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
LOUDOUN COUNTY: Median Household Income: $99,371 Median Home Price: $374,950
ARLINGTON COUNTY: Median Household Income: $87,350 Median Home Price: $425,000
STAFFORD COUNTY: Median Household Income: $85,014 Median Home Price: $309,000
PRINCE WILLIAM COUNTY: Median Household Income: $80,738 Median Home Price: $275,000
CITY OF ALEXANDRIA: Median Household Income: $80,449 Median Home Price: $414,000
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.
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