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;
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;
- 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.