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30 Percent of DC Area Renters Can Afford to Buy in the Region
A recent analysis by the Urban Institute states that 30 percent of renters in the DC area could afford to buy a home in the region in 2017, one of the higher proportions in the country. However, the barrier of entry for the regional market was high, as only 17 percent of renters nationwide who would want to move to the DC area could afford a home here.
The report also identifies the share of renters who could afford to buy a home in the pocket of the DC region where they rent.
The five most affordable areas are in Manassas and central Prince William County; the Germantown and Montgomery Village area of Montgomery County; and the central (Seat Pleasant, Landover), southwest (Oxon Hill, Temple Hills) and east (Largo, Bowie, Lanham) portions of Prince George's County. The darker the area is on the above map, the larger the share of renters there who can afford to buy.
The five least affordable areas are the north, east and northeast portions of the District; a cluster of West Virginia including Morgan and Jefferson counties; and west and south Loudoun County, including Leesburg.
The study uses data from the 2017 American Community Survey and the 2017 Home Mortgage Disclosure Act. The housing affordability rental index that formed the basis of the study's conclusions only looks at current renters in contrast to mortgaged homeowners who earn comparable incomes.
See other articles related to: urban institute, renting vs. buying, rent vs buy, home buying, buying versus renting, affordability
This article originally published at https://dc.urbanturf.com/articles/blog/30-percent-of-dc-area-renters-can-afford-to-buy/15091
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