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Rent or Buy? (DC Metro Area)

I'm living in the DC Metro Area and my wife and I are currently renting a place together for approx $25k a year. Since we know we're going to be here for the next 5 years at least, it is smart to purchase a home or continue to rent.

I'm fairly new to this so it would be great to get some feedback.
Also, any areas for buying town homes would be great.
  • September 12 2012 - US
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Answers (5)

I can refer you to a DC area Realtor, that would be the person to ask, but I can tell you for rent in that area, pretty cheap.  You will have to take the train their to an outlying town to get something in that comparable price range, the DC market is crazy and prices can be in the $1000 sq ft range.  So if your up for a commute, probably be your best bet
  • September 12 2012
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Profile picture for CCarron

I can give you advice about Northern Virginia. In my experience, the cost of owning a home is now the same or even less than renting if your credit is good and you qualify for a prime mortgage.  Click on my photo, which will take you to my Zillow profile. Then click on website for the link to my website. You'll find a mortgage calculator that will estimate your monthly cost of ownership. Then check out my Home Buyer Questionnaire and contact me if you want more specific information.

  • September 12 2012
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Renting is fine if the owner is responsible. You won't pay for the new water heater, etc.
Old saying:
'Bakers gotta bake, Butchers gotta cut..'
and most Realtors gotta 'sell' - might be some bias there.
  • September 13 2012
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Profile picture for CCarron
Bob Costello, do you consider Marketwatch to be biased?  They have an article today on this very subject:
http://www.marketwatch.com/story/its-cheaper-to-buy-a-home-than-rent-one-2012-09-13?link=MW_home_latest_news
  • September 13 2012
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Profile picture for sunnyview
I would not call MarketWatch an independent source of information for real estate. In the past, the writer Amy Hoak seemed to be promoting a bright idea in 2008 when she wrote an article featured in the Modesto Bee about considering a kiddie condo. The 5 year modesto Zillow chart speaks pretty clearly on where that advice would have landed trusting parents.

Buyers need to run the numbers for themselves in their market and consider their own goals when they decide whether buying is the right decision for them or not. Trusting consolidated news agencies or listening the the NAR market reports has landed millions of Americans underwater in their homes It is time for good quality information and common sense to prevail.
  • September 13 2012
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