If you’re like most condo shoppers, you’ve probably spent a few too many evenings scrolling through listings—“hearting” units with monument views, eyeing those rare corner layouts flooded with natural light, and imagining morning coffee on a balcony overlooking a quiet courtyard… while strategically ignoring the asking price.

Same here. We’ve all been there.

Searching for a condo is exciting—until the math kicks in.

At some point, the big question hits:

“How much condo can I actually afford?”

It’s one of the most important questions you’ll ask during your condo-buying journey, and it deserves more than whatever a generic online calculator spits out.

Let’s walk through how to figure out your real buying power in the Arlington condo market—so you can buy with confidence, not regret.

Start With the Real Budget—Not the Fantasy One

Before you fall in love with quartz counters and monument views, you need a clear picture of your monthly finances.

Start by listing:

• Your monthly income (after taxes is most helpful for real life)

• Your existing debts – student loans, car payments, credit cards, personal loans

• Your regular expenses – groceries, childcare, subscriptions, gym, dining out, etc.

The goal is to answer two questions:

1. How much do you technically have available each month?

2. How much do you comfortably want to spend each month?

Those are not the same number.

Most buyers make the mistake of mentally assigning every spare dollar to housing. That looks good on a spreadsheet but feels terrible in real life. You still want to travel, eat out occasionally, save for retirement, and enjoy living in Arlington—not just paying for it.

Why Your Lender’s Pre-Approval Isn’t Your Budget

When you talk to a lender, you’ll get a pre-approval that says something like, “You’re approved up to $X.”

That number is useful—but it’s not your green light to shop all the way to the top.

Lenders are focused on what you can repay on paper, using formulas and ratios. They’re not thinking about:

• your vacation plans

• your fitness memberships

• your comfort level with risk

• how you feel about having savings left after closing

Think of pre-approval as the ceiling, not the target.

Your real budget should usually be somewhere below that number, where your payment feels sustainable and still leaves room for life.

DTI: The Number Lenders Obsess Over

Behind the scenes, your lender is looking closely at your Debt-to-Income Ratio (DTI).

DTI is the percentage of your gross monthly income (before taxes) that goes toward debt payments.

That includes:

• Your projected mortgage payment (principal + interest)

• Condo fees

• Property taxes and insurance (usually rolled into your payment)

• Student loans

• Car loans

• Credit card minimums

• Any other recurring debt

Most conventional lenders like to see a DTI around 36% or lower, though some will go higher with strong credit and other compensating factors.

Here’s the catch:
They’re using gross income.
You live on net income.

That’s one of the reasons a payment that looks fine to a lender can still feel tight in your actual monthly budget.

The Arlington Condo Equation: More Than Just the Mortgage

When you’re buying a condo in Arlington, your monthly housing cost is more than just principal and interest.

You’re really committing to a package that looks like this:

Mortgage + Condo Fee + Taxes + Insurance + Utilities

Let’s break that down.

Condo Fees

Condo fees are a major piece of the puzzle. They can cover:

• Building maintenance

• Reserves for future projects

• Staff (front desk, concierge, cleaning, management)

• Amenities (pool, gym, common areas)

• Sometimes utilities like water, gas, or even cable/internet

Buildings with more amenities and higher staffing levels typically have higher fees. The number of units in a building is also a big factor - small boutique buildings can have large condo fees with few amenities. That’s not necessarily bad—but it does affect how much you can borrow, because lenders count those fees in your DTI.

Property Taxes

Arlington’s property tax rate is predictable, but it still adds hundreds of dollars per month to your payment, depending on the price.

Insurance

You’ll need an HO-6 condo policy. It’s usually inexpensive but still part of your monthly cost. Your lender will want proof of coverage.

Utilities

Depending on the building, your utilities may go up or down compared to renting. Some condos include water and gas; others don’t. It’s worth asking for recent utility averages when you’re serious about a unit.

The Hidden Costs of Condo Ownership

Beyond your standard monthly outlays, there are some often-overlooked costs:

• Move-in fees & elevator reservations
  Many Arlington buildings charge a move-in fee and require scheduling the service elevator.

• Repairs & updates inside the unit
  New appliances, paint, flooring, lighting—all on your tab now. When you are considering a condo, be sure to look at the age of the HVAC, water heater, and appliances. Those are big ticket items that you can budget for. 

• Special assessments
  Not something to panic about, but something to respect. Healthy reserves and good management reduce the risk, but buyers should always review condo docs, budgets, and reserve studies.

These aren’t deal-breakers—they’re just part of owning rather than renting. The key is to be aware of them up front.

How to Find Your Condo Price Sweet Spot

Here’s a simple way to dial in your real buying power:

1. Get pre-approved so you know your upper limit.

2. Build a realistic monthly budget that includes mortgage, condo fee, taxes, insurance, and utilities.

3. Decide your comfort number – the monthly payment where you still feel you can save, breathe, and enjoy life.

4. Work backward from that number with your lender and agent to find the right price range and buildings to target.

You’ll often find that your comfort zone is a bit lower than your maximum approval—and that’s okay. Long term, comfort matters more than square footage.

When Stretching Might Make Sense (And When It Doesn’t)

There are times when stretching slightly can be reasonable, for example:

• You’re expecting a solid, reliable income increase soon.

• You’re moving from a long commute to a walkable location, reducing car expenses.

• You’re buying a layout or building that’s clearly more future-proof and will work for you longer.

But stretching just to “win” a bigger condo—while sacrificing your emergency fund, travel, or retirement savings—usually doesn’t feel like a win down the road.

The Right Condo Lets You Sleep at Night

The right Arlington condo:

• Fits your daily life

• Makes financial sense now

• Doesn’t keep you up at night worrying about money

• Still lets you enjoy everything Arlington has to offer

The best condo you can afford isn’t the one at the very top of your approval.
It’s the one that lets you feel good about your payment every month.

If you’d like help running the numbers—including how different condo fees affect your buying power—I’m happy to walk through it with you and match your budget to the right buildings and floor plans.

Condo Affordability FAQs

How much condo can I afford in Arlington?

It depends on your income, debts, credit score, condo fees, property taxes, and interest rate. Most buyers start with a lender pre-approval, then refine that number based on a real monthly budget that includes all housing costs—not just the mortgage. Because condo fees count in your debt-to-income ratio, they have a big impact on what price range makes sense.

Do condo fees affect how much I can borrow?

Yes. Lenders include condo fees when calculating your debt-to-income ratio. Higher monthly fees generally reduce the maximum loan amount you can qualify for, while lower fees can increase your buying power. That’s why it’s important to compare buildings, not just units.

What hidden costs should I expect when buying a condo?

In addition to your mortgage, plan for condo association fees, property taxes, HO-6 insurance, utilities, move-in fees, and any updates you want to make inside the unit. There’s also the possibility of future special assessments, which is why reviewing condo documents, budgets, and reserve studies is so important.

How do I calculate my true condo buying budget?

Start with your pre-approval, then build a realistic monthly budget using your actual spending habits. Add your projected mortgage, condo fee, taxes, insurance, utilities, and a small cushion for repairs. Compare that total to what you’re comfortable spending after savings and lifestyle expenses. Your true budget is the number that feels sustainable.

Is it smart to buy at the top of my price range?

Usually, no. Most buyers are happier when they stay comfortably below their maximum approval. The goal is to own a condo you love and still have room in the budget for savings, travel, dining out, and the unexpected things life throws at you. Stretching to the limit tends to feel exciting at closing and stressful a few months later.