Many potential buyers are convinced that there are no affordable homes for sale in Washington. They assume most places cost at least half a million dollars. And while it is true that half the homes in Washington sold for more than $425,000 last month, you can find something at less than half that price.

“While inventory is more limited at lower price points, there are options all over the D.C. area under $250,000,” Greylin Thomas, a locally based Redfin agent, wrote in an email. “The buyer with a vision and a patient and knowledgeable Realtor can have success with creative financing or low-cost updates with the more affordable/less competitive fixer-upper options in and around the city.”


8611 Falls Run Rd., Unit D, Ellicott City, Md. (MPI/MPI)

Thomas says there is a two-month supply of homes at all price points across the Washington metro area as the spring buying season gets underway. A market with less than a six-month supply generally indicates greater demand than supply, creating competition for well-priced homes. Anything priced around $200,000 tends to go quickly in this market, which can be frustrating for a first-time buyer who is nervous about making such a big purchase decision.

“Buyers at this price point can get discouraged, especially if competing with multiple offers,” Thomas wrote. “A good, creative plan with a seasoned agent gives the buyer the competitive edge they may need. Buying the first home is the hardest. It gets easier once you are a homeowner in the market, so stay flexible on the first home.”


6001 Arlington Blvd. No. 706 Falls Church, Va. (Hana Latyn/EuroStaging/Hana Latyn/EuroStaging)

With the help of Realtor.com, we came up with a sampling of properties for sale at $200,000, not only around Washington but across the country. As the list shows, the size of the home varies, depending on where you are looking.

To give you an idea of the costs involved in owning a $200,000 home, we asked the folks at Realtor.com to help us calculate what you would pay monthly. Of course, the amount of debt you have (e.g., student loans) would alter these calculations. You also need to factor in homeowners association fees, if you are buying a condo.

Because we know many first-time buyers don’t have 20 percent for the down payment, we had them calculate the cost based on a 5 percent down payment — a common amount for first-time buyers. A recent Zillow analysis found that nearly a quarter of buyers put down 5 percent or less. However, the low down payment means private mortgage insurance (PMI) must be added to the overall cost.


5325 S. 77th East Ave., Tulsa, Okla. (Matt Giesow/Vast Media/Matt Giesow/Vast Media)

Based on a 5 percent down payment and a 30-year fixed-rate mortgage of 4.5 percent, the monthly mortgage payment would be about $1,410, including taxes and insurance (using average national tax and insurance rates). To remain within the general guidelines of spending no more than 30 percent of your gross income on housing, a buyer would need to make at least $56,397 to afford a home in this price range.

Although buying your first home will probably take you longer than you expect, don’t be discouraged.

“You may need to be patient, but you’ll be able to find a home,” Thomas wrote.

Wondering what $200,000 buys you? Take a look below:

The District

1245 Fourth St. SW, No. E710, Washington, D.C. (Sean Shanahan/Sean Shanahan)
$200,000

1245 Fourth St. SW, No. E710, Washington 20024

0 bedroom, 1 bathroom.
Square footage: 550.
Price per square foot: $364.
Lot size: N/A.

Features: The studio apartment at the Tiber Island community on the Southwest Waterfront has parquet wood flooring and a large, south-facing balcony. The monthly co-op fee of $819 includes utilities, insurance, taxes, and access to the exercise room and outdoor swimming pool.

Listing agent:Jeffrey Taylor, TTR Sotheby’s International Realty.


1907 Good Hope Rd. SE, No. 209, Washington, D.C. (Traci Rochon/Traci Rochon)
$179,900

1907 Good Hope Rd. SE, No. 209, Washington 20020

2 bedrooms, 1 bathroom.
Square footage: 670.
Price per square foot: $269.
Lot size: N/A.

Features: The apartment at the Kings Court Condominium in Anacostia, a gated community, recently underwent a $30,000 renovation. It has wood floors and an in-unit washer and dryer. The monthly fee of $246 covers water and gas. An assigned parking spot comes with the unit.

Listing agents:Dan and Traci Rochon, Keller Williams.


$189,900

2800 Devonshire Pl. NW, No. 203, Washington 20008

0 bedroom, 1 bathroom.
Square footage: 430.
Price per square foot: $442.
Lot size: N/A.

Features: The studio is in the Devonshire co-op in the Cleveland Park neighborhood. The unit has courtyard views and parquet wood floors. Building includes secure storage area, laundry facilities, a bike room and grilling area. The $426 monthly fee includes taxes and utilities.

Listing agent:Mary Bazargan, Redfin.

Maryland

7302 E. Forest Rd., Landover, Md. (HomeVisit/HomeVisit)
$197,000

7302 E. Forest Rd., Landover 20785

2 bedrooms, 1 bathroom.
Square footage: 896.
Price per square foot: $220.
Lot size: 0.08 acre.

Features: The three-level duplex backs onto Kentland Park. The 1950 home features hardwood floors on the main level and carpeting in the bedrooms on the upper level. It also has an updated kitchen and bathrooms, a basement, and a fenced front and back yard.

Listing agent:Trina Crawley, Long & Foster.


