Estimated Monthly Payment — Median District of Columbia Home
$4,330
Based on $650,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$650,000
Property Tax
0.56%
Avg. HOA
$400/mo
Median Rent
$2,500/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the District of Columbia housing market
District of Columbia's housing market is among the most expensive in the nation, with a median home price around $650,000. Washington is the largest metro. DC's homestead deduction and senior-citizen reductions can meaningfully lower property tax bills for primary residences. District of Columbia's effective property tax rate of 0.56% is below the national average.
The median District of Columbia home costs $650,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $3,355, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $4,330. First-time buyers in District of Columbia can explore programs through DC HFA.
Photo by Jorge Alcala on Unsplash
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FAQ
District of Columbia mortgage FAQs
What's the property tax rate in District of Columbia?
District of Columbia's effective property tax rate averages about 0.56% — below the national average. On a $650,000 home, that's roughly $303/month or $3,640/year.
How much do I need to earn to afford a typical District of Columbia home?
Using the 28/36 rule, a buyer would need roughly $162,000–$208,000 in gross annual income to comfortably afford District of Columbia's $650,000 median home with 20% down at current rates.
What first-time buyer programs are available in District of Columbia?
DCHFA offers DC Open Doors providing down payment assistance and HPAP (Home Purchase Assistance Program) offering deferred-payment loans up to $202,000. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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