Apartment List's May National Rent Report indicates that the brief reprieve in rising rental prices caused the economic disruption of the pandemic might already be a thing of the past.
How Much Time Do You Need To Save for a Down Payment?
How Much Time Do You Need To Save for a Down Payment?
One of the biggest hurdles homebuyers face is saving for a down payment. As youre budgeting and planning for your home purchase, youll want to understand how much youll need to put down and how long it will take you to get there. The process may actually move faster than you think.
Using data from the
,we can estimate how long it might take someone earning the median income and paying the median rent to save up for a down payment on a median-priced home. Since saving for a down payment can be a great time to practice budgeting for housing costs, this estimate also uses theconceptthat a household should not pay more than 28% of their total income on monthly housing expenses.
CP Photo: Jared Wickerham Baird’s apartment building in North Oakland On Feb. 27, 2020, Daniel Baird and his roommates received a letter under their door. Costello Management had purchased the North Oakland building they lived in just two days earlier and was terminating their lease so that it could begin renovations. Baird and his roommates had until the end of March to leave. “It was a very shitty feeling, to put it blatantly. It was, like, pretty stressful, you know?” says Baird, who had been completing his final semester at the University of Pittsburgh at the time. While this kind of forced departure is not technically an eviction which requires a written notice and hearing it has similar destabilizing effects, both for the people and communities affected.
After falling throughout 2020, average apartment rents in the D.C. area have risen for four straight months, though they remain well below year-ago levels.
In the past month alone, average apartment rents in the District have risen by 1.4%. The median rent in the District now stands at $1,633 a month, according to rental listing site Apartment List. That is 10.5% lower than it was a year ago, but it is higher than the national average of $1,137 per month.
Apartment List says that, compared to most other large cities, D.C. is less affordable for renters.
Of the 10 top apartment markets in the D.C. metro tracked by Apartment List, average rents are lower than a year ago in six of them.