Millennials in Washington

With the zeal of a motivational speaker, Behnke tells her clients they can buy in the District at a cost comparable to the pricey rents here if they take in roommates to help make the mortgage. Twenty-five-to-34-year-olds in the District might earn a median salary of $44,680 (nationally, the median income for millennials in metropolitan areas is $27,025). But rents in neighborhoods such as Columbia Heights, Adams Morgan and Logan Circle average $2,000 per bedroom — far above the generally recommended income-to-expense ratio of 30 percent. Why not pay yourself rather than a landlord, Behnke reasons.

Yet after a day of showings, the 29-year-old will trek up 11th Street NW to a Columbia Heights rowhouse she shares with three friends. With the city’s median home price at $460,000, the agent who sells the Washington dream is a renter.

This weekend’s Washington Post Magazine is all about millennials and though I generally can’t bring myself to read pieces about the youngs these days, I just couldn’t help myself. It’s not terrible? I did find the story about the millennial real estate agent trying to convince her peers to buy houses and then rent out the rooms so they can actually afford to live in them a little batty. Also, Georgetown is apparently trying to be cool with the young crowd again (what, was it not cool when I worked in that neighborhood nine years ago and went to piano-sing-alongs at Mr. Smiths?).

Support The Billfold

The Billfold continues to exist thanks to support from our readers. Help us continue to do our work by making a monthly pledge on Patreon or a one-time-only contribution through PayPal.