In this market, it’s not always easy to tell whether it makes more sense to rent or buy. With the help of SteetEasy, a real estate information Web site that launched in the D.C. metro area earlier this year, we decided to compare a property that is for rent and for sale to see which is the better deal. In the case of this Arlington condo, the difference is slight.
The one-bedroom, one-bath unit is listed at $262,000, or you can rent the 642-square-foot condo for $1,550 a month. The second-floor condo has a washer and dryer in the unit and a fireplace. Pets are welcome. The Clarendon Metro is less than a mile away. The listing agent is Sue Elbertson of Prudential PenFed Realty.
The StreetEasy data assumes that a buyer would make a 20 percent down payment and take out a 30-year fixed-rate mortgage at Monday’s rate of 4.67 percent. Condo fees and taxes are included in the calculation, but not the tax benefits of buying (e.g., mortgage interest deductions).
Address: 2807 Arlington Blvd., Unit 202, Arlington
Sale price: $262,000
Maintenance/taxes: $474 ($280 condo fee, $194 taxes)
Totally monthly costs when buying: $1,557
Rental price: $1,550