Photo by Mr. T in DCIn February, HSH.com conducted a study that found that a person needs to earn at least $62,809.63 a year in order to afford a median-priced home in the D.C. area. Nearly four months later, HSH has conducted the same study and found that number has increased to $78,503.56. Oof.
As HSH.com says, “things were more affordable in D.C. during the first three months of the year.” But things aren’t all bad for the local housing market. Last quarter, the median home price in the metro area was $368,000. This quarter, it’s dropped down to $358,900. HSH.com says they calculated this figure by using data from the National Association of Realtors for median home prices, along with the interest rate for 30-year, fixed-rate mortgages for the D.C. area.
While this number represents what it costs for the D.C. metro area, the median cost of a home in D.C. is much higher, according to Zillow. Right now, the median home price in D.C. is $454,900. And even that price varies dramatically from neighborhood to neighborhood.
Anyway, at the top of HSH.com’s study is Cleveland, where you only need to earn $29,788.67 annually to buy a home there. Let’s all move to Cleveland!
