Anyone in the DC area? What can I afford? Wait?
Hi all,
I currently live in the DC area and rent in Arlington, but would like to eventually own / rent some real estate. Unfortunately property values out here are outrageous, so I'd like to ideally find something in a gentrifying area that's a bit more affordable.
About me:
- Age 34, single, but would like to settle/have kids within the next 5 years
- Current income: 115k. Have enough savings to cover most reasonable 20% down payments.
- Excellent credit
- Currently renting
Ideal property:
- Somewhere near a neighborhood in an up and coming area that's not insanely expensive
- Metro within 20min walk or so (might be able to pass on this)
- Do NOT want to live in suburban hell
- 2 bedrooms so I could rent a bedroom out
Reasons I'd like to buy:
- Tired of paying rent (Though my share with a roommate right now is only $900)
- Believe that DC area property values will be maintained/appreciate given the location, employment rates, and shift of market bond money -> real estate
Reasons I shouldn't buy/maybe should wait: (there are a lot)
- Very indecisive on career - which means as I job hunt I could eventually change cities. However, I've been like this for 10 years. I figure if I leave I could always rent it out, though.
- Have only been at current job approximately 10 months, so this may impact lending ability
- At my age, I imagine I'll eventually need more space for kids/etc, though I suppose that's quite a ways off. In 5-6 years I could rent out the place instead
- Considering going back for a masters degree, but that could be a very large student loan which would impact my ability to pay mortgage (or cut into 401k).
Thoughts overall? What could I afford? Should I just keep waiting? But then wait for what? I'm somewhat indecisive across my entire life right now (career is the main driver).