What's Hot: More Down Than Up: A Look at Detached Home Prices Around DC | Inside Bradley Beal's $10 Million Bethesda Home
$132,500: The Median Income of First-Time Buyers in the DC Area

Last fall, UrbanTurf reported that it takes prospective homebuyers 8 years to save up for a down payment on a home in the District. Now, there is another metric that illustrates just how high the barrier of entry is to the region's housing market.
While the median income in DC proper rose to $77,686 last year, earning this salary doesn't cut it when it comes to most first-time home purchases in the region. A new report by RealEstate.com shows that the median income of first-time homebuyers in the DC area comes in at $132,500. Next to San Francisco and San Jose, that is the highest median income for first-time buyers in the country.
story continues below
loading...story continues above
These first-time buyers are able to purchase homes that cost up to $617,801, accounting for 72 percent of homes for sale in the area. Nationwide, the median income among first-time buyers is $72,500, $11,800 more than that of non-buyers.
Part of the reason first-time buyers may need to earn more is they lack existing home equity to tap into to make a new home purchase. First-time buyers tend to put a 14.5 percent down payment on a house, while 58 percent of repeat buyers make down payments of at least 20 percent.
See other articles related to: first-time buyers, homebuying, median income, realestate.com, zillow
This article originally published at https://dc.urbanturf.com/articles/blog/132500-reported-median-income-of-first-time-buyers-in-the-dc-area/14864.
Most Popular... This Week • Last 30 Days • Ever

Even though flipping is not as prevalent in the city as it used to be, there are sti... read »

The change would allow for an 80-acre portion of DC's 272-acre Armed Forces Retiremen... read »

The Capitol Hill home has been listed for sale that has a number of serious security ... read »

The listing will hit the market on Wednesday, according to the Washington Business Jo... read »

Today, UrbanTurf looks at what we think will be the metrics that will determine the d... read »
- Home Flipping Drops in DC, But Three Zip Codes Are Still Seeing Profits
- 3,000 Units, 20 Acres of Open Space: Zoning Change Looks to Pave Way For DC's Biggest Development
- A Secret Room, A Safe Room and Quite a Security System on Capitol Hill
- Inside Bradley Beal's $10 Million Bethesda Home
- Listings, Rates, Prices: The 3 Most Important Charts For the Fall Housing Market
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