The Washington DC metro area – which includes surrounding suburbs like McLean, Arlington, and Chevy Chase – is one of the most expensive areas for real estate in the US. The area’s typical home price of $490k – according to data from Zillow – ranks in the top 10 among large US metro.
But there’s a reason DC is so expensive – a strong local economy. The US Federal Government provides the backdrop of economic stability while a thriving tech and venture capital scene create burgeoning growth. The result is that the DC-area has one of the highest income levels in the country.
These income levels have actually kept pace with home value growth over the last 10 years, making Washington DC one of the few areas in the country to offer relative affordable in 2021. The metro’s Value / Earnings ratio – a metric which combines home price data from Zillow and earnings data from the BLS – currently measures at 7.2 – below cities like Austin and Salt Lake City.
Like most cities DC has big differences in growth and appreciation throughout the metro. The most expensive areas are in neighborhoods such as Georgetown and Cleveland Park, as well as outlying suburbs such as McLean and Arlington, Virginia and Chevy Chase, Maryland.
The highest growth regions in the metro are to the southeast – neighborhoods such as Anacostia, Congress Heights, and Kenilworth.
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