Reply to maybe housing in dc isn't as expensive as everyone thinks

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Reply to "maybe housing in dc isn't as expensive as everyone thinks"

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[quote=Anonymous][quote=Anonymous]
Wow. We're cheaper than a lot of places. Who knew. [/quote]

Most of this thread has conflated price with affordability. A Maserati can be purchased for a third of the cost of a Rolls Royce. We don’t think about Maseratis as being “not as expensive as everyone thinks” or affordable.

Yes, DC-area incomes are higher. The 2017 median household income for the metropolitan statistical area was $99,669. But the 2018 median home price was $620k. With a 10 percent down payment, $100/mo HOA, and MD or VA property tax rates, the median home exceeds federal standards of affordability to debt-free median earning homeowners by about $700/mo. (Consider how many people aren’t debt free and how many haven’t been able to save a more than $60k in down payment and closing costs.)

But one of the greatest indicators of the region’s lack of affordability is the state of our sprawl, traffic, and transit. While some people do really like the exurban lifestyle, a lot of people “drive til they qualify.” When you’re on I-270 at Father Hurley or 66 west of Manassas or desperately trying to find a parking spot in a crowded Metro garage at 9 in the morning, so are police officers, hair dressers, security officers, teachers, and myriad other people whos incomes don’t allow them housing that meets their needs closer to their jobs. So even those of us who have comfortable, easy-to-afford homes pay for the lack of affordable housing.[/quote]

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