An Apartment List study of Census Bureau data has found that the average monthly rent in the DC area increased by 12.5% between 2007 and 2014, while the average monthly home ownership costs decreased by 15.9% in the same period. This means that homeowners paid $415 less on average per month in 2014 than they did in 2007 – but renters paid $170 more.
The gap between rent and ownership payments has been growing wider every year, and Washington, DC currently has one of the greatest housing payment gaps in the nation. The Washington Post’s Kathy Orton suggests that this trend speaks to the rising inequality between those who can afford to own and those who must rent. Wealthy and existing homeowners benefit from lower mortgage rates and tax deductions, while current renters are unable to save as much to be able to afford to buy a home, due to rising costs.