Most D.C. Property Priced Out Of Reach
District home prices have risen so rapidly that more than 80 percent of the properties for sale last year were financially out of reach for the average city household, according to a report by Urban Institute researchers released yesterday.
Soaring prices since the late 1990s have reshaped the profile of the typical home buyer, who is increasingly likely to be white and well off in a market where the average home sold for $450,000 last year, the report said. The cost of ownership rose in every part of the city, the report said, with sharper increases in modest neighborhoods such as Anacostia than wealthier ones such as Cleveland Park.
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Soaring prices since the late 1990s have reshaped the profile of the typical home buyer, who is increasingly likely to be white and well off in a market where the average home sold for $450,000 last year, the report said. The cost of ownership rose in every part of the city, the report said, with sharper increases in modest neighborhoods such as Anacostia than wealthier ones such as Cleveland Park.
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