Matthew B. Gilmore
In 2014, according to data compiled by the Federal Housing Finance Agency on home purchase prices, homes in the District sold for over three times the prices they commanded in 2001. During that time, home prices in the U.S. also increased, but not nearly as fast—2014 prices were 45 percent greater than 2001 prices. The great recession did dampen prices in the District (shaded in the graphs below), but not enough to undo the rapid gains in early 2000s and since the end of the recession, rapid price increases once again became the norm.
So how did all this affect homeownership? In 2014, 44 percent of District residents lived in homes they owned—that is down 4 percentage points from 2001 and down five percentage points from 2007 (right before the great recession) when ownership rates reached 49 percent. As a relative decline, this is about 10 percent (5 out of…
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