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Regional Housing Values, Costs Higher Than National Averages

The Arlington Sun Gazette posted a story at noon today that reported on U.S. Census Bureau housing data. According to the Sun Gazette online story:

"Homeowners in the Washington area have median mortgage payments 74 percent higher than the national average, with median real-estate taxes 94 percent higher and median annual property-insurance bills 19 percent higher, according to figures from the U.S. Census Bureau.

"The figures come from the most recent housing profile, issued by federal officials over the summer and based on the 2013 American Housing Survey – the most comprehensive look at housing trends across the nation.

Some of the more significant data in the story includes:

"Of all homes surveyed, the original purchase price nationally was $116,000, while in the D.C. region it was $240,000. Of homes purchased new over the previous four years, the median prices were $238,000 and $429,000, respectively.

"The current median value of all homes surveyed was $160,000 nationally and $369,500 in the D.C. region. Of homes purchased new in the previous four-year period, those figures were $240,000 and $495,000, respectively.

"About 36 percent of all homeowners nationally report having no mortgage, significantly higher than the 21.5-percent total reported in the Washington area. The median monthly mortgage payment for those who had housing loans were $997 nationally and $1,740 across the region.

"Taxpayers paid a median $1,800 in real estate taxes nationally, with residents of the D.C. region ponying up nearly double that amount ($3,492). Property-insurance costs totaled $756 a year nationally, $900 in the local region."

Arlington County homeowners may want to bookmark this Sun Gazette story so that come January 2016, when you receive your property assessment, you can compare how your home stacks up.

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