Hope me with Housing in NoVa? Renting. Buying.

So I get you want to put down roots, but you're 24 and you live in Northern Virginia. You have NO idea where you'll be living or working in the next 5 years and even if it's in the general area, you could be signing up for a hellish commute because you get a great new job that is now a 2 hour commute. Also, the most you can maybe hope to but is a 2 bedroom place. Maybe 3, but it probably won't be very nice. Honestly the 2 bedroom probably won't be either. Do you really think it's realistic that you will raise your future kids and live in the same kind of crappy 2 bedroom apartment for the next 30-40 years? I mean people do it, but not by choice. You're boxing yourself in. I've put down roots in DC and I've lived in 6 different places (and moved away for 2.5 years before coming back). Also, what if you lose your job? It's a lot easier to get out of a lease than a mortgage. You are just starting your career. Last hired, first fired and all that. Not to scare you, but buying a house is scary. It's a massive commitment. If the market crashes again, you could be underwater in a place you can barely afford and can't rent out for the mortgage payment. I've seen it happen to at least 2 friends. 5 years later they live on the other side of the country and they are still paying towards the mortgage despite having renters. As a result they still have roommates when they could otherwise afford to live on their own. It sucks. Don't make financial commitment you aren't ready for yet. Wait a couple years. Watch the market. Rent a place in the meantime and save up.

Also, your boyfriend is bringing home about 18k. I understand that he might not be able to make huge contributions toward rent, but that's certainly enough to contribute to a shared living situation. It's fine if you guys aren't ready for cohabitation, but the expectations there feel a little hinky.

As far as living situations go, it sounds like you want to play in the World Series when you should be trying out for Little League. Have you seen a condo or townhouse in that price range anywhere you would consider living? Have you looked to see how much specific places cost? I'm in DC and don't make that much more than you but I'm anticipating that when it's time to buy, I'm looking at spending about $400k to $500k for a small 2 bedroom someplace where I won't get murdered. Because that's how much it will cost. At a minimum. Why are you thinking about buying when you've never lived on your own? Are you one of those who thinks that renting is throwing money away? I sort of understand that perspective but I'm renting and I'm still saving money and if I found my dream house in my price range tomorrow, I could move. If I got my dream job in Paris tomorrow, I could move. And if the furnace breaks at my place, I call my landlord. Renting is not that bad. Give that a shot before home ownership. And if you can't afford a down payment, you really shouldn't be buying. Yes, it's possible and there are some people for whom it's a good idea, but in general, it's not. If you can't save up a down payment, I don't know how you're going to afford a new roof, god forbid you need one.

I am a non-nomadic 20something and I own an inexpensive apartment in an expensive city. I definitely recommend renting first; I did for several years and still feel like maybe I bought a place too quickly. Renting will give you a sense of what a neighborhood is like and of what it's like to live without your parents. I second the suggestions to look at what kind of homes are out there in your price range before you commit. Also, since you say you like apartments, don't rule them out; you don't have to be personally responsible for upkeep in the same way in an apartment if you have a co-op like I do (though I know NYC is different from a lot of other areas in this respect so ymmv.) Also I am sorry if I'm being presumptuous but if there is instability in your living situation and if that might mean you have any sort of difficulties with your parents, do consider whether you actually want to buy a permanent home in the area where they live. Apologies if this consideration is irrelevant. Good luck!

Please note that I specifically said in the first sentence that my living situation at home is precarious (but no specific timeline, just want to be prepared). If you were to suddenly find you needed to move out within the next week, that won't be enough time to go through the buying process on a house. It sounds like you are preparing to have to move suddenly, so you should keep the paperwork you would need for getting an apartment at hand. For instance, putting down roots, I am not a person who travels or is nomadic. I know people who've rented while living in the same place for 20 or more years. Renting is more convenient if you don't want to put down roots, or are nomadic, or want to not have an apartment and travel -- but renting doesn't mean you can't put down roots and not travel. But it sounds like you want to buy a house. There doesn't really have to be a why included in your question, if you have already concluded you'd like to buy a house if you possibly can. Do this: Get preapproved for a loan, and arrange with a realtor to have things in your price range emailed to you. Think about if you would be willing to buy a house that needed major repairs. If nothing turns up in your price range that interests you, you'll have an answer to your question, and if something does you can move forward with this. You might find that you don't want to put down your roots in a place you can afford right now. Many people are in the same situation, but you are fortunate enough that you can expect to afford something nicer in a few years. If the only places you'd want to buy are out of your price range, you'll either have to change your mind about where you want to live or rent and buy something else when your income is higher.

I don't think you can buy anything in Northern Virginia. Those River Place listings also include condo fees from $300-400 per month in addition to your mortgage - and those are studios, not even 1-BR. (Just so you know where I'm coming from - I've owned a SFH in eastern Loudoun for the past 10 years, rented a SFH in Falls Church for four years before that, and lived in apartments in both South Arlington and Fort Myer for a few years before that.) Realistically, you are going to need to pay closer to $200K for a condo, even out towards Leesburg. I agree with bessiemae. If you need to leave your current situation, you should look for a basement rental or apartment first.

Also, if you want "next steps," look into home buyer classes. There are a lot out there.

You don't list housing costs among your current expenses, so I assume you're not paying rent now? And not saving your own down payment or covering all of your expenses. You also don't mention retirement savings. I suggest working out a strict budget with a financial planner/educator so that you're saving at least half of your net pay. Nothing wrong in principle with going directly from family home to home ownership, but you don't sound prepared for it. And please do not have kids unless both you and your partner are financially secure enough to be able to do it on your own. If one of you leaves/gets sick/gets laid off/etc. there's still daycare and diapers in addition to that roof replacement to pay for.

From the OP:"Thanks for answering my question everyone! headnsouth, I included my 401k contributions in my original post at $600/mo (Planning to call Fidelity to figure out what % in order to max out the 17.5k limit for 2014, started work mid 2013). My current financial strategy and discipline is pretty sound, take a look at my first follow up. 7k student loan balance will fall to 3.5k by the next two paychecks, freeing up some cashflow. The kids mentioned were future ones. As in 5+ years down the road. I can't mark as best answers but if I could: longdaysjourney - Someone who understands! Thanks for posting (and reading it all), this is exactly the kind of answer I'm looking for. Yes I'm 100% sure about living around EFC after having lived in DC, Fairfax, and Ballston. Folks, I know me best and I know it's this place. You are right about 2000 because thats around the time my parents bought this property here EFC/WFC (they are low to moderate income) and they basically got a steal considering the value of the house now. bowtiesarecool - Very good point about waiting for the perfect house to stay in forever (moving sucks a lot) instead of a just ok "starter" (quotes because I have lived in large homes and small homes and I actually much prefer smaller). amarynth - Links are very helpful, thanks! Eyebrows McGee - Listing emails, that's a great idea! I already sort of do this by looking at the weekly Arlnow.com open house postings. I'll definitely be figuring out how to do this for my area bessiemae - That's some good perspective with the older workers still renting.