Comparing the Cost of Renting Vs. Buying a Home in Washington, DC

Over at UrbanTurf, there is a post today about the cost of renting versus homeownership in DC.  According to the real estate website Trulia.com, it is still cheaper to buy a home, versus rent, in the District. 


This goes hand in hand with a recent study released by Harvard University and summarized in the Washington Post, indicating that the number of renters "who spend more than half their income on housing is at its highest level in half a century."  According to the study, 26 percent of buyers across the country spend more than half their pre-tax income on renting, and this is largely because incomes have slipped or stagnated.


In high-cost cities like Washington, DC, renting can be hard on the checkbook.  One goal of the City First Homes program is to help people transition from renting to shared-appreciation homeownership.

- Jim Steck