Sunday, March 28, 2010
The Cost of Living in DC
Recently, the Center for Housing Policy released a study pinning the District as the sixth most expensive rental market in America, just behind New York's Suffolk County. DC is by no means a cheap to live in, ranking sixth overall in Forbes annual America's Most Expensive Cities list. Moreover, DC has a median home price of $285,000, making it 25th highest market to purchase a home. Similarly, the average price of rent in the District was for a two-bedroom apartment was reported at $1,494. To make matters even worse for homeowners is DC's increasingly high inflation rate. In June of 2008, the inflation rate was 5.74%, up from 3.06% only a year before. Clearly, living in DC requires a significant budgetary commitment, yet it still remains one of the best places for young professionals.