[Stu from NYC]

Originally Posted by JMintzer

Where do they live? DC, MD, VA? 2 of my kids are in Arlington...

live in DC

[vintageogauge]

Originally Posted by JMintzer

I agree. But prices were much more reasonable then. We had a 10.25% mortgage on our first house (in 1986). Of course, we only paid $104,500 for a 3 BR 2.5 BA single family home... About 25-30% of my income at the time...

The PITI was less than our 2 BR 2 BA apartment...

Prices were more reasonable but incomes were much lower, We bought our first home in 1969 and had a 9% mortgage with 20% down, and it also took about 30% of my take home pay, maybe a little more.

[JMintzer]

Originally Posted by vintageogauge

Then they are looking out of their price range. One of my granddaughters and husband just bought their first home and got the keys for it on Saturday. They had no trouble getting a loan and finding a home, he is an engineer and she is a school psychologist both 27 years old, they looked at a price range that they could easily afford and had a choice of several homes that they liked. 3% will never come back so those needing mortgages should go after one before it goes even higher.

Problem is, there is noting IN their price range in the greater Arlington, VA area...

Tear downs are selling for over half a million... That's what the dirt is worth...

I haven't a clue as to where your granddaughter lives... But yes, there are other areas in the country where housing is most certainly more affordable.

[JMintzer]

Originally Posted by Stu from NYC

live in DC

OOOF! Right across the street from my office, (NE, DC) they built 20 something townhomes. $750K and up...

It's a neighborhood in transition, with iffy (at best) schools, so you have to factor in private schools...

50-60 year old row houses that haven't been updated in decades are snapped up immediately by "flippers", who remodel them and put them on the market for a $Million and up...

Now, if you dare venture into NW, DC, or want a single family home? The fun really starts!

[Stu from NYC]

Originally Posted by JMintzer

OOOF! Right across the street from my office, (NE, DC) they built 20 something townhomes. $750K and up...

It's a neighborhood in transition, with iffy (at best) schools, so you have to factor in private schools...

50-60 year old row houses that haven't been updated in decades are snapped up immediately by "flippers", who remodel them and put them on the market for a $Million and up...

Now, if you dare venture into NW, DC, or want a single family home? The fun really starts!

Their house is about 75 years old and is semi attached like all the other houses on their block. Schools in the area are very good and they do like it there

[manaboutown]

Originally Posted by vintageogauge

Prices were more reasonable but incomes were much lower, We bought our first home in 1969 and had a 9% mortgage with 20% down, and it also took about 30% of my take home pay, maybe a little more.

I remember buying my first home in 1967 for $27,000 in a subdivision off Franconia Road in Alexandria, VA, assuming a 5+ % loan. I sold it for a $5000 gain and bought another down near Mt Vernon for $42,500, a model house full of furniture. Got a 6% loan on it in late February 1968 just before the Virginia usury law changed, allowing interest rates to rise and boy did they!

On Capitol Hill in 1968 I bought a small four unit apartment building on C St SE near the Library of Congress for $28,000, the seller taking back a 6% mortgage. I then bought the six unit building behind it on North Carolina Avenue, also seller financed but I do not recall the details off the top of my head. Wish I had kept them both!