A resident of the DC metro area needs a salary of at least $47,640 in order to afford the market rent for a one-bedroom, reported WAMU on Thursday. To rent a two-bedroom, one would need an annual salary of $56,480.
Using recently released data from the Center for Housing Policy, WAMU took a look at the median salaries in the area of a few professions, and weighed them against the salaries necessary to rent in the metro. For example, the average firefighter in the DC metro makes about $45,765 per year, not enough for a one-bedroom, while the average police officer makes $54,755 per year.
“One of the most overlooked aspects of this recovery is that for many workers, incomes are not rebounding in step with local housing markets,” explained CHP Senior Research Associate Maya Brennan, co-author of the report. “Even in a strong sector like travel and tourism, wages have not kept pace with the rising costs of renting or homeownership.”
For the full report, check out WAMU.
See other articles related to: affordability
This article originally published at http://dc.urbanturf.com/articles/blog/what_salary_do_you_need_to_afford_a_one-bedroom_in_dc_47640/7470
Most Popular... This Week • Last 30 Days • Ever
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
A look around DC to find the most equity-rich neighborhoods.... read »
Developments both big and small are continuing to churn throughout the Anacostia area... read »
A report on the DC region's housing market in April reveals how interest rates above ... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
When you buy a home in the District, you will have to pay property taxes along with y... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
A month after finding a new Virginia home, Washington Capitals forward T.J. Oshie ha... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro