Will appreciate your opinions. Family of 5, kids are in elementary school. HHI 210k, one income, one spouse doesn’t work. Do you think that buying a 690k house in such situation is a stretch? Second spouse is not employed and not clear whether will be employed (for various reasons). Not big NW, around 400k overall, no debt. The house is in a stagnant market (no real growth for the last 10-16 years) with high property taxes (this particular house has 21k tax) and taxes are likely to increase.
As someone who’s been living alone for the past few years, I’m going to tell you that a piece of mind is ALWAYS worth it. I had a terrible roommate situation and ever since then I knew I could never live with someone ever again. My rent is 1550 for a studio but I have to pay 200$ for parking. I feel like I pay quite a bit for making ~75k/yr but I budget my money pretty well, don’t have a car note, and I’m only responsible for electric. But like I said, I wouldn’t trade any of this to live with another human being lol!
I live by Meridian Hill Park on 16th street
Currently live with my 2 friends but our lease ends May 31 and we are going our separate ways. For the past year I’ve been paying $825 for a decent place (3 people in a 2 BR row house floor). I’m an analyst making $70K am unsure if I should commit to paying $1700+ for a small studio or basement.
Thanks D2! That is a good point, living alone is more expensive but it is not permanent. I could pay a lot for a year or two and then decrease the cost once I’m willing to settle down with a SO
$125k and 1br at $2200 - should never be more than 30% of your gross income
I bought a super cheap (not fancy at all) condo for under 200k. Mortgage and condo fee is 1400/mo. Live alone. Old building and in need of updates but it works and I love living alone.
Yes! That’s my plan. I’m near the university so I plan on keeping The property and renting it out once I have a reason to live somewhere else.
SO and I make 275k and we bought a 2 bedroom townhouse with 20% down in 2017. Mortgage (1600), HOA, and utilities is just under 2k.
Saving now for a down payment on our next house (150k) and will rent the townhouse.
I'm in consulting specializing business process improvement. My SO is in consulting as well specializing in reverse engineering and penetration testing.
Depends on your salary growth expectations and what you prioritize, tbh. There's a social element living with other people that you'll miss, but other people can be annoying too in their own way. It comes down to cost, social tradeoffs, how much you value privacy and location (generally if you're living alone your location is cheaper than with a group).
When I was around that salary I was able to find a couple places (studio apts) out in Van Ness for about 1500 without parking, so that sort of thing might be a decent compromise.
Pro
I never lived downtown--I did Alexandria by Potomac Yards when I got transferred here in 2011, then Old Town, then the west end of Alexandria, and now Springfield.
Potomac Yards was a 1 bedroom apt by myself, ~$1750/month if memory serves, on a salary of ~$75k. Old Town was a 2 bedroom with my sister who got a job in the area, I think we were around $2200/month.
West end was a 3 bedroom townhouse rental first with my sister, then after she moved for work, I lived solo for a few months until my wife moved in. ~$2450/month then.
We bought a townhouse in Springfield in 2017 and have been here since, our mortgage is ~$2400/month.
I was ambivalent on living alone vs with a familial roommate. About the only tangible difference (cost savings aside) was that I had to wear more clothes with my sister as a roomie.
Spouse & I Rent a condo in Alexandria: 2bd/2ba for 2k even. Parking garage with 2 spaces and 1 guest.
You can live alone for less than 2k btw. You just need to do your research.
$160K and $2.1k in Arlington