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When someone finally identifies a geographic area that they really like – where you feel comfortable and happy, where you could see yourself wanting to stay a while – it makes sense that you might start thinking about the possibility of buying vs. renting. But what if the place where you live (Alexandria, VA) happens to be included on the list of America's 5 Most Overpriced Suburbs? Obviously you’re not the only person who wants to live where you live, and real estate prices reflect that.
Barbara Corcoran, real estate expert and TODAYShow.com contributor, had this to say:
Alexandria is just outside D.C. and considered one of the most affluent areas in the country. Plenty of tourism keeps Alexandria going, and it’s a convenient and pleasant community for people commuting to D.C. with lots of wealthy neighborhoods. Prices are down $35,000 from last year, and about half of the homes on the market have had at least one price reduction since coming to market. But even the high median income of $80K can’t buy a median priced home of $539,000—maybe a starter home under $300K.
The other day, just out of curiosity, my roommate and I were looking online at homes for sale in our area. Because we live in the historic Old Town section of Alexandria, the beautiful homes and townhouses regularly sell for over a million dollars – and we saw quite a few that were selling for multiple millions. In fact, the cheapest property for sale (at just under $200,000) was a TINY VACANT LOT.
Why do I like living here? I live in a beautiful, walkable neighborhood, so the use of my car has been greatly minimized (especially since I walk to and from my local Metro stop to take the train into D.C. for work). There are restaurants and bars, cultural and historic attractions, a weekly farmer’s market, and numerous events that take place throughout the year. (When there was a President’s day parade a few months back, I really liked being able to leave my apartment ten minutes before it was due to start, rather than having to drive around and attempt to find parking.) I can also do random things like walk down to Chipotle, like I did not long ago, and eat my dinner on a bench facing the Potomac river (the city of Alexandria calls itself The Fun Side of the Potomac).
A lot of my immediate family lives less than a hundred miles away, in Richmond (a city where I’ve already spent eight years of my life). The reason I moved to the D.C. area in the first place was because I felt like I’d have more job opportunities here – but on the flip side, it’s easier to afford a house in Richmond. My younger sister and her boyfriend moved into a beautiful, large two-story house last year that cost less than the small, plain, 1950’s-era townhouse that’s for sale around the corner from my apartment for over $300,000.
So, yes, I know I could move somewhere else where the real estate is cheaper. But would I be happy? I truly believe that location is a huge factor in how happy we are in our daily lives – at least it’s a huge factor in how I feel about my daily life. Would I be as happy if I moved farther outside of D.C. and had to commute an ultra-long distance to get to work? No. Would I enjoy living in a place as much if I had to drive everywhere I wanted to go? I’m positive that I wouldn’t like it as much, because I’ve lived in those types of locations before.
Other possibilities exist, of course. I could end up falling in love with someone who’s fabulously wealthy. Or, much more likely, I could end up pooling my resources and buying a house with someone else – I’ve already had discussions with some of my friends about the option of buying property together. (But there are always considerations to think about there, too. Like what happens if one person wants to move?)
There’s no reason for me to stress too much about this (and I’m not), and there’s no reason why I should be in any rush to buy, but it’s definitely something I’ve been thinking about. If I continue renting for the foreseeable future, I’ll be perfectly happy because I know
