Welcome to Good Buy for the "Regular Guy" -- hey, it rhymes and it's a direct ripoff from the once popular Bravo! series "Straight Eye for the Queer Guy." In this post we'll be taking a look at some of the more affordable options for residential living in Northern Virginia.
This morning I posted Isn't that Rich?: Northern Virginia Counties Top List of Richest in U.S. where I detailed that
6 Northern Virginia counties were selected by Forbes Magazine as the Richest Counties in the country ranked by median household income. That post went on to highlight a selection of currently available homes priced at over $1 million in each of those counties.
Through a comment that I received on that post, I realized that I may have inadvertently created the impression that housing costs are out of reach for everyone but the most affluent in the metro-D.C. area.
While it is true that Northern Virginia real estate is much more expensive than in many parts of the country, prices here lag far behind many other metro areas, including San Francisco, New York City, Boston, and Honolulu. In some areas of Northern Virginia homes prices have held steady or gone down slightly, while in other areas, most notably Prince William County, home prices have dropped steeply in the past year, making homeownership more affordable for some Northern Virginia buyers. See a chart detailing increases or decreases by location.
So, what's a regular guy (or gal) to do?
First of all, we need to define "Regular Guy." Let's go with median household income. For the counties examined, the median incomes ranged from about $80,000 to $100,000. Thus, a "Regular Guy" in Northern Virginia makes a lot more money than the median or "regular U.S. guy" who had a median household income of about $48,000 in 2006. Bottom line -- jobs pay well in Northern Virginia.
There are lots of variables in considering how much of a monthly payment and how much mortgage a Northern Virginia "Regular Guy" will qualify for. These factors include credit scores, other debt, investments, cash on hand, etc. We won't go into all those details here, but suffice it to say that the "Regular Guy" with a median household income should be able to afford a home between about $265,000 and $425,000 depending on these factors.
Good Buys for the Regular Guys
Here's information on median household income, median home prices (February 2008 data), and some samples of available homes that the "Regular Guy" can buy.
FAIRFAX COUNTY: Median Household Income: $100,318 Median Home Price: $405,000
SPRINGFIELD 3 BEDROOM TOWNHOUSE
BURKE 3 BEDROOM SPLIT LEVEL SINGLE FAMILY HOME
MONTEBELLO CONDOS 2 BEDROOM 2 BATHROOM
RESTON TOWNHOUSE ON GOLF COURSE
LOUDOUN COUNTY: Median Household Income: $99,371 Median Home Price: $374,950
3 BEDROOM ASHBURN TOWNHOUSE LEESBURG SINGLE FAMILY 3 BEDROOMS 3 BATHROOMS
STERLING SINGLE FAMILY HOME 4 BEDROOMS 2.5 BATHROOMS
ARLINGTON COUNTY: Median Household Income: $87,350 Median Home Price: $425,000
1 BEDROOM CLARENDON CONDO 1 BEDROOM LUXURY ODYSSEY CONDO
STAFFORD COUNTY: Median Household Income: $85,014 Median Home Price: $309,000
FREDERICKSBURG 4 BEDROOMS 3 BATHROOMS SINGLE FAMILY HOME
FREDERICKSBURG 5 BEDROOM 3 BATHROOM ALL BRICK HOME
STAFFORD HOME 5 MILES TO QUANTICO MARINES CORPS BASE
PRINCE WILLIAM COUNTY: Median Household Income: $80,738 Median Home Price: $275,000
GAINESVILLE 4 BEDROOM TOWNHOUSE DALE CITY 3 BEDROOM CAPE COD
LAKE RIDGE 3 BEDROOM TOWNHOUSE MANASSAS PENTHOUSE CONDO
DEL RAY TOWNHOUSE STONEGATE 2 BEDROOM CONDO
NORTHAMPTON PLACE 2 BEDROOM CONDO
So, you see there are plenty of available single family homes, townhouses, and condos out there throughout Northern Virginia for first time buyers, regular guys, and people who missed the AOL stock option bonanza.
