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Found 2 blog entries tagged as "rent".

According to a recent study, it’s 31% less expensive to own a home rather than rent in the DC metro area.

The study examined identical homes for sale and rent to calculate average prices across the metro area. The study also took into account the costs associated with homeownership including closing costs, maintenance, insurance, taxes, and more. For rentals, the study included the cost of renter’s insurance and a security deposit.

The underlying assumptions that make it 31% cheaper to buy than rent in DC are the ability to get a 30-year fixed-rate mortgage at 4.8% with a 20% downpayment, deduction itemization on federal taxes, a 25% tax bracket (income between $72,500 and $146,400 for married joint filers), and plans to stay in the home for seven…

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DC, like most urban areas, has always been an expensive place to live. But how much does it actually cost to live here?

The Center for Housing Policy recently released a report on the affordability (or lack thereof) of housing in the District. According to the report, a salary of $47,640 is required to rent a one-bedroom apartment at fair market pricing in the Washington Metropolitan area. That prices firefighters ($45,765 annual salary), child care workers ($30,522), and wait staff ($25,254) out of the one-bedroom housing market. Salary requirements jump to $56,480 for a two-bedroom unit, which is above the incomes of police officers ($54,755), legal secretaries ($53,839), and electrical engineering technicians ($53,254).

Owning a home in the DC…

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