
Joined: 7/1/2011(UTC)
Posts: 128

Thanks: 2 times
Was thanked: 15 time(s) in 14 post(s)
More than other places. Take a look at a cost of living comparison tool. These are helpful but there are others.

https://www.nerdwallet.c...ost-of-living-calculator


https://www.salary.com/research/cost-of-living

Crappy apartments for twice the cost of most places.

thanks 1 user thanked for this useful post.
LawOrder on 9/22/2020(UTC)
LawOrder  
#3 Posted : Tuesday, September 22, 2020 4:55:51 PM(UTC)
LawOrder

Rank: Groupie

Groups: Registered
Joined: 2/15/2019(UTC)
Posts: 50
Man
United States
Location: Washington, D.C.

Thanks: 11 times
Was thanked: 1 time(s) in 1 post(s)
Originally Posted by: smithandjones Go to Quoted Post
More than other places. Take a look at a cost of living comparison tool. These are helpful but there are others.

https://www.nerdwallet.c...ost-of-living-calculator


https://www.salary.com/research/cost-of-living

Crappy apartments for twice the cost of most places.




Thanks. I used to have big dreams, but now my only aspiration is to own a home with 2 bathrooms that’s near a metro and less than 50 minute commute to work, lol.
frankgonzalez  
#4 Posted : Wednesday, September 23, 2020 3:32:36 AM(UTC)
frankgonzalez

Rank: Senior Member

Groups: Registered
Joined: 8/8/2008(UTC)
Posts: 5,584

Thanks: 103 times
Was thanked: 1097 time(s) in 870 post(s)
Originally Posted by: LawOrder Go to Quoted Post
What percentage of net income (after taxes) do most folks pay for their monthly housing costs in the D.C. area? Either rent or mortgage.
Cost depends on where in the DC area you want to live. In DC? Can be pretty high, with not a lot for the money. Typically an apartment/condo/townhouse. Costs vary based on which part of the city and proximity of metro.

You then have VA or MD as options. Some folks live a distance (such as down in Woodbridge or out in Shenandoah Valley!) and commute (either drive, train/bus, or Slug) and plan on the time (over an hour each way). VA neighborhoods within the beltway (the 405 ring road that surrounds DC...inside the ring is "inside the beltway" outside the ring...you get it) are pricier as they have more metro stops and your commute will likely be shorter. That said, the beltway reaches further into VA than MD.

Many decent places in MD exist as well. Advantage of MD and further out in VA is more home for your money (this is relative based on your reference point! Coming from Los Angeles or NYC...not bad prices. Coming from OK or ID...maybe not so much!).

If you don't have kids, more options for housing as schools aren't a factor.

Your options are going to be driven by schools, how much home you want and how much of a commute you are willing to live with.

I live on a military base...but commute (pre-Covid!) about 30 minutes into the city to my office, and about 40-45 minutes coming home. If I worked on the base, my commute would be way shorter! That said, I'm looking at buying a house a little further out because I want some separation from my neighbors. I don't have kids, so don't care about schools, but do care about proximity to restaurants and easy access to DC itself. Of course, at my grade and with my military retired pay on top, I can afford a bit more than I could if I was a GS12 or below.





You should have voted Cthulu...the greatest of all Evils
thanks 1 user thanked frankgonzalez for this useful post.
LawOrder on 9/23/2020(UTC)
LawOrder  
#5 Posted : Wednesday, September 23, 2020 1:08:56 PM(UTC)
LawOrder

Rank: Groupie

Groups: Registered
Joined: 2/15/2019(UTC)
Posts: 50
Man
United States
Location: Washington, D.C.

Thanks: 11 times
Was thanked: 1 time(s) in 1 post(s)
Originally Posted by: frankgonzalez Go to Quoted Post
Originally Posted by: LawOrder Go to Quoted Post
What percentage of net income (after taxes) do most folks pay for their monthly housing costs in the D.C. area? Either rent or mortgage.
Cost depends on where in the DC area you want to live. In DC? Can be pretty high, with not a lot for the money. Typically an apartment/condo/townhouse. Costs vary based on which part of the city and proximity of metro.

You then have VA or MD as options. Some folks live a distance (such as down in Woodbridge or out in Shenandoah Valley!) and commute (either drive, train/bus, or Slug) and plan on the time (over an hour each way). VA neighborhoods within the beltway (the 405 ring road that surrounds DC...inside the ring is "inside the beltway" outside the ring...you get it) are pricier as they have more metro stops and your commute will likely be shorter. That said, the beltway reaches further into VA than MD.

Many decent places in MD exist as well. Advantage of MD and further out in VA is more home for your money (this is relative based on your reference point! Coming from Los Angeles or NYC...not bad prices. Coming from OK or ID...maybe not so much!).

