Recently, the Washington Post conducted a non-scientific experiment to see if Montgomery County residents could afford to live in Montgomery County, and to see the trade offs they would have to make.
“To start, we’re shopping on behalf of some hypothetical public school teachers… What might they afford in the county where they work?”
I thought it might be interesting to see how the same experiment worked for teachers in Severna Park. Let’s determine some demographics for our couple.
Lets assume that we have a couple, two teachers…
” If you add up their years in graduate school and at work, they would be in their mid-30s, prime time for raising a family. That puts them squarely in the ranks of house-hunters who want a home with a little bit of extra room, an ample yard and excellent schools. They have $30,000 in savings to cover a down payment and closing costs.
“To round out their financial picture, we assigned them the average FICO credit score, 723. That means, all else being equal, they could expect to pay an interest rate that’s about one-quarter of a percentage point higher than a borrower with the highest FICO score. Then we burdened our happy couple with a $400 monthly payment for one car loan. Such loan payments, of course, limit the amount of mortgage debt a borrower can safely take on. At least we assumed our couple doesn’t carry a credit-card balance from month to month, which would further limit buying power.”
According to Salary.com’s Salary Survey, our teachers could expect to make around $55,000 — putting them in roughly the 60th percentile for high school teachers in Severna Park.
Using the information we can turn to a basic loan qualification calculator to see what our our future residents can afford. Using a Salary of $110,000, monthly debt of $400, and an interest rate of 6.00% (1/4 point higher than today’s published rate of 5.75%. We arrive at a home value of approximately $450,000.
Using that $450,000 as a starting point, we can search for homes in Severna Park.
In that price range there are a variety of homes to choose from. Severna Park is virtually free of apartments, townhouses and condominiums. Aside from some over 55 communities, all the homes are single family detached homes. Severna Park also experienced most of its building in the post wwII years, between 1945 and 1975. Therefore, in this price range, you are likely to find homes that are around 30 years old, and of styles common to those years: Split Foyers, Split Levels, and a few Colonial styles. Generally speaking however, homes in Severna park are neatly kept, well maintained and feature communities suitable for raising a family on low-traffic streets or in generously sized back yards, often with mature trees to provide shade in the hot Maryland summer.
Here are a sampling of homes that I might show this hypothetical family.
45 Chrisba Rd
In the community of Berrywood South in Severna Park MD See the Full Information on this house.
REDUCED! Sellers relocating, bring offers! Beautiful Center Hall Colonial w/ 3bd/2.5 baths. All hardwood floors. Formal din room w/ new mouldings & chairrail, large eatin kit, new cabinets, w/ sliders to large deck overlooking quiet fenced yard. Huge over [more…]
Listing Courtesy of IHS Realty
749 Stinchcomb Rd
In the community of Manhattan Beach in Severna Park MD See the Full Information on this house.
Unique oversized ranch-style home in water-privileged Manhattan Beach**Spacious living rm/dining rm**Kitchen w/breakfast bar,loads of cabinets,new stove 2004,refrig w/icemaker,skylight**8×4 storage shed**Additions includes family rm w/fireplace/woodstove [more…]
Listing Courtesy of Century 21 Finesse
1 Severndale Rd
In the community of Severndale in Severna Park MD See the Full Information on this house.
COLONIAL CLASSIC with SUPERB LOCATION - Grand living room with classic design, great kitchen/b’fast room combo. Spacious Master BR w/ new BA. Hardwood floors, carpet & fresh paint. New front loading w/d, new SS appliances. New roof & siding let you move r [more…]
Listing Courtesy of Taylor Properties
140 Pineview Ave
In the community of Sabrina Park in Severna Park MD See the Full Information on this house.
ONE YEAR OLD HOME IN SEVERNA PARK,FULLY FINISHED BASEMENT,WALK-OUT LEVEL,3 BRS,3.5BAS,GAS FIRE PLACE. [more…]
Listing Courtesy of Jobin Realty, Inc.
797 Stinchcomb Rd
In the community of Manhattan Woods in Severna Park MD See the Full Information on this house.
Lovely 4 bedrooms 2 bath home located in sought after water privileged Manhattan Beach.Home features large master suite addition with seperate shower & soaking tub, Many recent updates include Kitchen, windows, ceramic tile,appliances, roof, and much more [more…]
Listing Courtesy of Long & Foster Real Estate, Inc.
293 Berkeley Dr
In the community of Riverdale Forest in Severna Park MD See the Full Information on this house.
Fantastic two story colonial w/custom 22×13 addition w/cathedral ceilings**Lovely gleaming hardwood flrs in liv rm/din rm/foyer/hall**Finished basement w/recrm,full wall brick fireplace,heatilator,wet bar,full bath**Gas furnace 2002 CAC 2000**Great bedroo [more…]
Listing Courtesy of Century 21 Finesse
601 Sweet Brush Ct
In the community of Sweet Brush in Severna Park MD See the Full Information on this house.
THIS CONTEMPORARY HOME IS NESTLED IN A QUIET CUL-DE-SAC ON A LOVELY WOODED LOT IN THE HEART OF SEVERNA PARK. BOASTING CATHEDRAL CEILINGS, KITCHEN WITH GARDEN WINDOW & ISLAND, LARGE FAMILY ROOM WITH BRICK FIREPLACE & INSERT, SKYLITES, FULL LENGTH DECK & OP [more…]
Listing Courtesy of Coldwell Banker Residential Brokerage
492 Erin Garth
In the community of Wicklow in Severna Park MD See the Full Information on this house.
Wonderful and spacious contemporary in Severna Park. Great location on cul-de-sac and close to high school.3 beds, 2.5 baths, large eat-in kitchen with ceramic tile and pass-through to DR. New carpet in LR and DR, wood floors in foyer and half bath.Home w [more…]
Listing Courtesy of Champion Realty, Inc.
8 Severndale Rd
In the community of Severndale in Severna Park MD See the Full Information on this house.
Nice house, great location in quiet community of Severndale. Large fenced back yard, screen porch, garage, Walking distance to Blue ribbon Schools, master bath with claw foot tub and separate shower, new roof and more updates in progress, even has plans a [more…]
Listing Courtesy of Hoffman Real Estate, Inc.
601 Center Dr
In the community of Carrollton Manor in Severna Park MD See the Full Information on this house.
Pristine 2 level home with new gorgeous kitchen w/new stainless appliances & wood cabinets w/breakfast bar**Slider from dining rm to deck**Some laminate flooring**Finished lower level w/rec rm**Storage room**Shed in “as is” condition**Spacious master bedr [more…]
Listing Courtesy of Century 21 Finesse
I, Melissa DelGaudio, specialize in Severna Park Real estate. If you are ready to see homes that are right for you in Severna Park, please feel free to send me an email. It would be my pleasure to help you find your next home.
