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UrbanTurf Reader Asks: Rent For $1,720 or Buy For $270,000?

  • June 20th 2011

by UrbanTurf Staff

UrbanTurf Reader Asks: Rent For $1,720 or Buy For $270,000?: Figure 1

In this installment of UrbanTurf Reader Asks, a reader looks for advice as to whether he should keep renting his one-bedroom apartment for $1,720 a month or buy something in the $270,000 range.

I currently pay $1,720 a month in rent for a one-bedroom apartment not far from Connecticut Avenue on Columbia Road. I want to buy in the $250-270,000 range and it would be through FHA financing.

I get that rent goes nowhere but paying a mortgage with interest doesn't seem that awesome either, especially with condo fees, maintenance, and renovations on top of my monthly payments, and the prospect that DC's real estate market doesn't stay as healthy as it has been -- all leading to a net loss down the road.

I understand that I'd have to move way out for a house in my price range, but it's a reality I'm willing to accept if it's a good value. I have also seen some one-bedroom condos around Columbia Heights in that price range. Anything more than $270,000 and the monthly mortgage payments would be too high for me. I am curious to hear the opinions of UrbanTurf's readers as to which way they think I should go.

Post your thoughts in the comments section. If you would like to submit a question for UrbanTurf Reader Asks, send an email to editor2011@urbanturf.com.

See other articles related to: dclofts, fha, home buying, renting in dc, urbanturf reader asks

This article originally published at https://dc.urbanturf.com/articles/blog/urbanturf_reader_asks_rent_for_1720_or_buy_for_270000/3688.

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