Which is The Better Place to Buy a House Virginia, Maryland or DC?

Finding a right property in Washington DC and surrounding suburbs of Maryland and Virginia can be a challenging task. The last year saw only moderate rise in real estate prices in this area but lower inventory has put less number of homes on sale in Maryland and Virginia states. The counties in both neighbouring states saw moderate increase in number of houses on sales. DC remains the costliest property market.
Comparison of Tax Burden
Buying a home is a huge decision which requires a lot of financial awareness. You need to study the tax structure and cost of living in the area where you are relocating. Washington DC is the central workplace to many federal and private employees who mostly reside in the neighbouring counties in Maryland and Virginia due to higher property costs in DC.

However research shows that Washington DC has the lowest tax burden in this area with Maryland and Virginia placed second and third. DC residents pay lower property taxes due to a far lower tax rate and the homestead deduction for those who live in their property. But you cannot own land in DC as it is federal property. On the other hand if you are buying a home in Prince George’s county you will be paying highest property tax in the region though you can buy a single family home with three bedrooms within the range of $200,000 to $300,000.

For married couples with cars, Virginia’s tax rises above DC’s due to car tax in Virginia. In moderate to upper-income households, buying a home in Maryland would not save money but buying a home in Virginia might if the households are willing to live without cars or with very cheap ones. However there very few places in the state where it is possible to live a car free life.

Comparison of Current Real Estate Market
The neighbouring counties in Maryland where low inventory and low mortgage rates pushed some buyers into bidding wars is showing a strong trajectory for the year. Prince George’s county and Montgomery County are the two most hot real estate locations in the state right now. The number of homes for sale in Prince George’s County is showing upward trend and it is likely to continue. Bethesda, Potomac and Chevy Chase consistently rank among the costliest places to buy a house in Maryland.

The overall housing market in northern Virginia was very so-so in last year although number of number of homes for sale in Virginia saw rise than last year. It is estimated that lower mortgage rates will attract buyers this year. Arlington remains most expensive area but areas like Alexandria and Falls Church City offer same amenities at much lower property costs. Virginia has witnessed increase in the sale of homes between the ranges of $300,000 to $500,000 in last year. So if this cost fits your budget then you can buy a home in Virginia.

Washington DC is the most expensive property market in the region. Though number of Homes for Sale in Washington, DC experienced increases and mostly saw stable, home prices this market is much choppier now. With median home price of $700,000 buying a home in DC remains a distant dream for most of the federal employees.

Contact Us:
Envision Realty
14746 Main Street, Suite D
Upper Marlboro, MD 20774
Telephone: 240.232.7005
Fax: 855.835.1524
Email: envisionrealty123@outlook.com
Website: http://www.envisionrealty.net/

Washington DC is the most expensive property market in the region. Though number of Homes for Sale in Washington, DC experienced increases and mostly saw stable, home prices this market is much choppier now. With median home price of $700,000 buying a home in DC remains a distant dream for most of the federal employees.

Envision Realty
14746 Main Street, Suite D
Upper Marlboro, MD 20774
Telephone: 240.232.7005
Fax: 855.835.1524
Email: envisionrealty123@outlook.com

This release was published on openPR.