I'm a regular guy just like you.
However, I'm not just a regular agent. I'm an experienced, educated, and award winning Real Estate Broker with RE/MAX Allegiance.
Let me help you find the home that's right for you in any price range, regular or extraordinary.
Brian Block is proud to serve the Northern Virginia real estate market. View his website for the latest listings and homes for sale in Northern Virginia and search all active homes.
Ask Yourself One Question: Are You Ready?
Turning Point of the Year -- 2,468 More Homes on the Market!
Memorial Day Weekend: It's Pool Time!
Young, Urban, Hip & Prosperous: The D.C. Metro Area
Townes at Cameron Parke: Come to the Open House Sunday May 25th, 1-4 p.m.
But... But... My Neighbors Got $X for Their House
Alexandria Virginia Townhouses Sell Faster Than Condos or Single Family Homes
Northern Virginia Housing Styles -- Colonials
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Brian- I love your ending of this post, I am just a regular guy like you but I am not the regular agent! What a great line! This post is extremely creative! We get the same comments from consumers about our area too. And our area medium income is high like your area. But there are still great buys!
Brian...agree with Katerina! I liked the entire post, but the ending was very effective. It's always interesting to hear about the differences in income across different parts of the nation.
Hi Brain, thanks again for another Great Post. You are educating me in many areas and I greatly appreciate you for this.
Good point, Brian, regular people CAN live in N. Virginia... Now, my daughter would say "not where she WANTS to live" but... I like your ending, too, but I like the whole thing, starting with the title.
Great post! Maybe some of the "regular guys" will realize they can, in fact, buy a home!
This is a masterpiece. Time for buyers to realize that they can buy a home.
Hey, Brian! I don't know many people who would call you a "regular guy"! An amazing guy, a special guy - and really on top of the market!
Great advice and I think many buyers will appreciate knowing there are opportunities out there for them. PS: Love the title!
This is very good because everybody is not looking for a million dollar home.
Brian - Excellent - Finally someone who defines his terms - stats and figures mean nothing with out the definition behind them - a regular guy is different everywhere. You have made it very clear to whom you are talking and how you arrived at the good buy for regular guy..
KATERINA: Thanks for your comment. I'm glad that you like this post and I hope that people will realize that they can buy a home. I like to tell people that their 3rd home will be their dream home.
Home #1 -- stop renting. Get into the market with a place of your own. Start building some equity.
Home #2 -- move up from the condo or small home to a larger one.
Home #3 -- the dream home.
Hopefully, they'll work with me to buy and sell all 3.
LOLA: Thanks for your comment. Incomes vary widely across the country and what's average in one place may be high or very low elsewhere.
SONYA: Thanks for your very kind comment.
MARGARET: Thanks for your wonderful comment. There are opportunities for every buyer out there in Northern Virginia, especially in today's strong buyer's market.
RICK: Thanks for your comment. Here's hoping!
LENN: Your brief comment means a lot to me. Thanks!
PATRICIA: Thanks for all the accolades. You've made me blush.
COLLEEN: Thanks for your comment. I thought it was important to clear things up a bit after writing a post about all the million dollar homes. People can afford homes here in Northern Virginia.
DEE DEE: I agree. In fact, most of my clients are "regular guys (and gals)."
KATHY: Thanks for your comment. I guess it's the lawyer in me that makes me define my terms carefully and precisely.
Brian, Well, I guess that clears that up. I assume you had to calculate all the median prices since MRIS statistics are the average price. That took a lot of work and you are to be complimented, Karen
KAREN: Thanks for your comment and compliments. Of course, it was your original comment that inspired this post.
Katerina's comments are indeed correct - you are indeed not a regular agent! But the entire DC area is indeed expensive -
BARBARA JO: Thanks for your comments and compliment. While D.C is relatively expensive compared to many parts of the country, you have to remember the average jobs here pay very well and living near the nation's capital and indeed the epicenter of world politics does have its cost and benefits.