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Looking to buy a home for $500,000? Here’s what you can expect to find. 7/5/2018
  The spring home-buying season is in full swing, and many potential buyers are discouraged by what’s available within their budget. Low inventory has driven prices higher, making it more challenging to find an affordable home.To get more buying homes news, you can visit shine news official website.
 “To put it in perspective, the mid-Atlantic region as a whole has 2.5 months of supply,” said Gitika Kaul, a real estate agent with Wydler Brothers. Because a three-month supply is considered a balanced market, favoring neither seller nor buyer, this doesn’t sound too bad. But when you drill down into the data, the Washington area is struggling. The Dupont Circle and Adams Morgan neighborhoods in Northwest Washington have just a 1.26-month supply of homes for sale on the market, down 2 percent from a year ago, Kaul said. Arlington has a 1.58-month supply, down 22 percent from a year ago.
 Rockville has a 1.13-month supply, down 44 percent from a year ago. “No matter where you look around the D.C. metro area, there is a supply issue,” Kaul said. “There simply are not enough homes to put on the market, and this is proving to be a real problem for home buyers who are in constant stand-by mode waiting for something to pop onto the market. When that happens, even if the home is not perfect, or close to it, buyers are often forced to make quick decisions and put forth extra money to make the deal happen.”This month, in our occasional series that looks at what you can buy at a certain price point, we consider what’s on the market for $500,000. “Location plays a huge role in determining what you can get for your money,” Kaul said. “In some parts of the D.C. metro area, $500,000 can buy you a single-family home.
But in the most desirable parts of D.C., $500,000 will buy you a one-bedroom condo. The beauty of our area is that you can likely find a home within your budget, but you will have to be flexible about the location.” If you want a single-family home, Kaul said, try looking over the river, in Anacostia. Or just over the border, in Silver Spring or Wheaton. Hyattsville also offers homes in this price range. If you are willing to take on a fixer-upper, Hill East has some options, but be prepared to compete with all-cash offers from investors. If you are determined to live downtown and pay no more than $500,000, you should be looking at one- or two-bedrooms condos.
But, based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.5 percent, the monthly mortgage payment on a $500,000 home would be about $2.728, including taxes and insurance. (Realtor.com used average national tax and insurance rates in its calculations.) To keep within the general guidelines of spending no more than 30 percent of your gross income on housing, a buyer would need to earn at least $109,125 to afford a home in this price range. Within the $500,000 price range, the types of homes you can buy vary greatly. With the help of Realtor.com, we found a mix of properties at this price level in and around Washington and across the country that shows how much location affects price.
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