5500 Friendship Blvd Unit 1002N, Chevy Chase, Md. (HouseLens/HouseLens)
$199,000

5500 Friendship Blvd., No. 1002N, Chevy Chase 20815

0 bedroom, 1 bathroom.
Square footage: 454.
Price per square foot: $438.
Lot size: N/A.

Features: The efficiency at the Willoughby of Chevy Chase Condominiums has a wall that separates the sleeping area from the living area. The unit overlooks the courtyard. The monthly condo fee of $354 includes a 24-hour desk, fitness center, pool, roof deck, library and reading room, and two laundry rooms per floor.

Listing agents:Arnita Greene and Amber Bingham, Keller Williams Preferred Properties.


8611 Falls Run Rd., Unit D, Ellicott City, Md. (MPI/MPI)
$194,900

8611 Falls Run Rd., No. D, Ellicott City 21043

2 bedrooms, 2 bathrooms.
Square footage: 935.
Price per square foot: $208.
Lot size: N/A.

Features: The ground-floor condo in the Village of Montgomery Run has wood floors, large windows, an in-unit washer and dryer, a master bedroom with a large walk-in closet, sliding-glass doors that lead to a rear patio and an assigned parking space. The monthly condo fee of $257 includes water and access to an outdoor pool.

Listing agents:Wendy Slaughter and Rocky Brown, Next Step Realty.

Virginia

6001 Arlington Blvd. No. 706 Falls Church, Va. (Hana Latyn/EuroStaging/Hana Latyn/EuroStaging)
$190,000

6001 Arlington Blvd., No. 706, Falls Church 22044

1 bedroom, 1 bathroom.
Square footage: 785.
Price per square foot: $242.
Lot size: N/A.

Features: The unit in the Woodlake Towers Condominium complex has bamboo floors, granite kitchen countertops, and a balcony with views of the Washington Monument and Georgetown. The monthly fee of $513 includes utilities, fitness rooms, pools, tennis courts, picnic areas and bike storage.

Listing agent:Irene Xenos, ReMax West End.


922 S Washington St., Unit 302, Alexandria, Va (HomeVisit/HomeVisit)
$200,000

922 S. Washington St., No. 302, Alexandria 22314

0 bedroom, 1 bathroom.
Square footage: 451.
Price per square foot: $443.
Lot size: N/A.

Features: The studio at the Boulevard Condominiums has hardwood floors, an updated kitchen, a built-in Murphy bed and large walk-in closet. The unit overlooks the courtyard. The monthly condo fee is $269.

Listing agent:Sandy McMaster, McEnearney Associates.


6005 Rosebud Lane, Unit 104, Centreville, Va. (Upward Studio/Upward Studio)
$199,900

6005 Rosebud Lane, No. 104, Centreville 20121

1 bedroom, 1 bathroom.
Square footage: 703.
Price per square foot: $284.
Lot size: N/A.

Features: The patio-level unit in the Sanderling Community has laminate wood flooring, a gas fireplace, in-unit washer and dryer, updated kitchen and bathroom, a private deck and an assigned parking space. The monthly fee of $330 includes exercise room, outdoor pool, tot lots, bike and walking paths, pond and clubhouse.

Listing agents:Will Farley and Allison Brindley, Long & Foster.

National

5118 Coquina Key Dr. SE Unit D St. Petersburg, Fla. (Courtesy of Kelly Parks at MavRealty/Courtesy of Kelly Parks at MavRealty)
$200,000

5118 Coquina Key Dr. SE, No. D, St. Petersburg, Fla. 33705

1 bedroom, 1 bathroom.
Square footage: 694.
Price per square foot: $288.
Lot size: N/A.

Features: The second-floor condo in the gated community of Waterside at Coquina Key has a covered deck that overlooks Tampa Bay. The apartment has an in-unit washer and dryer. The monthly fee of $379 includes access to the clubhouse, pool, fishing pier, tennis courts, billiards hall, lending library and dog park.

Listing agent:Kelly Parks, MavRealty.


5325 S. 77th East Ave., Tulsa, Okla. (Matt Giesow/Vast Media/Matt Giesow/Vast Media)
$200,000

5325 S. 77th East Ave., Tulsa 74145

3 bedrooms, 2 bathrooms.
Square footage: 2306.
Price per square foot: $87.
Lot size: 0.21 acre.

Features: The 1966 brick Cape Cod house has hardwood floors, large windows, crown molding, a stone fireplace, an attached two-car garage and a fenced yard. The kitchen has granite countertops, stainless steel appliances, a pantry and a breakfast nook.

Listing agent:Chris Zinn, McGraw Realtors.


3538 Larkspur Ave., Cincinnati, Ohio (Katrina Castleman/Katrina Castleman)
$189,500

3538 Larkspur Ave., Cincinnati 45208

2 bedrooms, 2 bathrooms.
Square footage: 1,086.
Price per square foot: $174.
Lot size: 0.07 acre.

Features: The 1889 Victorian in the Hyde Park neighborhood has a front porch, a fireplace, random-width wood floors, an updated kitchen and a fenced yard.

Listing agent:Kate Bridgman, Comey & Shepherd.