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Why Buying a Home is Better than Renting in the D.C. Area

Posted by Hunter McFadden on Oct 4, 2017 7:52:53 AM

An UrbanTurf report states that it is 28% cheaper to buy than to rent a comparable home in the long-term here.Ever since the U.S. housing crisis, homeownership has waned and the rental market has exploded. Subsequently, the number of rental units hasn’t kept pace with the demand, especially in popular millennialareas such as D.C.  This has led the rents in D.C. to rise faster than any other consumer category and D.C. is now the fifth most costly place to rent in America.  Even those with solid salaries are finding their expenditures on housing to be more than the recommended 30% threshold, states aSmartAsset report. In other words, renters in the District are paying heavily for homes that don’tbuild equity, don’t offer tax advantages and don’t provide protection against payment increases each year.

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Topics: Millennials, D.C. Metro Area, First time home buyers, buying over renting

 

Hunter McFadden is a third-generation realtor in the Washington, DC area, offering extensive knowledge of the market and trusted personal service to homebuyers and sellers. [email protected] or 703-862-6840. 

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