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I'm all for improving neighborhoods and having civic pride but I honestly couldn't recommend a lot of SE to a newcomer. I've lived in the area for nearly 3 years and still can't tell you where the nice parts of SE are. I know there are nice parts of SE but I can't tell the good from the bad so I just avoid it all together and well...recommend that to newcomers as well until you get your bearings.
there are parts of southeast that remind me of harlem before gentrification, and just like harlem those are the parts of southeast where it'd be prudent for one to invest. just talking from a business point of view. i understand what you are saying though.
He will never be able to buy at 55k... no one will lend him money making so little.
Who said anything about buying? Also someone can buy at that income. They just can't buy a 3 story row house off U street. One could probably get a $200K mortgage. You can't buy much for $200K here but there is some $200K properties in this area just not in the trendy neighborhoods and certainly not a SFH. There are $200K 2 bedroom condos in places like Burke and Lorton.
there are parts of southeast that remind me of harlem before gentrification, and just like harlem those are the parts of southeast where it'd be prudent for one to invest. just talking from a business point of view. i understand what you are saying though.
A co-worker of mine, she's graduating from Howard told me she's getting a place for $1050, 2 bedroom. And I was like, where the hell are you getting that place for that little? She goes Southeast.
I pause.
So then she says its near the Bolling AFB, so its the "good southeast."
Paused again. Southeast still has a stigma attached to it. I didn't mean to demean the area in anyway in my response. In good faith, I just wouldn't recommend someone live there. It's an investment for sure, but people are living in the now and not 5-10 years from now.
A co-worker of mine, she's graduating from Howard told me she's getting a place for $1050, 2 bedroom. And I was like, where the hell are you getting that place for that little? She goes Southeast.
I pause.
So then she says its near the Bolling AFB, so its the "good southeast."
Paused again. Southeast still has a stigma attached to it. I didn't mean to demean the area in anyway in my response. In good faith, I just wouldn't recommend someone live there. It's an investment for sure, but people are living in the now and not 5-10 years from now.
LOL Great story! "I pause." Funny. Love it.
I know that all of SE isn't bad. I mean that's where y'all's mayor lives right? But yeah you have to know the lay of the land in places like that. Which block is good, which is bad. That's fine for natives but when I was a newcomer I barely knew my left from my right driving in VA. In DC? Forget it! But yeah great story.
Who said anything about buying? Also someone can buy at that income. They just can't buy a 3 story row house off U street. One could probably get a $200K mortgage. You can't buy much for $200K here but there is some $200K properties in this area just not in the trendy neighborhoods and certainly not a SFH. There are $200K 2 bedroom condos in places like Burke and Lorton.
Very true. With the many places that have down payment help, that's the only major difference in cost with rent and buying as far as monthly cost. It is very easy to get place on that salary, I did it a few years ago and it is cheaper than renting, but of course like you said Terrence81, you can't go everywhere on that salary.
I know people who have bought apartments making that much and less. The median income in DC is like $57k, so it's not that little an amount.
shh...city data is full of statistical outliers! the median income in dc is 57k yet the majority of folks on this message board feel like they are failures if they aren't in their six figures by 35!
i swear sometimes it makes me really appreciate how hard i had to work to get to where i am reading some of these posts. sure am glad i wasn't a member back in the days when i was a young, broke, college graduate with ambition and a dream of owning myself one day.
nothing like the freedom of doing what you want, when you want to, and not doing what you don't want, when someone else wants you to.
to me, that is the good life. it isn't about being a millionaire or being able to buy Bentley coupes and maybachs.
but to get back to the op, 55k at your age is wonderful. when i was in my 20's, my income was in my 20's and that was only 9 years ago!
occupational choice.
55k is enough to live in the city. you just need to know what you can and can't afford. i have renters who make less than that. i'm talking about college grads, gs-7's making high 30's and low 40's who room together with other friends. good neighborhoods. i myself, chose to move to baltimore and buy property in my early 20's because i saw it as a better value and quality of life. i used that investment as a catalyst to open my own business(es). i came back to dc and brought property in areas of northwest and southwest that nobody wanted to live in when dc wasn't as sexy and hip as it is today...and again, that was only 8 years ago!
you can do it. don't let anyone discourage you. if there is a problem with you income, the only problem i can see from my past experiences has been that people in that decent middle class income range tend to want to live like they are not in that class, especially in dc. that is the fastest way to get your behind into the "broke but working to live" class. live within your means and pay down your debts and dc will be an awesome experience for someone at your age.
Actually, I bought a house last year in Petworth making just a little more than 55k. DC has a few programs to help with a down payment. Still hve money. That's after a car payment a wife and two kids.
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