If you don't have kids, more options for housing as schools aren't a factor.

Your options are going to be driven by schools, how much home you want and how much of a commute you are willing to live with.

I live on a military base...but commute (pre-Covid!) about 30 minutes into the city to my office, and about 40-45 minutes coming home. If I worked on the base, my commute would be way shorter! That said, I'm looking at buying a house a little further out because I want some separation from my neighbors. I don't have kids, so don't care about schools, but do care about proximity to restaurants and easy access to DC itself. Of course, at my grade and with my military retired pay on top, I can afford a bit more than I could if I was a GS12 or below.




Thanks for your insights. My preference is almost identical as yours. Got no kids either, want to be near restaurants and grocery. Walking distance to metro. Safe area.

With a GS-13 salary and not expecting a promotion any time in the near term (would need to apply for new position), my choices are much more limited than yours with the housing preferences I’ve set.

I thought the economic problems would cause housing prices to fall, but it seems the opposite has happened. 😅

jazzlover  
#6 Posted : Friday, September 25, 2020 6:52:40 PM(UTC)
jazzlover

Rank: Newbie

Groups: Registered
Joined: 11/19/2014(UTC)
Posts: 4
Location: Washington, D.C.

Thanks: 1 times
Was thanked: 1 time(s) in 1 post(s)
Per an earlier post, you might get more "bang for your buck in MD." I, too, don't have kids and bought a condo on the metro redline in Montogomery County. Albeit I really like Virginia, most of the areas I desired were too expensive. Good luck with your home search.
thanks 1 user thanked jazzlover for this useful post.
LawOrder on 9/28/2020(UTC)
frankgonzalez  
#7 Posted : Monday, September 28, 2020 5:29:06 AM(UTC)
frankgonzalez

Rank: Senior Member

Groups: Registered
Joined: 8/8/2008(UTC)
Posts: 5,584

Thanks: 103 times
Was thanked: 1097 time(s) in 870 post(s)
Originally Posted by: jazzlover Go to Quoted Post
Per an earlier post, you might get more "bang for your buck in MD." I, too, don't have kids and bought a condo on the metro redline in Montogomery County. Albeit I really like Virginia, most of the areas I desired were too expensive. Good luck with your home search.
Same thoughts about MD vs VA for living. Unless I want to live out in Front Royal or Shenandoah Valley (and I do have a coworker who lives out in the Shenandoah Valley, but she teleworked 3 days a week which decreased the amount of commuting she did pre-covid!) or south in Woodbridge, the costs are too high for me for what I want. Looking at Calvert County and Southern Anne Arundel County personally as I want a little bit of countryside outside the house with a little acreage around the home, and there are easy routes into the city for work and pleasure (Kennedy Center, Wolftrap, etc for shows, restaurants and so on). I can't deal with the metro (I have some mobility issues and need a cane to walk), so I drive in when we are in the building, and parking is subsidized for my agency (still have to pay $150 a quarter for parking...when we are all back into the office, nothing is paid right now due to covid!), so it isn't too bad for me as I have a pretty economical car for going into the city.

Rockville/Bethesda has a couple of metro stations (they are north of DC in MD), and then Greenbelt and Landover have a couple east of DC. Not many south of DC. And proximity to a metro station does raise the price of housing!
You should have voted Cthulu...the greatest of all Evils
LawOrder  
#8 Posted : Monday, September 28, 2020 2:34:22 PM(UTC)
LawOrder

Rank: Groupie

Groups: Registered
Joined: 2/15/2019(UTC)
Posts: 50
Man
United States
Location: Washington, D.C.

Thanks: 11 times
Was thanked: 1 time(s) in 1 post(s)
Originally Posted by: jazzlover Go to Quoted Post
Per an earlier post, you might get more "bang for your buck in MD." I, too, don't have kids and bought a condo on the metro redline in Montogomery County. Albeit I really like Virginia, most of the areas I desired were too expensive. Good luck with your home search.


Silver Spring and Wheaton seems to have more options within my price target. On the other side of red line, it seems similar prices are available in Rockville and North Bethesda. Bethesda proper is super nice but expensive. Friendship Heights as well, but I wonder if that will change seeing many of the high end retail shuttering there.

I sold my home when I moved to D.C. and have been renting a small apartment to get familiarized with the area. Living in Ward 3 has been fantastic. The convenience of getting around without having to drive, access to restaurants, entertainment, museums, and super short relaxing metro commute is hard to give up. Still kept my car for out-of-town excursions, and now using it in place of the metro during this pandemic.

