It’s a constant debate, renting vs. buying. If you take a second to do the math, it’s easy to find a great home that’s actually cheaper than most of the rentals in your market. In this post we’ve rounded up five DC homes whose mortgage is actually cheaper than the city’s median rent. There’s no magic here, either—just some simple math:
- Median rent for a 2BR in Washington, DC is $2,920.
- Your mortgage loan is based on 10% down with no PMI
- Your interest rate is 3.5%
- Your mortgage term is 30 years
And here’s what you get.
$555,000 / $2,243 mortgage
1225 N St. NW / 2 beds 1 bath / 784 sq. ft. Gorgeous crown molding, hardwood floors, stainless appliances, wood burning fireplace, private fenced rear patio, granite counter tops, and a one-year home warranty in the heart of Logan.
$650,000 / $2,627 mortgage
1531 27th St. NW / 2 beds 1 bath / 624 sq. ft. A charming Federal end-unit rowhome in East Village with fenced rear patio, landscaped property, skylight, fireplace, granite, fresh paint, all on a terrific street right near Georgetown.
$599,900 / $2,424 mortgage
1247 K St. SE / 3 beds 2.5 baths / 1,020 sq. ft. This adorable townhouse has tons of space, beautiful views, an upstairs patio, and brand-new everything.
$549,000 / $2,219 mortgage
1620 Corcoran St. NW / 2 beds 1 bath / 753 sq. ft. A top-level condo with gorgeous moldings, a gourmet kitchen with custom appliances, cararra marble countertops, all right near the Metro, Whole Foods, and everything you want from Dupont.
$625,000 / $2,526 mortgage
1809 6th St. NW / 2 beds 3 baths / 775 sq. ft. Here’s a jaw-dropping renovation of a three-level rowhome with a private rear yard. It has an open floorplan, chef’s kitchen, wood flooring, high-end finishes and great zoned street parking.
Thinking about buying in DC? See what SoFi can offer you in only 2 minutes. It’s the new, modern way to get a home loan:
■ Put as little as 10% down with no PMI instead of the standard 20%. That’s way less saving when you’re already paying for rent, student loans, transit and who knows what else.
■ With SoFi’s flexible debt-to-income limits, you may qualify for more financing than what other lenders can offer. That means you can already have student (or other) debt and may still qualify for a mortgage on your dream place.
■ Skip tons of headache with a common-sense online application process.
You may be able to buy a home sooner than you think. Learn more at SoFi.com.
This post is a sponsored collaboration between SoFi and Gothamist staff.
SoFi Lending Corp. NMLS # 1121636. Terms and conditions apply. See SoFi mortgage eligibility and licensing details here.
