{"id":1004097016,"date":"2014-05-21T20:34:35","date_gmt":"2014-05-22T04:34:35","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=263738"},"modified":"2020-05-19T05:20:13","modified_gmt":"2020-05-19T13:20:13","slug":"the-cost-of-buying-a-home-in-d-c-3","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-cost-of-buying-a-home-in-d-c-3\/","title":{"rendered":"The Cost of Buying a Home in D.C."},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/p>\n

\"\"<\/a>According to data from the U.S. Census Bureau<\/a><\/em>, 65.5 percent of Americans own their homes. Buying a home is one of the most important decisions you will ever make in your life. Especially when it comes to affordability.<\/p>\n

According to the National Association of Realtors (NAR) Metropolitan Median Area Prices and Affordability report<\/a><\/em> for the first quarter of 2014, the Washington-Arlington-Alexandria area is one of the most expensive markets in the country. The median sales price of existing single-family homes in the metro is $358,900. So how much would you need to earn in order to be able to buy a home here? HSH.com<\/em><\/a>, a mortgage resource website, has the answer.<\/p>\n

In a study released this month, HSH.com took a look at 27 U.S. metro areas and calculated how much you would need to earn to afford the base cost of owning a home there. To determine this, it used NAR\u2019s first-quarter data of median home prices, as well as its own first-quarter average interest rate for 30-year, fixed-rate mortgages.<\/p>\n

D.C. was the sixth most expensive city on the list. In order to buy a home here, you would need to earn $78,503.56. San Francisco, with a required salary of $137,129.55, was the most expensive city on the list. Cleveland was the cheapest, with $29,788.67.<\/p>\n

HSH.com found that things were more affordable in D.C. during the first three months of the year. The District\u2019s housing market has had a reputation of stable, consistent growth, but prices have been falling since the second quarter of 2013, taking the required salary down with it.<\/p>\n","protected":false},"excerpt":{"rendered":"

The National Association of Realtors (NAR) says in its Metropolitan Median Area Prices and Affordability report for the first quarter of 2014 that the Washington-Arlington-Alexandria area is one of the most expensive markets in the country. The median sales price of existing single-family homes in the metro is $358,900. So how much would you need to earn in order to be able to buy a home here? HSH.com, a mortgage resource website, has the answer.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[1815],"class_list":["post-1004097016","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc","tag-national"],"acf":[],"yoast_head":"\nThe Cost of Buying a Home in D.C. - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-cost-of-buying-a-home-in-d-c-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Cost of Buying a Home in D.C.\" \/>\n<meta property=\"og:description\" content=\"The National Association of Realtors (NAR) says in its Metropolitan Median Area Prices and Affordability report for the first quarter of 2014 that the Washington-Arlington-Alexandria area is one of the most expensive markets in the country. 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