Staying within the District would most likely mean compromising on some features that I would otherwise want (and much smaller home too). Don’t want to be overstretched financially, so I might keep looking until something eventually pops up.

frankgonzalez  
#9 Posted : Tuesday, September 29, 2020 3:42:31 AM(UTC)
frankgonzalez

Rank: Senior Member

Groups: Registered
Joined: 8/8/2008(UTC)
Posts: 5,584

Thanks: 103 times
Was thanked: 1097 time(s) in 870 post(s)
Living on JB Andrews, I pay just under $2200 a month (includes utilities) for a 4bed/2.5 bath/1car garage duplex (connected by the garage, so no real living space walls are shared). The housing is the oldest on base, but not too bad. Not great....but not bad. My street is a mix of civilians, military (mostly civilians only a couple of houses are mil, and they are the only ones with kids on the street too!). Easy access to DC (via Suitland Parkway), and to VA over the bridge. Not too far from the Casino (if you are into that!), and the National Harbor.

Of course, housing availability varies, especially for those at the lowest level priority for housing (aka Mil Retirees and Federal Civilians!), and housing for us, is always the older units. If a 4bedroom place is too big, they do also have 3bed/2.5bath townhouses (no garage though!) for about $1900 a month. Again, they are the older units.

Another option to consider, especially if you are working with DoD in the DC area.
You should have voted Cthulu...the greatest of all Evils
LawOrder  
#10 Posted : Tuesday, September 29, 2020 3:40:31 PM(UTC)
LawOrder

Rank: Groupie

Groups: Registered
Joined: 2/15/2019(UTC)
Posts: 50
Man
United States
Location: Washington, D.C.

Thanks: 11 times
Was thanked: 1 time(s) in 1 post(s)
$2200 a month for 4 bed/2.5 bath/garage + utilities?! Wow, that is fantastic.

I’m paying just over $2000 monthly for a 1 bed/1 bath/garage + utilities here in an apartment building. Going closer to downtown, like DuPont Circle, the rate would go up to $2700+ Granted, most apartments and condo buildings here has 24/7 concierge and other amenities, which I guess is contributing to the costs.

For purchases, one thing I found is HOA can be quite high. It does put a cap on the maximum purchase price I could afford.

So, the con for housing in this area is definitely much less bang for the buck when it comes to house size. The pro is you’re walking distance to everything that the city has to offer. I’m perfectly fine with living in a 900 sq ft condo, but having 2 bathrooms would be nice, lol. As long as I can cross the street to my favorite restaurants and cafes and walk a few blocks to the metro for a 15 minute commute to the office or to downtown for an event or musical, then I’m highly satisfied.
AuditWorld  
#11 Posted : Wednesday, September 30, 2020 8:10:16 AM(UTC)
AuditWorld

Rank: Rookie

Groups: Registered
Joined: 5/19/2015(UTC)
Posts: 39
United States
Location: DMV

Thanks: 50 times
Was thanked: 4 time(s) in 4 post(s)
I originally lived in Greenbelt. MD a suburb about 20 min outside of Downtown DC where I rented a 3bd 2ba condo for $1795 with utilities included. It was close to two Metro station and MARC Commuter Rail (which I used) and all within 10 min of where I lived. The schools in the area were okay with the local High School being great.

But with my family expanding and the opportunity to buy I recently purchase a town-home in Columbia, MD (Howard County). Though taxes are high I was able to get a mortgage under $2000 and the school system here is excellent. This did put me about 50 min from DC but I'm still close to 3 MARC Commuter lines whenever I return to the office which does't seem to be anytime soon.

Like other I guess it depends on your needs and what your willing to spend!
thanks 1 user thanked AuditWorld for this useful post.
LawOrder on 9/30/2020(UTC)
LawOrder  
#12 Posted : Wednesday, September 30, 2020 1:15:13 PM(UTC)
LawOrder

Rank: Groupie

Groups: Registered
Joined: 2/15/2019(UTC)
Posts: 50
Man
United States
Location: Washington, D.C.

Thanks: 11 times
Was thanked: 1 time(s) in 1 post(s)
Originally Posted by: AuditWorld Go to Quoted Post
I
But with my family expanding and the opportunity to buy I recently purchase a town-home in Columbia, MD (Howard County). Though taxes are high I was able to get a mortgage under $2000 and the school system here is excellent. This did put me about 50 min from DC but I'm still close to 3 MARC Commuter lines whenever I return to the office which does't seem to be anytime soon.

Like other I guess it depends on your needs and what your willing to spend!


Congratulations on the purchase of your new home.

Yeah, having kids does change priorities. The area’s school quality becomes important and more bedrooms are needed in the home. The environment would need to be good for raising a family, etc.

I suppose there are financial considerations too, like being able to save for kids’ colleges.

Rss Feed  Atom Feed
Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.


This page was generated in 0.309 seconds.