Washington, DC

Rent vs buy in Washington

Median home $553,000. A 1 bedrooms rents for $1,929 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,929; per month
Own the median home: $3,561; P&I, tax, insurance, upkeep
Owning costs extra: $1,632; per month, same metro

What a purchase actually costs

20% down payment$110,600
Mortgage at 6.5%$2,796
Property tax (0.56% of value)$258/mo · $3,097/yr
Insurance and upkeep (1.1%/yr)$507
Total monthly ownership$3,561

Census ACS 2023: 45.5% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,900 left over a month, it takes about 39 months (3.3 years) to save $110,600 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.