The Cost of Buying: Comparing Condo Purchases in DC vs. Arlington
Recently, UrbanTurf reader Navid Choudhury came to us with an intriguing request: help him determine the cost-of-living difference between buying a condo in DC versus Virginia. Choudhury was concerned that the significant difference in income tax (DC’s rate is 2.75% higher than Virginia) would make a big difference in his monthly budget. He was also weighing a few other variables, like the cost of food, owning a car, and property taxes.
So, we narrowed down the circumstances and went about crunching the numbers.
For our calculations, we compared two married couples living in two-bedroom condos, one in Clarendon and one in DC. We assumed that both offered a 20 percent down payment, and that the DC residents will live in walking or bicycling distance of work. Our income tax rates came from here, our property tax information for Virginia from here, and for DC from here. We also took into account the Homestead Exemption for DC residents, which lowers the assessed value of the home by $67,500 for tax purposes.
Here is what we found:
All told, it looks like a difference of about $10 a month. However, if we were to factor in bus and Metro transportation in DC, that would add $70-$80 in commuting costs, making DC more expensive. (We also didn’t consider that state income tax may be deducted from federal tax returns.) There are a couple other factors that would impact the final number, like differing insurance rates and the higher restaurant tax in DC. But for these hypothetical couples, the budget almost balances out.
See other articles related to: arlington, arlington condo prices, cost comparison, dc condo prices, dc versus arlington, dclofts
This article originally published at https://dc.urbanturf.com/articles/blog/the_cost_of_buying_comparing_life_with_a_condo_in_dc_vs._clarendon/5218.
Most Popular... This Week • Last 30 Days • Ever
DC continues to get close to meeting Mayor Muriel Bowser's goal of producing 36,000 n... read »
The National Park Service has given the green light for DC's 62 year-old stadium to b... read »
Plans for another residential project in downtown Bethesda are moving forward.... read »
On Wednesday, Airbnb launched the Icons Collection, approximately a dozen "one-of-a-k... read »
The application could be a sign that plans to redevelop a pair of former church prope... read »
- 34,000 And Counting: DC Is 96% of Way Towards Meeting 2025 Housing Production Goals
- RFK Stadium Cleared For Demolition
- Site Plan Filed For 68-Unit Condo and Townhouse Project in Downtown Bethesda
- Airbnb Unveils Icons, One-Of-A-Kind Listings For Free
- Raze Application Could Pave Way For 45-Unit Condo Development At Former Church Site in Shaw
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