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The best mortgage rates in Washington, D.C., are available to the most-qualified buyers. However, there are many kinds of mortgage lenders with their own requirements to get a loan, and rates can vary between them.
Many areas of Washington are costly, but not every place in our nation's capital requires a big bank account. Here are five of the most inexpensive places in D.C. to purchase your new home.
River Terrace has the sixth-lowest cost of living in the Washington, D.C., area, according to Niche. The median home value of $268,985 here is above the national average of $217,500, but 63% of River Terrace residents still own their own homes. River Terrace is not only known for its affordability, but also for being a good neighborhood for young professionals. River Terrace Park and the River Terrace shopping center provide plenty for those young professionals and other residents to do locally. And, as in all areas of Washington, property taxes in River Terrace are $0.85 per $100 for residential properties according to the DC Office of Tax and Revenue.
The median home value in this D.C. neighborhood is lower than in River Terrace at $245,991, and the homeownership rate is actually higher. About 74% of Fort Davis Park residents are homeowners. Fort Davis Park has the same property tax rate of $0.85 per $100 as River Terrace and other residential properties in the nation's capital, and this area is also known as a good neighborhood for young professionals.
Shepherd Park is not only a good neighborhood to buy a home in, it's also the 12th best locale for raising a family, according to Niche's rankings. Median home values are much higher here at $798,506, but property taxes remain the same $0.85 per $100 as all other places in D.C. Although houses are more expensive here, 92% of Shepherd Park residents are homeowners.
The median home price in Fairfax Village is more affordable than others on this list, coming in at $169,253. Just under 60% of residents of this D.C. neighborhood are homeowners, and they're subject to the same $0.85 per $100 property tax rate that applies to all D.C. residential property. Fairfax is both affordable for homeowners and known as one of the best neighborhoods for young professionals in the D.C. area.
Benning has a population close to 3,700 and is another D.C. neighborhood considered relatively affordable for homeowners. The median home value here is $277,194, but just 30% of residents are homeowners. Those who own houses in Benning have the same $0.85 per $100 rate assessed on all homes in the Washington, D.C., area.
Though price isn't everything, it's definitely a factor to consider when choosing where it makes sense to buy. Be sure to check out the details of the cost of living in any D.C. area you're thinking about moving to. And remember to compare lenders to find the best mortgage rates if you want to get the best price for your home purchase.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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