When one hears of Washington D.C., the seat of government is the first thought that comes to mind. Next, images from shows like Scandal or House of Cards race through the mind, where everyone works for the government and lives in huge homes. While this may be true for some of the six million individuals living in the metro area, for the majority, there are a number of things to consider before renting a luxury home in D.C.
- According to the latest figures, Washington D.C is the fourth most expensive metropolitan area in the country.
- Buying a house in Washington D.C is more than thirty per-cent cheaper than renting in the city, as reported by Trulia.
Vital Considerations before Renting a Luxury Home in DC
It is important to keep in mind that while the rents in Washington D.C. area have skyrocketed in the last few years, the monthly pay has not increased at the same pace. According to pundits, roughly 25% of the people who rent homes in the nation’s capital are dishing out more than half of their income in rent. Needless to say, the story does not end with merely renting a home; other costs have to be factored into the cost of living in D.C.
While housing takes a major chunk out of the household budget utilities also have to be factored in. A unit that is under a thousand square feet in the D.C. metro area, will require over a hundred dollars in heating/cooling, electricity, water and garbage. Throw in the internet and you are looking closer to two hundred dollars a month.
The local metro train pass for a month alone runs for nearly $240. If you are not lucky enough to rent a place within the walking distance of a metro station, then don’t forget to add on the extra cost of getting to the station.
Thinking of buying a car instead? Just remember that the car has to comply with DMV rules for the D.C. area. Then there is the registration fee, an average excise tax on car purchase of 7%, price of gas and finally car parking, if you can find it!
Residents of Washington D.C pay federal income tax in addition to the progressive District Income Tax. Furthermore, there is the standard sales tax of 5.75% on everything you purchase except alcohol, which is more.
Washington D.C is divided into four quadrants known as NW, NE, SE and SW. The crime rate in NE, SE, & SW tends to be on the high side, thus making the North West section of the city most desirable to live in.
Washington is situated very close to some incredible places for outdoor activities. The Shenandoah National Park is great for hiking while Harper’s Ferry, WV boasts of great rafting spots. Additionally there are a host of summer parades, festivals, concert series and sporting events that you can enjoy.
Renting a luxury home in D.C. can be a great experience, just make sure to do your homework before making a commitment so you have a great experience as a tenant of a luxury home and get more bang for your buck.
If leasing a luxury home seems a bit tedious, do not worry, there are other luxurious options. Take a look at the luxury residences at The Ritz-Carlton. Now that’s the best concoction of luxury and comfort.