25 Affordable Hot Spots in the DC Area

Posted on March 12, 2015 by Corey Hart
12

Mar

2015

Using Big Data Drawn from its $45b Marketplace, RBI Data Identifies
The Most Affordable Neighborhoods for First-time Buyers

WASHINGTON DC—March 12, 20015— First-time home buyers looking for affordable starter homes this spring can choose from a wide variety of local communities and neighbors in the greater Washington DC market, according to a new listing of 25 Home Buyer Hot Spots from RealEstate Business Intelligence (RBI) based on the latest listings on the Mid-Atlantic Regional Listing Service (MRIS).

Often ranked among the nation’s most expensive housing markets, Washington DC is also a mecca for the Millennial generation, many of whom transition from renting to homeownership with the help of affordable homes.

According to a recent Nielsen Study, Washington ranks seventh among cities popular with Millennials and first among East Coast markets and it has been called the fastest growing destination for the Millennial generation. Thousands move to the nation’s capital each year, attracted to its cultural, educational and career opportunities.  

The Washington market also ranks among the top markets in the nation in terms of its median family income, which makes it possible for most Washington area families to qualify for more expensive housing.  According to the Bureau of Labor Statistics, the median income for the Washington Metro is $65,250. To buy a home at $372, 800, with 20 percent down and a 30 year fixed rate mortgage at 3.98 percent, buyers need an annual income of $77,395, according to the National Association of Realtors and mortgage web site HSH.com.

RBI created an index to rank local markets by zip code that incorporates total number of listings below $300,000 and $200,000, saturation of lower priced listings in the hyper local market’s inventory and median price of active listings.

Click here to view PDF version of this report

“Our list of 25 home buyer hot spots is based on the latest listing data at the hyper local level.  We’ve tried to create a road map for buyers that will expand their horizons to include neighborhoods that may not have considered.  Washington, Northern Virginia and Maryland are full of attractive and affordable neighborhoods to fit every lifestyle” said John Heithaus, chief evangelist for RBI. Among the 25 most affordable neighborhoods are surprises like Manassas, VA; Montgomery Village, MD, Columbia MD and Falls Church, VA.

Lower cost listings are spread widely across the region and can be found in most of the zip codes making up the greater DC market.  To help today’s buyers and their real estate professionals identify where to look for affordable listings, the RBI team created an index that ranks jurisdictions by the numbers and prevalence of lower priced listings.  The top twenty-five jurisdictions constitute the Washington DC Area Home Buyer Hot Spots for 2015

“Our ranking gives buyers a good idea of price and inventory before they start surfing for homes.  Buyers can look for deals in more expensive neighborhoods, knowing that they can always return those at the top of the Hot Spot listing where the choice of affordable homes will be greatest,” said Heithaus.


About RealEstate Business Intelligence, LLC

RealEstate Business Intelligence, LLC (RBI) is a primary source of real estate data, analytics and business intelligence for real estate professionals in the Mid-Atlantic Region. Monthly reports for all jurisdictions in the MRIS region, along with interactive charts and graphics, can be found at http://www.getsmartcharts.com/statistics. RBI is the only company in the Mid-Atlantic region that provides timely, online access to statistical information directly from the MRIS Multiple Listing Service (MLS).

affordable places, market analysis, press release
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