If you’re buying in or relocating to the Metro DC area or the surrounding suburbs, you can breathe a little easier. For 252 zip codes in the DC area, the yearly income needed to buy a home has dropped dramatically from 2007 to present says the Washington Post.
Here’s how the numbers tell it.
- Since 2007, general interest rates have dropped from 6.58 percent to 4.62 percent.
- The average cost of a single-family home has fallen from $424,000 to $329,990.
- Therefore, the amount of income you need to buy a home has gone from $103,776 annually to $65,088. That’s a staggering 37% less than 4 years ago.
In fact, there are now 134 zip codes in the DC area where you can buy a home with $80,000 or less of annual income, up from just 42 zips in 2007. According to the Post, the most affordable zip codes in the greater DC area are:
- Maryland: Brentwood 20722
- Washington 20019
- Virginia: Manassas 20109
Even the areas that are considered pricey are more affordable than 2007. The income needed to buy in DC has dropped 17 percent to $217,056, Chevy Chase is down 28 percent ($181,536) and McLean fell 36 percent ($201,264).
The graphic below from the Post provides more detailed information from each area. Click here to see the Post website for more details.
The DC area has so much to offer, and it’s more affordable to live here than ever before! Contact me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda & Whitehall Condominium.
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