For the fourth quarter of 2017, the median home price in Washington, D.C., was $397,100, while the national median-priced home was $247,800. With this, D.C. homebuyers will need a salary of $82,949.63 if they put down 20 percent on a home or $96,353.33 if they put down 10 percent, according to HSH.com. For a 20 percent down payment, monthly payments would total $1,935.49.
HSH.com studied what salary is needed to afford the principal, interest, taxes, and insurance payments on a median-priced home in the 50 most populated metropolitan areas in the U.S. The last time HSH.com did this study, the salary required for the District was $80,230.15 if putting down a 20 percent down payment. Out of the 50 metro areas studied, only one saw prices fall year-over-year, though not even a quarter of a percent.
For more information on the salaries needed for 49 other metropolitan areas in the nation, check out HSH.com’s full report.
• Here is the required salary to buy a home in D.C. [Curbed DC]