One of the attractions associated with living in Washington, D.C., is the major influence the city has on the U.S. and the rest of the world. Aside from that rather compelling regional appeal, home buyers are attracted for a variety of reasons unrelated to the city’s sway on national politics. The District, as it’s commonly called, offers a wide range of neighborhood types, abundant parks and gardens, great school rankings and high-paying employment opportunities.
Outdoor Spaces, Walkability and Loads of Things To Do
D.C. has more than 7,400 acres of parks comprising almost 20 percent of its total area. The city ranked third in the U.S. for park quality and access in the ParkScore ranking for 2018. The 2,000-acre Rock Creek Park is one of the largest urban-area parks in the U.S., and 98 percent of the city’s residents can walk from home to a park in 10 minutes.
The city is known for its traffic congestion, but many residents choose to either walk or bike to work if they’re employed within the District. D.C. has more than 20 dedicated and protected bike lanes, and marked bicycle lanes cover more than 50 miles of the city’s streets. There are also several major recreational and scenic bike paths, such as the historic stretch along the Chesapeake and Ohio Canal.
Exploring the museums in D.C. can be like a full-time job, and residents and visitors are offered a wealth of lectures, exhibits, and films. Live music fans can choose from fine arts performances at the Kennedy Center, jazz at Blues Alley and rock at the 9:30 Club.
High-Paying Jobs and a Strong Economy
A significant portion of the workforce in D.C. is employed by government agencies, but tourism ranks second as an economic driver. Close to 20 million visitors to the District bring about $5 billion in revenue to the local economy each year. There are also expanding industries not related to either government or tourism developing in the area. Finance, public policy, education, and scientific research are providing a growing number of employment opportunities and help to fuel the city’s economy.
Home Prices and Property Taxes in Washington, D.C.
The median value for a D.C. home is about $580,000, and property values are predicted to rise. Selling prices average about seven percent less than the asking price. Owner-occupied housing accounts for about 42 percent of the homes in the District.
Residential properties are taxed at $0.85 per each $100 of a home’s assessed value. The District’s owner-occupant residents can reduce their tax liability by deducting $74,840 from their home’s assessed value as long as it’s a primary residence. Homeowners 65 or older can reduce their tax liability by 50 percent if their household income is less than $133,100. To find out more about this area, check out our D.C. HomeTrends site.