Interview with Young Potential DC Buyer

I interviewed a young 25 year old who currently rents in the Washington, DC metro area. He works in Information Technology.

I understand you currently rent. Have you considered buying?

I think about it every once in a while. But, I don't think I can afford to buy a house anywhere on one income without being married. A house ties you to one place, with the uncertainty of the housing market I don't know if its prudent to buy a house as a temporary place. The Baltimore market is undervalued. At the same time I am worried if I don't buy now in the Baltimore area, I will miss the train.


Have you considered a condo?

No prices for condos are outrageous and you still have to pay condo fees. [ If you buy ] you have to hope prices keep on appreciating. A condo is not something to live in the rest of your life. You are forced to sell when you need a bigger house. Condos are not a good investment in the DC area.


How often do you keep up with housing prices?

I hear people talk. I stopped looking for listings along time back because it was far out of my price range.

Do you feel pressure to buy from friends, family, and/or coworkers?

My grandmother, bless her soul, calls every week and asks me when I'll buy.


If prices were to decline significantly in the Washington, DC area would you buy? If so where?

Yes I would in a safe neighborhood along the Metro ( train system ).


Many homeowner have made a boatload of money during the housing boom as prices became unaffordable to young professionals. Are you a bitter renter?

As the rolling stones say "you can't always get what you want." There is nothing to be bitter about.

When do you think you will be buying a home?

Well looks like I'll be marrying an Occupational Therapist (OT). Based on that I'll have to wait till divorce then marry someone a little more like a doctor or lawyer. I don't understand where all this money comes from there are only so many lawyers. Who is buying a rowhouse for 4,000 a month in the ghetto.? The average professional couple takes home 3,000 per person per month ( after taxes ). They bring home 6K a month. Pay 4K a month in mortgage which only leaves 2,000 a month for everything else. It requires women to work for the rest of their lives. They can't afford to take a year or two off for children. Therefore if want the wife to stay home a little bit you cannot consider a home for 600K. If one loses a job it is very tight. That is why not even after marriage I would buy such a house. I am not buying in the city. I might buy in the far suburbs or in Baltimore. Hopefully, the Baltimore market will not go through the roof as it very well may