What's Hot: Raze Application Filed For Site Of 900-Unit Development, Food Hall Along Anacostia River
Average DC Home Payment Up 24 Percent Since 2012
✉️ Want to forward this article? Click here.
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
Estate taxes, also known as inheritance taxes or death duties, are taxes imposed on t... read »
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
The most expensive home to sell in the DC region in years closed on Halloween for an ... read »
Paradigm Development Company has plans in the works to build a 12-story, 110-unit con... read »
The application may signal movement on the massive mixed-use project.... read »
- What Are Estate Taxes and How Do They Work?
- How An Unmarried Couple Buys a Home Together
- The Cliffs in McLean Sells For $25.5 Million, Highest Home Sale In DC Area In Years
- 110-Unit Condo Project Planned in Alexandria Coming Into Focus
- Raze Application Filed For Site Of 900-Unit Development, Food Hall Along Anacostia River
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