Home Affordability Sinks Once Again

Living in the Washington D.C. metropolitan area means searching endlessly to find the perfect home or apartment for the perfect price. With an area that is known for its affluence, it can be difficult to find something with a reasonable price tag. To make finding a home even more difficult, improvements in the economy are pushing home affordability down.

While headlines everywhere read how the housing market is prime for buying a home, the fact of the matter is that these same improvements are keeping many people from moving into a place they love. In an article published by NBC News, home affordability has sunken to its lowest in nearly five years. And according to Lawrence Yun, the chief economist for the National Association of Realtors, affordability has fallen this low because “home price increases easily outpaced income growth.” He also noted that “expected rising mortgage interest rates will further lower affordability in the upcoming months.”

On top of national home affordability, these same issues hit closer to home. In recent survey conducted by the Urban Land Institute, a real estate research group, 89 percent of respondents in the Washington D.C. market felt that the region’s lack of affordable housing was “very severe” or “somewhat severe”. While this news might be unfortunate for some, it’s encouraging to the multi-housing and apartment industries.

In Manassas, many people smartly opt to rent a luxury apartment in Arcadia Run. Renters can easily avoid the stresses and financial strains of the ever-changing housing market by renting instead of buying.

Why shell out money to buy a home, pay for homeowners insurance or put endless work and money into home maintenance when you can have it all included with your monthly rent? In Arcadia Run, residents have many more options than they ever would if buying a home. Between the amenities and variations in floor plans and prices, guests in Arcadia Run have everything they need to live the active lifestyle they desire.

Without the stresses of homeownership, renters can enjoy their time in Arcadia Run and get the most out of their apartment community. They will have access to a planned clubhouse, pool, gym, walking and biking trails, and will live only a few minutes from historic downtown Manassas and Jiffy Lube Live. With so much to look forward to when renting in Arcadia Run, why would you want to live anywhere else?


NBC News

The Washington Post