salaries? (Washington: middle-class, real estate, apartments)

[LadySoulflower]

so yeah... i'm thinking about moving to d.c. i know lots of people there, & it's just close to everything i care about. thing is, i know rent in the area is RIDICULOUS!!! at the same time, i know places like london are expensive, but people do actually get paid enough to handle the cost of living. so what are salaries like in d.c.? what about the job market in general? i'm planning on going into social work, with education as a backup. i know all about salary.com, but the site hasn't been all that helpful to me.

[ch_opera_lover]

The high salaries are with the Federal government, Federal contractors, law firms, biotech companies and lobbying firms. Social workers in the area are paid well, as are other municipal employees, but not enough to support a middle-class life. If you're looking for a middle-class neighborhood in the near suburbs where you would feel comfortable sending your kids to a public school then you need a household income of about $100k to afford to buy a 2-bedroom condo apt, about $135-150k to afford a small townhouse, and $175k+ to afford a detached SFD.

Rents are pretty much out-of-line with ownership costs so rental costs, after tax considerations, are about only 60% of ownership cost. Newer, conveniently-located, 2-bedroom apartments can be rented for $1,200-$1,700 a month depending on size, ammenities, and location. You can also rent small houses for $1,600 to $2,000 a month.

[VT Hokie 2007]

Yeah, I really don't think rents are that bad in the Washington, D.C. meto area. One can split an apartment and pay as little as $600/month if they find the right place. Even a one bedroom can go for as little as $800 or $900.

Ch_ is correct that ownership costs are way out of whack with renting--as a real estate investor and appraiser, it pains me to say it, but one will walk away with more $ if he or she rents rather than owns in greater Washington. These are rare times in D.C. and will be corrected eventually.