Advertisement

How much to buy a home?

June 05, 2007

If half a million dollars sounds like an absurd price to pay for a single-family home, how about $10 million or more?

That's what researchers at the George Mason University's Center for Regional Analysis have determined will happen in the next 50 years.

As reported by The Associated Press, the average price of the a home in the Washington, D.C., metropolitan area is now $477,000.

By 2057, researchers say that price will jump to $14 million - an increase of 2,800 percent!

Average household income would increase during that time to $1.37 million, the study said, but that will be at a much slower pace than home prices.

Advertisement

The study has serious implications for Western Maryland. As home prices increase, people will continue to move further west, where salaries are increasing even slower than they are in the metro areas.

Finding ways to make housing more affordable and creating jobs closer to where workers live are not just issues for the Washington, D.C., area. Seeking serious solutions now will avoid a whole lot of expense and aggravation in the future.

The Herald-Mail Articles
|
|
|