According to the apartment web site ABODO, the median rent for a one-bedroom apartment in Washington, DC has skyrocketed to $2,176. That is a 2.57 percent increase over just the last month! For two-bedrooms, the rent has risen to a median $3,067 per month. D.C. is now the fifth most expensive city for renting in the nation, trailing only San Francisco, New York City, San Jose and Boston.
If you’re tired of being strapped to this rental rocketship, you’re not alone. According to the latest report from the US Census Bureau, more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households.
A recent Wall Street Journal article pointed to the uptick in first-time homebuyers coming to market as a reason for the jump:
The return of first-time buyers is accelerating. In all they have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011, according to Fannie Mae, which defines first-time buyers as anyone who hasn’t owned a home in the past three years.
If you’re ready to join the move toward homeownership, give me a call today. We can create a plan to help you find the home that you’ve been dreaming about.
By Jennell Alexander, Realtor, MBA