Low inventory, rising home values, and a strong job market have conspired to make entry-level homes more difficult to buy; nationwide, the real estate company Zillow says, “the number of entry-level homes for sale is down almost 8 percent over the past 12 months.”
In the Washington region, the supply of “bottom-tier” homes has declined nearly 14 percent over the previous year, Zillow says. That’s especially difficult because the prices of homes here index higher than in many other cities. Zillow’s median estimated home value for homes in Washington is $363,600.
Another recent survey estimated the cost of living “comfortably” in Washington to be $83,104 a year; unfortunately, that survey said, median income in the region is more like $69,235.
If you can plunge into the housing market anyway, check out our guide to Great Places to Live in the region, including the area’s hottest neighborhoods, most expensive neighborhoods, and best-value neighborhoods.
Andrew Beaujon joined Washingtonian in late 2014. He was previously with the Poynter Institute, TBD.com, and Washington City Paper. He lives in Del Ray.
