DC’s “average rent” for a 2 bedroom apartment currently sits at $2,416/month. That number is pulled from surveys of area apartment complexes, private listings and other available data. You may pay a little less if you rent from a private owner, rent from family or are just plain lucky.
“The DC area has always had extremely high rental prices, and those rental rates continue to rise year after year,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “A lot of busy area professionals simply don’t realize that the money you pay in DC rent can be easily turned into owning a home in DC, Maryland or Virginia.
Interest rates on 30 year fixed rate mortgages are at 4.03% nationally from select banks for those who have stellar personal credit. You’ll pay around 5% interest for specialty loans like the DC Open Doors $0 Down Payment Program or the Maryland Mortgage Program’s parallel down payment assistance program.
Here’s tangible proof of 2 bedroom condos and homes you can buy right now in DC that are less than the average 2 bedroom rent. We’re assuming a 3.5% Down Payment using an FHA loan, a normal interest rate and a purchase price not to exceed $300,000 on a 2 bedroom. That gives you a monthly mortgage payment of $2070.56 and leaves room for condo fees, property mortgage insurance (PMI) and other associated costs. Note – the condo shown in the photo is a 2 bedroom that we recently sold!
Want to learn how to buy a home or condo? We have free group Home Buyer Workshops twice a week, every week. Here’s the schedule: