Reply to DC Area Housing Bubble?

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[quote=Anonymous]I've read countless posts that say something like: "The DC area is growing in population rapidly. There's not enough near in residential property being built, so values will continue to rise unfettered. People don't want to live in suburbs anymore, and DC will resemble San Francisco, London, Hong Kong, Vancouver, etc. in the next 10-20 years. Buy now or you'll never be able to afford to live here."

There seems to be so much certainty on the part of so many of you, that this is only the beginning of a sustained period of growth and gentrification in DC. I don't see how this is a reality, when many metro areas around rest the country are seeing significantly higher growth rates due to a lower cost of living and lower costs to do business. Additionally, population inflow has slowed in the DC region, and slowed in DC proper as well. High paying salaries are here in concentration, but this is not unique to DC, and high paying jobs have ALWAYS been here.

As mortgage interest rates go up and taxes increase, homes will increasingly become more expensive. If interest rate reach 5% next year, those that locked in at 3.25% would likely struggle to comfortably afford their own homes today, especially when you factor in home value appreciation.

It seems like housing prices increased too quickly and too dramatically.

Does anyone share similar concerns?

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