D.C. Region has Priciest Housing Market in Nation
A new report shows a dramatic gap between housing prices and wages.
Washington metro area residents face one of the nation’s largest gaps between wages and housing prices, according to two recent surveys – and experts are worried it could make the region less attractive to the workforce. According to the Washington Business Journal, a recent report from ZipRealty, Inc. shows that the D.C. region’s median housing price is about $1.03 million as of Feb. 10, 2013. That’s almost 17 times the region’s median income. Washington landed ahead of New York City’s popular Brooklyn borough and the bay area in San Francisco. ZipRealty came up with their ratio by studying median income and median sales price, the Journal reports. The report considered houses with three to four bedrooms—approximately 2,000 square feet—to…
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