Industry News

Nation’s capital suffers soaring housing costs

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The Washington metropolitan area has become "the nation's strongest regional economy," but confronts an urgent and growing geographic disparity within the region between the locations of jobs and affordable housing. That is the major conclusion of the third annual Housing in the Nation's Capital report released this month by the Fannie Mae Foundation. The regional study was commissioned by the Fannie Mae Foundation and prepared by the Urban Institute Center for Metropolitan Housing and Communities. It covers an area including the District of Columbia and suburban areas in Maryland, Virginia and West Virginia. Soaring housing costs are not only pushing the region's working families to the budget "breaking point," according to the study, they are also triggering significant downside effects in terms of traffic congestion, urban sprawl, pollution and long-term economic competitiveness. The report "outlines the good news that the region is adding almost 100,000 new residents...