What's Hot: Barnes and Noble Will Return to Georgetown in June | The 3,000 Units On The Boards From Trinidad to Gallaudet
Average DC Home Payment Up 24 Percent Since 2012
Home payments have risen 24 percent in DC over the last year, according to a new study.
The analysis, by RealtyTrac, looked at how monthly payments rose between the fourth quarter of 2012 and the end of 2013. The 24 percent increase in DC puts the city just slightly higher than the national average of a 21 percent increase.
In the fourth quarter of 2012, the report determined that the median sales price for a home in DC was $452,591. That jumped to $507,663 by the fourth quarter of 2013, a 12 percent increase. During the 12-month period, average monthly payments rose in the city from $1,954 to $2,417.
RealtyTrac calculated the monthly payments with the assumption of a 20 percent down payment with a 30-year fixed interest rate of 4.46 percent for homes purchased in the fourth quarter of 2013, and a 3.35 percent 30-year interest rate for homes purchased the previous year. They also folded in a 1.04 percent annual property tax, 0.40 percent of the purchase price in annual maintenance costs and 0.35 percent of the purchase price in annual home insurance costs. The firm subtracted the tax benefit from the mortgage interest deduction and property tax deduction using a 30 percent income tax rate.
The study tracked county-level data across the country. The biggest price jump occurred in DeKalb County, Georgia, where payments rose a whopping 62 percent. At the other end of the spectrum, payments fell 11 percent in Rutherford County, Tennessee.
See other articles related to: dclofts
This article originally published at https://dc.urbanturf.com/articles/blog/dc_house_payments_jumped_24_percent_in_the_last_year/8154.
Most Popular... This Week • Last 30 Days • Ever
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
The Gen Z market; ranking food halls around DC; and is this the new king of Queens?... read »
The term "luxury" has been applied broadly in the housing market, but a new report ai... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro