As the capital of a world-leading economy, most American citizens at least want to visit Washington D.C. Some even plan to make it their new home, but that is a big step that requires planning, organization, and the help of movers DMV. However, Washington D.C. is also known as expensive, and the prices likely increased with the nationwide 6.5% price increase. So, before making DC your new home, here is a resident’s guide to the DC budget.
What are some things that you should know about DC?
Washington, D.C., is a federal district with an area of around 68-square-miles. Sometimes, people even refer to suburbs and neighborhoods outside of these borders as Washington as well. So, whichever part you pick, our moving companies DC area can take you there. Washington, D.C. is home to 683,000 residents, who voted it the 4th best city in the USA for young people. In fact, only 22% of the population is 55 or older. The majority of these young people—more precisely, 58%—rent their homes. This is a direct result of high housing and living expenses, which will be discussed in a resident’s guide to the DC budget. We will talk in detail about:
- The median household income
- The median home value and rent
- The overall cost of living
A resident’s guide to the DC budget – how big of a budget are we talking about?
High costs of living are accompanied by high incomes, and DC is no different. Thanks to the dense concentration of highly skilled people, the salaries in the capital are some of the highest in the state. Just to give you an idea, over 36% of the population has a master’s degree or higher. Highly educated people will have higher payments, and they can count on a median household income of $93,000 in DC. It is nearly $30,000 higher than the national average, which is a significant amount of money.
Housing costs are expensive
For a metropolitan area this densely populated and popular, it is only normal to expect high housing costs. The median home value is well over the national average— according to Realtor.com, it amounts to around $639,000! Rent in DC is a little less extreme – $1,600 vs. $1,100 on average. And this was only made worse by the recent inflation, so people can expect to pay even more for having a home in this area. That is why you must exercise caution before hiring long distance movers DC, because you must have a solid financial plan in order to afford a DC lifestyle.
Still, the overall cost of living are not too high
Housing costs make up for 30% of the monthly budget, and Washington can make that part even higher. But luckily, other essential costs are not that extreme. DC residents have to pay 10% more for groceries, utilities, transportation, etc. than the average American, but the city is still 27% more affordable than other metropolitan areas in the USA. A monthly bill for groceries for a DC resident is $300 on average.
The takeaway on a resident’s guide to the DC budget
To conclude a resident’s guide to the DC budget – only a person with a DC salary can afford a comfortable DC lifestyle. Because of that, you should never hire residential movers Washington DC unless you have a secured job post-move. The times are uncertain, with inflation rates raising daily, so you need to have an income that you can rely on. We wish you good luck!
References:
https://www.realtor.com/realestateandhomes-search/Washington_DC/overview
USDA ERS – Summary Findings. (n.d.). https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/
S. (2022, September 27). Living in Washington, D.C. Niche. https://www.niche.com/places-to-live/washington-dc-district-of-columbia-dc/
