Alas, alack, I can’t afford a home in Washington, D.C., so I wrote about it for new web site ATTN. Check it out.
I’ve never owned a home.
That’s not a particularly shocking fact once you learn I’ve moved every two-to-five years while working in a volatile media market. Since 2001 I’ve lived in Texas, California, Missouri (twice), the District of Columbia, New York City and back to D.C. again. Owning, which I considered for a quick second during the five years I lived in California, seemed to be both impossible and impractical. Why buy if I knew there was a strong chance I’d move in a few years because I’d get laid off or my job would change, yet again?
And, for me, the math backs this up.
Maybe in my hometown of St. Louis, where homes still are moderately priced, it makes sense to buy, but not for me living in Washington, D.C., where the homes are retailing at an average of $470,000with no chance of coming down any time soon. With the value of homes being so steep, with property taxes, maintenance costs and homeowner’s insurance sitting on top of it, it’s cheaper and more practical for me to rent. But it’s not as if I have a choice, as if I could “choose” to buy despite what’s more practical.
I simply can’t afford to buy a home in Washington, D.C., even if I wanted to. There is only one rational choice in my renting versus buying debate.