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CityVista: Should You Rent, or Should You Buy?

  • February 12th 2009

by Will Smith

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Blog DC Home and Condo Prices ran an interesting analysis on renting a unit versus buying one at the high-profile CityVista development in the Mount Vernon Triangle neighborhood just north of Penn Quarter. CityVista comprises three buildings, the V, the K, and the L. The K and L are condos, while the V is rentals. DC Home and Condo Prices owner Keith Gibbons noticed ads in the Washington Post for rentals at the V: studios from $1429, one-bedrooms from $1985, and two-bedrooms from $2246. The question is, does it make more financial sense to rent one of the units in the V, or buy one in the K or L?

Gibbons runs the numbers into the New York Times handy rent-versus-buy calculator and concludes that renting is a better move financially. He does note some caveats, namely the psychological benefits of home ownership, the fact that home values may rise faster than he assumed in his calculations, and the tax benefits of a mortgage.

The full analysis is definitely worth a read, not just for understanding CityVista specifically, but for anyone in DC weighing renting versus buying.

See other articles related to: renting in dc

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/cityvista_should_you_rent_or_should_you_buy/540.

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