Washington, DC, December 17, 2018—The average apartment in the nation’s capital rents for $2,500 a month, according to a new study.
While rents in the capital were not as high as those in other metropolitan areas, the average apartment is still significantly cheaper than other major metro areas.
According to a report by the Federal Reserve Bank of San Francisco, the median rent in Washington, D.C., is $2.946 a month.
The average rent in New York City is $3,872 a month and the average rent is $4,058 in San Francisco.
The median rent for apartments in the suburbs is $1,039 a month while the median price for apartment units in the city is $739 a year.
The national average is $8,865 a month for an apartment in an average-sized apartment.
The study found that the median monthly rent for an average apartment unit in Washington is $10,084, while the national average for apartments is $13,976.
Rent increases for the nation are projected to rise to 8.3 percent in 2020 and the national median is $11,828, according the report.
In 2016, the national rents for apartments rose 7.7 percent to $10.3 million.
The cost of living in Washington has increased over the last decade, rising by 5.2 percent from 2014 to 2019, according a report from the Federal Housing Finance Agency (FHFA).
The cost-of-living index in Washington increased from 1,715 in 2014 to 1,783 in 2019.
The price of housing in the Washington metro area increased 1.6 percent between 2014 and 2019, while average rents for condos increased 1 percent, the FHFA report said.
The Federal Housing Administration has begun offering mortgage assistance to low- and moderate-income families, but only those with income of at least 80 percent of the federal poverty level, according an FHSA statement.
In 2019, the Federal government provided a $1.4 billion loan guarantee to help low-income and moderate income households purchase their homes.
According the FHA, the government’s primary source of funding for low- to moderate-level housing assistance, the loan guarantee program supports homeownership for those who qualify.
The government’s main role in financing mortgages for low and moderate incomes is through the Home Equity Line of Credit.
HUD Secretary Ben Carson has called for expanding the federal program to help families with the cost of housing.