I have loved renting in DC. I could go on and on about how much I love my studio, neighborhood, and property manager (WC Smith.) I don’t love that my rent rivals a substantial mortgage payment. Buying a place is a big decision but building equity and making a good investment is one of the smartest things you can do, especially when young. Luckily there are great tools and programs out there to help make the decision. Check out New York Time’s rent vs. buy calculator. If you feel ready to make the jump, read up on DC’s Open Doors program. If you qualify, DC will help pay your down payment. Crazy, I know. The more I learn, the more I want to get a piece of DC real estate. As I shop for myself, I will pass on good deals to EBDC readers. Happy hunting.
$200,000
0 BD/1 BA: 400 sq ft
Cathedral Heights
HOA: $323 a month
What makes it great: I spent a solid thirty minutes last night analyzing this floor plan. This place, though small, has a ton of potential. When browsing the market, I like to find places that have unique features. This studio has two features that are hard to come by in most apartments– a fireplace and balcony. There are also nice upgrades like an in-unit washer and dryer and a dishwasher. Pet friendly too!
Here is the math: With 20% down and a 4.25% interest rate over 30 years, your payment would be about $800. After factoring in utilities, taxes, and HOAs and tax benefits, your total payment would likely be in the $1200 range– maybe even lower.
Click here to get more info from me.
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