How much would you need to earn to buy a DC home?
The summer was a strong season for the District's housing market. Over those months, median prices jumped and sales numbers increased. Of course, the effect of this is that competition for available homes has increased, and the current supply is dwindling. Now might be a good time for people considering one of the houses for sale in Washington, DC, to review their finances to see if they are in a good position to make an offer.
Because of the high demand and strong job market, homes in the District are some of the more expensive in the country. According to The Atlantic Cities, you would need to earn $1,314 a week to afford a home with a median price per square foot of $164. It would also take you nine years to save enough money for the down payment.
If your personal finances are in line with these figures, now may be a great time to consider real estate in Washington, DC. The city's rental market is incredibly tight, and using your money to invest in a home instead of paying a landlord could be a wise decision.