Is it better to rent or own in DC?

Ways to save money when you buy a home

Compass Realtor Jay Nix has ways to save money when you buy a home.

WASHINGTON - With home prices and mortgage rates at record highs, is it better to buy or to rent a home in the D.C. area?

Renting is cheaper than owning a home in 50 of the U.S.'s largest metro areas, according to a report from Lending Tree.

But just how much cheaper? In D.C., owning a home with a mortgage costs $630 a month on average.

The D.C. area comes in 17th on the list of difference in cost between renting and owning a home. San Jose, California comes in at number one, with owning a home with a mortgage costing an additional $1,341 a month.

Rents in the D.C. area are also on the rise, with the price of a median one-bedroom apartment in Arlington, VA up 2.2% over last year at $2,330 – and more expensive than D.C.

LendingTree analyzed U.S. Census Bureau data to compare monthly rental and housing payments for homes with and without mortgages in the 50 largest metros in the U.S.

First-time homebuyer program runs out of funds in DC

The District's Home Purchase Assistance Program is out of money - again. $26 million in HPAP funds became available in October and ran out this week.

D.C. does offer home purchase assistance to first-time homebuyers and other qualified applicants, but funds for the program ran out in January 2024. There are reports that more funding could be available when D.C.'s next fiscal year begins in October.