This week’s edition of Rent vs. Buy on UrbanTurf examines the Dupont Circle neighborhood. While most communities in DC are fairly cut and dry when it comes to deciding whether to rent or buy, writer Michelle Lerner explained that Dupont Circle is slightly more complicated.
It is clear that Dupont is one of the prime places to live in DC. Not only does it have a true sense of community because of its numerous cafes, bars, restaurants, small art galleries and shops, but it also has the ultimate location. Within blocks of Dupont Circle are tons of places that make our city great. Georgetown’s shopping, U Street and Adams Morgan’s nightlife, as well as the National Mall are within walking distance of the neighborhood, just to name a few.
“Bordered roughly by 16th Street, M Street, Rock Creek Park and Florida Avenue, Dupont Circle is without question one of the most sought-after neighborhoods in DC,” Lerner wrote. ”It boasts some of the city’s best restaurants (Komi, Sushi Taro) and its central location makes it a very convenient neighborhood for anyone working downtown. The neighborhood mostly appeals to urban professionals, both single and married, and straight and gay…Unfortunately, in order to live in this neighborhood, you need money. Home prices in Dupont are the second highest in DC just behind Georgetown.”
As Lerner wrote, the prices of homes in Dupont are high. While every situation is different, if you are interested in a one bedroom unit in Dupont Circle, Lerner writes that buying is a no-brainer, because of the extremely high rent costs.
“Looking at rental postings on Craigslist for Dupont Circle, it becomes clear that you will be very lucky to find a one-bedroom unit in the neighborhood for under $1,700 a month,” Lerner wrote. ”The range for available one-bedroom rentals was between $1,650 and $2,300.”
The cost of mortgage payments monthly in Dupont Circle for a one-bedroom are very close to what one pays for rent in the area. Two bedrooms monthly costs can be found in the 2,000s, so while we recommend buying a Dupont Circle condominium, renting a two bedroom could be a good option for some. It is nearly impossible to find an apartment larger than two bedrooms in Dupont. I know from experience.
Read Lerner’s entire analysis on whether to rent or buy in Dupont Circle here.
Dupont Circle is one of the most exciting places to live in DC. Buying a Dupont condo now could pay off big time in the long run, as Forbes named DC the number one city in the WORLD to invest in real estate right now.
See all of our available Dupont Circle condos that are available for purchase, here!
