The Washington Business Journal is reporting that not one but two surveys have placed D.C. at the pinnacle of unaffordable housing markets, a fact that should come as no surprise to anyone who lives here.
First, according to online real estate brokerage firm ZipRealty Inc., among the 30 largest metropolitan areas, the D.C. region had the most expensive housing--a median home price of $1.03 million. That's 16.78 times the median income. (Some rules of thumb say you should purchase a house between three and five times your annual income.)
The second survey, from the
National Low Income Housing Coalition, said a two-bedroom apartment costs $1,412 per month to rent, which is more expensive than everywhere in the U.S. besides Hawaii. A person wishing to spending no more than 30 percent of his take-home pay on rent (another good rule of thumb) would have to earn $27.15 per hour to afford that apartment, or work 132 hours per week at minimum wage.
Read more
here.