According to Trulia.com, “based on the asking prices and rents during the summer of 2012, buying is now 45% cheaper than renting in the 100 largest metropolitan cities, on average — that’s a savings of $771/month. If you plan to stay in a home for seven years, which is the average time Americans traditionally live in a home before moving again, it is more affordable to buy that to rent in all of the 100 largest metros in the US.”
- The DC metro area ranks as one of the top 10 most expensive places to live in the U.S.
- The average cost of a 1BD apt in DC is $2635; a 2BD is $3671.
- Renting a 2BD apt costs people as much as 30% of their income, with no financial savings upside.
- Individuals living in D.C. must be earning $60,240 to afford the market rate of a two-bedroom apartment.
- Rent prices rose nearly 5% on average last year.
At today’s current interest rates, the mortgage payment on a $300,000 property is the same as paying $2000/month rent. And with buyers needing as little as 3.5% down payment, buying a home is pretty affordable. Perhaps it’s time to speak with a lender to run the numbers and visit a few open houses. I’m here to help. Just give me a call.