Sure, there’s also the fact that JB and I also haven’t found anything we like in our price range…but the DC metro region’s (median) house prices more than DOUBLED from 2000-2011 and have only shown a 25% correction while median incomes in areas such as Arlington have seen a 15% increase from 2000 to 2009 and the district’s median incomes have seen less than 10%. Sure, job-stability is strong in our area, but increases in house prices still need to be in sync with people’s income and area rents.
I know plenty of people that have depended on FHA loans or other “creative” 5% down, no PMI loans to avoid needing the $150k+ for a 20% down payment and closing costs for the median priced home (not to mention what they really should have for a (gulp!) emergency fund). I find it an impossible battle when competing with others that are willing to spend 6+ times their salary with a minimum down payment on a mediocre place. Yes, they are still getting those kinds of loans. We were recently told by a mortgage broker that we would be pre-qualified for a loan of twice the amount we were looking to spend, and what we were looking to spend was already going to be $500 dollars a month more than our rent.
…so I guess for now I’ll keep on renting, saving, and see what happens.