I was reading an article in the paper today about how 75,000 people moved to the DC metro area in 2004. The article also mentioned that over 1 million people live in (un)Fairfax County, the same county I live in. Now, I'm no native of Northern VA (thank God!), so I know that complaining about the number of people living here is kind of hypocritical, but my God!!! A million plus people in one county? Where are they going to put us?
Land is at such a premium in Falls Church city that all new office buildings have to have space for at least two stores and one restaurant, and it really helps you get past the approval board if you have budgeted space for luxury condos. I know this because the company I work for is currently working on a new building so's that we don't have to be split between four. Since I work for a nonprofit, its not like any of my fellow employees will be able to afford to live in the condos that will be attached to our office.
We talked to a mortgage lender the other day, just to see where we stand. He told me that we could get a $250,000 mortgage for $1600 a month. Problem is, nothing in this area is selling for much under $275,000. And if there is something that is anywhere near $250,000, there will most likely be a bidding war that will drive the price up to close to $300,000. Oh, and the other problem? We don't have $1600 a month to spend on a mortgage. If we want to eat and have electricity, of course.
Only 1 in 4 residents of Falls Church can afford to buy a house. Wanna know why? Because most houses in Falls Church look like the Mini-Monticello in the picture that G kindly posted for me!
I can't wait to move.......
2 comments:
On a side note, our mortgage guy went to ODU in the early '90's and was a bouncer at 4400 and Friar Tuck's!
So, if the cost of living is higher up there are the salaries higher as well? Or does the money you make just even out with the kind of house you choose to buy?
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