Affordable housing in Washington D.C. actually exists. Washington D.C. is one of the most expensive cities to live in and its housing and rental prices are rising more quickly than in most other major metropolitan areas. Now, renting an average studio or one-bedroom easily costs about $2,000.
For residents who make less than $45,000 per year, affordable housing in Washington D.C. may seem out of reach. But increasingly, developers are including affordable units in newer projects per requirements by the D.C. government. For renters who qualify, that may mean the difference between living outside the city districts with a long commute to work and living in a decent, affordable apartment in the city limits.
Lower income renters may find hundreds of dollars in savings in rent on apartments they think may be out of their reach. Take the brand new Camden South Capitol apartments in the Southwest Waterfront community next to the Nationals Stadium. The one-bedrooms these days are going for close to $2,000 with a $99 application fee. But thanks to standards demanding developers contribute more affordable housing in D.C., those who qualify can find units here for closer to $1,500 with a $50 fee.
Even buyers who qualify can also find substantial savings with affordable housing in Washington D.C. For example, 2910 Georgia Avenue is a development of newer condos by Linde Development selling for between $219,000 and $349,900 may be offered to lower income residents for closer to $149,000 with no down payment.
And in Adams Morgan, the Euclid Condos, which are now sold out, were going to qualified buyers for near $254,000 with no down payment. These are 700 square foot apartments, and brand new.
So, while it seems like D.C.’s housing prices put properties just out of reach to many, there actually is a good amount of affordable housing in D.C.
For More Information:
Rock Creek Realty: http://www.rcrdc.com/southwest.php
Washington D.C. Affordable Housing: http://www.socialserve.com/tenant/DC/Search.html?city_id=51879&ch=DC
2910 Georgia Avenue: http://2910georgiaave.com/