Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Counties in District of Columbia
Housing Market Overview
| Metric | District of Columbia | US Average |
|---|---|---|
| Median Home Price | $637,937 | $242,182 |
| Price Trend (Annual %) | 9.4% | 8.2% |
| Median Gross Rent | $1,900 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in District of Columbia is about 163% higher than in US. Rent is about 42% higher than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in District of Columbia, up about 9.4% and 4.9% a year respectively. Home prices are changing faster.
Median rent in District of Columbia rose about 43.1% between 2015 and 2023, from $1,327 to $1,900. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in District of Columbia.
Buying the median-priced home in District of Columbia costs roughly 28.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in District of Columbia. The price-to-rent ratio in US is about 15.0.
| Metric | District of Columbia | US Average |
|---|---|---|
| Median Home Price | $637,937 | $242,182 |
| Median Household Income | $107,226 | $78,145 |
| Price-to-Income Ratio | 5.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in District of Columbia rose about 73.5%, while median household income rose about 88.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | District of Columbia | US Average |
|---|---|---|
| Homeownership Rate | 37.1% | 58.2% |
| Rental Rate | 53.2% | 31.3% |
| Vacancy Rate | 9.7% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 |
District of Columbia has a homeownership rate of 37.1%, lower than the US average of 58.2%. Its housing vacancy rate is 9.7%, compared with 10.6% in US.
Housing Stock
| Metric | District of Columbia | US Average |
|---|---|---|
| Average Household Size | 1.99 people | 2.54 people |
| Median Structure Built Year | 1967 | 1978 |
| Median Number of Rooms | 3.9 | 5.5 |
The typical housing unit in District of Columbia was built around 1967. On average, 2.0 people live in a home with about 3.9 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in District of Columbia.
What is the median home price in District of Columbia?
The median home price in District of Columbia is $637,937, higher than the US average of $242,182.
What is the average home price in District of Columbia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in District of Columbia?
The median gross rent in District of Columbia is $1,900 per month, higher than the US average of $1,342.
What was the median gross rent in District of Columbia in 2020?
In 2020, the median gross rent in District of Columbia was $1,607 per month.
What is the price-to-rent ratio in District of Columbia?
The price-to-rent ratio in District of Columbia is about 28.0, meaning it would take roughly 28.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in District of Columbia.
Are home prices or rent rising faster in District of Columbia?
Both home prices and rent are rising in District of Columbia, up about 9.4% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in District of Columbia?
37.1% of households in District of Columbia own their home, lower than the US average of 58.2%.
What is the vacancy rate in District of Columbia?
The housing vacancy rate in District of Columbia is 9.7%, lower than the US average of 10.6%.