5 affordable places to live in Washington D.C.
Many areas of Washington, D.C. 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.
1. River Terrace
River Terrace has the sixth lowest cost of living in the Washington D.C. area, according to Niche. The median home value of $219,459 here is above the national average of $184,700, but 55% 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 D.C., property taxes in River Terrace are $0.85 per $100 for residential properties according to the DC Office of Tax and Revenue.
2. Fort Davis Park
This D.C. neighborhood has the 11th lowest cost of living in the Washington D.C. area. The median home value here is higher than in River Terrace at $228,249, but the homeownership rate is actually higher. Seventy-two percent 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.
3. Shepherd Park
Shepherd Park is not only a good neighborhood to buy a home in, it's also the fourth best D.C. neighborhood to live in and the fifth best locale for raising a family. Median home values are much higher here at $767,556, but property taxes remain the same $0.85 per $100 as all other places in D.C. Although houses are more expensive here, 93% of Shepherd Park residents are homeowners.
4. Fairfax Village
The median home price in Fairfax Village is more affordable than others on this list, coming in at $180,018. Sixty percent 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.
5. Benning
Benning has a population close to 3,500, and is another D.C. neighborhood considered relatively affordable for homeowners. The median home value here is $229,515, but just 27% of residents are homeowners. Those who own houses in Benning also 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.
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