Last week, the City Paper “mapped out” the income of Washington DC’s “neighborhood incomes by census tract.” Earlier on, the Washington Post mapped the “percentage of homes in each ZIP code that have negative equity:”
Over the past year, DC-area housing prices experienced “solid gains” (4.4%); however, progress was not even across the metropolitan area. In particular, “many of the homeowners with mortgages higher than their home’s value were clustered in the eastern parts of the District and in Prince George’s County,” where prices have been slower to rise since the housing bust.
Says Dean Baker of the Center for Economic and Policy Research, “I have no doubt that we have turned the corner [...] What we can expect is to see modest price appreciation, something in the neighborhood of 4 percent for the next several years.”
Yesterday on Greater Greater Washington, David Alpert also points out that, as the map above reveals, “the economic recovery is not hitting all areas or all people equally. We need more jobs east of the river and in Prince George’s County.”
Share your thoughts on the housing market’s recovery — and its markedly uneven pace. What would provide the greatest catalyst for growth in the areas that need it?