No, seriously. The Washington Business Journal reports that the D.C. region is the least affordable for housing in the entire country:
An analysis by ZipRealty Inc., an online residential real estate brokerage, found that the Washington region is the most expensive housing market among 30 major metropolitan areas.
ZipRealty reported that the Washington area’s median housing price from December through Feb. 10 was $1.03 million, 16.78 times the median income. Washington was followed by New York’s Brooklyn borough and the San Francisco Bay area on the list, which was released March 18.
That median housing price is twice as high as what other local real estate sources report. ZipRealty says it calculated its numbers by looking at median sales price and median incomes to come up with the ratios. The company included homes of 2,000 square feet or larger and excluded multifamily and land sales
Obviously, this finding again relies on the use of the entire region as a metric, which tends to skew things upwards. Additionally, it really is much higher than past findings—only last month another analysis of housing sales found that the region’s median price for a house or condo was $353,000, up 12 percent from the year prior. Zillow currently put D.C.’s median housing price a little higher, at $409,500; Trulia goes up from there, saying that median sales prices from December 2012 to February 2013 hit $443,000.
Either way, it’s news to just about no one that buying a home in the Washington region isn’t a cheap undertaking. The same applies for renting—workers in D.C. have to make an average of $27 per hour to be able to afford the rental cost of a two-bedroom home in the city. (Maryland and Virginia aren’t far behind.)
Things keep heating up, too—yesterday UrbanTurf reported that there are five zip codes in D.C. where homes are selling for more than asking price. To your total lack of surprise, they are: Logan Circle/Thomas Circle (20005), Brookland/Michigan Park (20017), Capitol Hill (20002), Bloomingdale/LeDroit Park/Shaw (20001), and Columbia Heights/Adams Morgan/U Street (20009).
UPDATE, 1:15 p.m.: I changed the title of the post to reflect the fact that the survey did not include housing prices in Manhattan, but did put D.C. ahead of second-place Brooklyn.
Martin Austermuhle