Average Rental Price 2015

  • Alexandria City- $2,207
  • Arlington County- $2,420
  • Fairfax County- $2,163
  • Fairfax city- $2,485

Zillow’s Breakeven Horizon analysis estimates that Washington DC metro to be around 3.5 years. This number explains how many years it would take before owning a home becomes more financially advantages than renting the same home.

Buy VS Rent;

Rent VS Buy

Buy; Things to consider

  • How Long Do You Plan to Stay?
  • Buying tends to be better the longer you stay because the upfront fees are spread out over many years.
  • Home Price? Are prices rising or going down?What Are Your Mortgage Details?
  • Home Maintenance and HOA Fees, Taxes, and Closing Costs.

Benefits of Buying;Rent VS Buy

  • Your monthly payments will remain stable.
  • You may have some tax benefits.
  • You have the opportunity to create equity and stability.

Renting; Things to consider;

  • Rent Application fee; $40-50
  • Pet fee; $300-500
  • Rent; Average rent for Northern VA ($2000)
  • Security Deposit; Equivalent of one moth rent
  • Insurance plus utilities

Benefits of Renting;

  • You can easily move without the hassle of selling.
  • You are not responsible for all maintenance costs, and taxes.
  • If you are in area for a short time, it is cheaper to rent.