Bride & Groom MOM Subscribe

Find Local

Where Are DC’s Booming Neighborhoods?

New data about property taxes show where DC is getting more expensive.

Monroe Street Market, a new high-end development, is opening this year in Brookland, a neighborhood with some of DC's fastest-growing real estate prices. Photograph by Flickr user sophiagrrl.

The argument over the definition of “gentrification” never ends, but in its purest form, the term is associated with rising residential property values, and there’s no arguing that it’s happening in Washington to a greater degree than most other US cities.

In fact, according to figures put out last year by the Federal Reserve of Cleveland, DC had the fifth-highest gentrification pressure—trailing Boston, Seattle, New York, and San Francisco—with 35 percent of neighborhoods going from the bottom half of home prices to the top half over the past decade.

Affordable housing for city-dwellers, or the lack thereof, is also one of the biggest issues in this year’s DC mayoral race, with Mayor Vince Gray boasting about his administration’s spending $187 million on housing programs over the last 18 months, or challengers like Muriel Bowser and Andy Shallal saying they’d spend $100 million every year.

The Office of the Chief Financial Officer published today the freshest look at where housing prices are headed, and most neighborhoods continue to go up, according to the proposed tax assessments for fiscal year 2015. The biggest jump came in Northeast DC’s Trinidad, where residential tax assessments are projected to rise 24 percent, followed by Petworth (18 percent), Brookland (17 percent), Columbia Heights (16 percent), and LeDroit Park (15 percent). 

The list of leading neighborhoods isn’t terribly surprising. Trinidad borders the ever-popular (and someday to be streetcar-connected) H St., NE, corridor, Columbia Heights and Petworth have been adding new residential projects and neighborhood amenities for several years, and Brookland is starting to experience a similar transformation with the construction of high-end developments like Monroe Street Market. And all of those neighborhoods had far different profiles than the beginning of the Cleveland Fed’s data set.

But with some residents feeling increasingly “squeezed out” by the rising costs of living, whoever winds up as DC’s next mayor will need to make affordable housing a budget priority. There’s at least one silver lining in the tax assessment report, though: Newly installed CFO Jeffrey DeWitt says the city has a total residential property tax base of nearly $98 billion in fiscal 2015 an increase of more than 8 percent over fiscal 2014.

D.C. Assessments 2015 by mjneibauer

blog comments powered by Disqus

Most Popular on Washingtonian

9 Businesses You Remember If You Grew Up in Washington

Take a Look Inside Scream City, DC's Only Major Haunted Attraction

Metro's Ridership Is Still Falling, and Fare Hikes Might Be the Only Way to Keep Its Revenue Up

Preview: Washington National Opera's Halloween Costume Sale Is as Awesome as It Sounds

25 Things to Do in DC This October

Where to Find the Best Pizzas Around DC

Can't-Miss Food Events This Week: Taste of DC, Cap City Oktoberfest

14 Pairs of Stylish Rain Shoes That Are Better Than Rain Boots

Having Trouble With Your Wedding #Hashtag? There's Now a Tool for That!