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The only way you can tell whether housing is expensive is by comparing its price to people's incomes. If the average home in DC cost $10 million but the average income in DC was $20 million, housing would be dirt cheap.
Salaries in DC are very high on average (there are gym teachers for DCPS that make six figures). And that's why housing here isn't as expensive as people like to think. Harvard's Joint Center for Housing Studies says housing prices in DC are comparable to places like Richmond, Virginia once you take into account how much people make. https://www.jchs.harvard.edu/home-price-income-ratios |
| Homes in DC are now being bought by pension funds, private equity firms and other investment groups. Build all the homes you want. You're not going to be able to outbid a friggin pension fund. |
I'll bet many of them live in Ashburn, etc. because they couldn't afford a SFH or a rowhouse in DC. This "suggestion" isn't going to change that; it'll make those places less affordable. Someone who moved into a SFH in Ashburn most likely isn't going to move back to DC to live ain a small condo. Not before retirement, at least. |
Factually false. Tysons is, in substance, the center of the DMV business community. Sorry. |
Have you ever driven into DC from the suburbs during rush hour? It sucks. There's a lot of people who would move in if only to cut their commutes. And there's SO many more people in the suburbs than DC -- 5,000,000 vs. 690,000 -- that it wouldn't take very many of them to absorb any new housing. People who think increasing density is going to lead to even slighter lower housing prices are going to be very disappointed. It will make no difference whatsoever. |
This is correct and it’s quite fascinating the levels of ignorance people have and yet they try to speak so authoritatively. It’s also very clear that they have never actually commuted during rush hour in the suburbs enough to adequately understand traffic patterns. I personally know several people who commute by car every day from Bethesda/Potomac to Tysons. This person might also be surprised to know that the same number of people enter and exit the Bethesda metro every morning. This DC centric view of our region is so crazy. Pre-COVID there were about 600k civilian jobs in MoCo, 500k in DC and 1.5 million in NoVA. |
Umm no Tyson's is not the center of the DC region's economy by any measure. Tyson's has 28.3 million square feet of office space, which is big by suburban standards. Downtown DC has 150.3 million square feet of office space which is enormous by any measure and the fourth largest in the country. And that number for DC doesn't count the considerable office space just across the Potomac in the Rosslyn-Ballston corridor nor in the Crystal City-Alexandria corridor both of which are much more adjacent and convenient to downtown DC than to Tysons. And that doesn't count Bethesda which for all intents is barely more than a mile from the DC line but is 6 miles from downtown DC but which is also adding a lot of new commercial office space. Now it may well be true that a lot of money is being made in Tyson's but both office markets pre-covid had been adding a lot of new square footage in the previous decade so I'm not even sure Tyson's was gaining at the expense of DC - most of what I've read on this has suggested Tyson's was gaining at the expense of poorly located and aged exurban office space which is now mostly worthless. To the extent that it matters Tysons has about 30,000 residents though many of those folks really live on its fringes - DC has added twice that many people in just the last decade. |
The economic growth in this region is in Northern Virginia. DC had a lot of office space and jobs, but Va has more and is growing faster. Just a function of size and politics. Va’s laws are more stable and favorable to corporations. |
While I appreciate that you like to post in an authoritative voice, you just don't know what you are talking about. It may be worth your while to understand where Fortune 500 companies are HQ'd in our region. I think that will provide you a better understanding of the regional economy. https://wtop.com/business-finance/2018/05/15-dc-area-companies-make-fortune-500-fairfax-county-dominates-list/#:~:text=The%20District%20has%20two%20Fortune,Fannie%20Mae%20and%20Danaher%20Corp.&text=The%20top%205%20companies%20on,UnitedHealth%20Group%20(%24201.2%20billion). |
Does anyone know what the proposed square feet of office space for Tysons will be once the redevelopment is completed? |
Are...are you aware that people in the Washington, DC region, which is the capital of the United States, also work for employers other than Fortune 500 companies? (I can think of at least one.) Do you have actual numbers on the *total* workforce in each place, comparatively? |
Honestly, this is just typical of how everything goes with YIMBYs. You are just deeply uninformed, but somehow quite aggressive in your insistence in knowing what you speak of. The fact that you have come to certain conclusions without checking their basis should concern you. I would assume that you likely have been duped by someone with an agenda and therefore, I would suggest that you go back to your sources that shape your views and critique them more closely. DC https://fred.stlouisfed.org/series/DCLFN MoCo https://fred.stlouisfed.org/series/MDMONT0LFN NoVA (Alexandria, Arlington, Fairfax) https://fred.stlouisfed.org/series/VAARLI0LFN https://fred.stlouisfed.org/series/VAALEX5LFN https://fred.stlouisfed.org/series/VAFAIR5LFN |
+1 |
Educating kids of educated parents just isn’t hard. Do y’all really think the teachers in public school in Columbia are better than the teachers in Landover? They’re not. They have a lot more to work with and a lot less to deal with. I have a friend who could not pass the certification test and had to go another route to get certified. She doesn’t teach in PG, so... |
It is telling that the ill informed YIMBY offers no response. Just so that we are clear, not even including military jobs or Loudon and Prince Williams Cos, which would drive the numbers up sharply. there are more than twice as many civilian jobs in NoVA than in DC. There are 25% more civilian jobs in Montgomery County than DC and there are even 20% more jobs in Prince Georges Co than DC. In addition, and I am sorry for bursting your bubble, but regardless of where anyone lives in this region, there is no substantial difference in commuting time. The average commuting time of someone in DC is 30.8 minutes, for Fairfax VA it is 32.3 minutes and in Montgomery Co it is 34.7 minutes. So the density of DC provides no substantial benefit to its residents in terms of convenience for commuting. Shocker, I know. https://fred.stlouisfed.org/series/B080ACS011001 https://fred.stlouisfed.org/series/B080ACS024031 https://fred.stlouisfed.org/series/B080ACS024033 |