When it comes to Washington DC, its no secret that purchasing a home in this area of the country is expensive. In fact, DC and its suburbs rank among the most expensive places to live in the entire United States. According to sources like Kiplinger, DC home prices are 2.5 times that of the national average.
Several reasons are probably at play. The area is home to a number of high paying jobs and government workers. It also includes a large number of homeowners. Recent statistics show that about 70% of households in the DC area are homeowners. While some areas may be more reasonable than others to live in, certain suburbs definitely make the list of the most expensive DC suburbs to call home.
One of the most expensive is Arlington, Virginia. This suburb commands apartment rental prices topping $2,300 per month for a two-bedroom unit. In addition, Zillow lists the average median home listing price for Arlington homes at $549,000. That translates into a median list price of around $426 per square foot to buy a home here.
One of the big draws for this suburb is its location. Arlington is close to the White House. It’s also home to the Pentagon. In addition, Arlington includes a high percentage of wealthy residents making more than $100,000 per year, with about one third of its residents possessing graduate degrees.
Another contender when it comes to the most affluent suburbs in the DC area is Bethesda. This suburb includes the pricey neighborhood of Bradley Manor-Longwood. According to trulia.com, the median sales price for homes in Bethesda between December 2014 and March 2015 was $754,000. When you break it down by square foot that comes to around $477.
With options ranging from spacious single family homes and mansions, to high rise condominiums and townhomes, the options are as wide open in Bethesda as is your pocketbook.
Compare that to the suburb of Potomac where trulia.com puts the median sales price during the same time period at $944,444, with an average price per square foot at $344. Based on median household income alone, Potomac ranked as the most affluent town in the nation just a couple of years ago. It also serves as home to a number of highly rated schools.
You can expect to find a number of sprawling brick homes with soaring white columns, surrounded by lush landscaping and well-established trees living in this suburb.
No matter which suburb you choose, you are sure to find plenty of choices available in DC. The most important consideration, however, may be how much you are willing to spend.