Reply to Is there a reason real estate has appreciated so much more in VA than MD and DC?

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[quote=Anonymous][quote=Anonymous]https://public.tableau.com/app/profile/redfin/viz/shared/2KMCG2C5K

Look how much we are lagging other metro areas.  All were in the same range in 2013.[/quote]

It's incomes. DC has seen huge investment by the tech industry but the average incomes will always be pulled down a bit by the public sector here. Which is honestly fine -- runaway housing prices pose a huge problem for cities because you will always still have to house working and middle class people performing necessary jobs. In Seattle and LA, this gets resolved via sprawl and having all the lower paid workers living very far away and commuting in, which creates other negative externalities. DC benefits from having pockets of lower cost housing throughout the region, even close in, where government workers, teachers, police and firefighters, IT personnel (not white collar tech workers but IT services), retail workers, administrators, etc. can live.

But there will always be pockets that attract our highest earners and if you just look at those neighborhoods, home values have shot up as fast if not faster than in similar cities. But having a variety of housing and housing prices is good for a city. DC still has an affordability crisis but I'm glad it's not as bad as in LA and Seattle, where they are dealing with significantly bigger issues regarding homelessness and availability of working class workers.[/quote]

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