It seems like a wonderful opportunity. Live in an area with a cornucopia of employment opportunities, and establish roots in your community. But for the residents of Montgomery County, MD, the American dream to own a home is farther out of reach than one can imagine.Since 2002, property assessments have climbed an astonishing 65%. For current home owners this is a double edged sword, while they may be able to sell their home for significantly more than what they purchased it for, obtaining a better home can be out of reach. For those that like their home, the high property taxes can threaten short and long term financial outlooks.

At the end of 2004, the average price for a home in Montgomery County was $491,440. For a 30 year loan at 6% interest, with no down payment, which averages out to $2946.43 per month, plus if you have no money for a down payment, Private Mortgage Insurance (PMI) will add another $425.00 per month. Even with a average income of $75,000 single, or $105,000 with children, a new home is virtually unattainable.

There is a rash of price increases on non detached homes. Town homes are becoming ubiquitous and luxurious, and condo owners are taking unheard of steps and buying two side-by-side units, and turning them from what was once a $300,000 - $400,000 unit into a near $1,000,000 prize.

Now the housing market in the Washington DC metropolitan area is quite unique when compared to the rest of the country. There are a number of professional jobs that pay very well; many of those are federal jobs which are typically more secure than their private sector counterparts. There is a large flux of commuters from as far as West Virginia, Pennsylvania, and even Delaware that make the long trip into the area, and public services are plentiful and are of very high quality.

For a newcomer into the market, home ownership is nearly unattainable. There are incentives available for lower income families (2+ kids) to reduce the cost of a new home, but for the majority of residents, if you did not get in before the 2000 boom, you are virtually out of luck.

Yes there are alternatives to Rockville MD in this region, but there are negatives to those alternatives. Moving as little at ten miles north of Rockville can add on 30+ minutes in a one-way drive. Commuters from 30+ miles can spend two to four hours a day in their car and that is without a major accident. The region is rated third-worst in the nation, and you can expect to see congestion on the roads for eight hours a day.

This all raises the question of livability in Montgomery County MD, Rockville in particular. While good money can be had (my household income is slightly above average for the area), the cost is the unattainable American dream. I can expect never to afford a new house unless the markets busts, and even with a small condo purchase equivalent to the size of my apartment (1300 square feet) would cost $2570, an increase of $700 from my rent. This is about the only achievable option that I could ever afford, even on my above average salary, and the likelihood to upgrade from that small condo would be difficult.

This is probably why I will leave the region when a good opportunity presents itself.