"The rent is too damn high."
While that phrase was popularized several years ago thanks to mayoral election activities in New York and a certain Jimmy McMIllan, if you're a renter in DC, you are not imagining things when you think you may be paying much more than in other U.S. markets.
Nested released their 2017 Rental Affordability Index earlier this week, and Washington, DC is the fourth most expensive city for U.S. renters (San Francisco, New York and Boston take the three top spots). The Washington Post breaks things down further, but it begs the question: Is it better to buy or rent?
While financially it may make sense with our still low interest rates and the tax benefits of home ownership, any potential buyer must consider a range of factors - from how much you can put down to how long you plan to stay in the home or area. Realtor.com has a calculator that is a great starting point if you are a renter (in any market) who is considering buying.
If you think homeownership might be right for you, reach out to a licensed real estate agent (yours truly included) who can consult with you as you evaluate if you're ready and can help make the process of homeownership as enjoyable and effortless as possible!