DC is doing something about the high cost of buying a house

There is no question Washington is an expensive city to live in, but now city leaders are doing something about it.

The latest U.S. Census Bureau data show the average median income in D.C. was $77,000, and only 41 percent of residents own their home.

“We are quite literally building housing for our teachers and our workers to live in the city,” Mayor Muriel Bowser told the city council in defending the allocations in her 2020 budget.

As part of the biggest budget in city history, the mayor is including $20 million to fund the construction of 1,000 affordable units.

“We’ll leverage $180 million in private sector participation for an overall investment of $200 million,” she said Friday.

Home sale numbers from January 2019 show even affordable neighborhoods are seeing home prices jump from last year, according to Long and Foster Realtors.

D.C. home prices as of January. Click to enlarge. (Courtesy Long & Foster)

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