District of Columbia Cost Of Living Statistics

District of Columbia Cost Of Living Statistics 2023: Facts about Cost Of Living in District of Columbia reflect the current socio-economic condition of the state.

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Top District of Columbia Cost Of Living Statistics 2023

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District Of Columbia Cost Of Living “Latest” Statistics

• In 2020, the typical home value in the District of Columbia was $618,100, which is 2.69 times the $229,800 national average.^[1]
• In the District of Columbia, The median home value climbed by 2.76% between 2019 and 2020, from $601,500 to $618,100.^[1]
• The District of Columbia’s homeownership percentage of 42.5% is almost equal to the 64.4% national average.^[2]
• The average commute time in the District of Columbia is 30.9 minutes, and most people drive alone to work.^[1]
• The average number of cars per household in the District of Columbia is 1, which is lower than the national average.^[2]
• In the District of Columbia, serious housing difficulties affected 20.9% of the population in 2021 and this indicator decreased by 0.62% from 2018 to 2021.^[2]
• Owner occupancy increased from the previous year’s rate of 41.6% to 42.5% in 2020 for housing units in the District of Columbia.^[1]
• The median household income in the District of Columbia, which has 288k families, increased from $86,420 to $90,842 in 2020.^[2]
• 15.5% of the District of Columbia’s population, or 103k out of 669k people, are considered to be living below the poverty level, which is higher than the 12.8% national average.^[2]

District Of Columbia Cost Of Living “Other” Statistics

• In the District of Columbia, restaurant meals and takeaway are subject to a 10% sales tax in addition to the 6% sales tax that applies to the majority of other purchases.^[3]
• An estimated 356,000 people in the District of Columbia were employed in jobs that were Social Security.^[4]
• An estimated 358, 000 people in the District of Columbia worked in jobs that were covered by the Social Security program in 2004.^[5]
• In the District of Columbia, the 2.1% cost of living adjustment that became effective in December 2003 is included in the average and total monthly benefits.^[4]

How Useful is District of Columbia Cost of Living

When considering the usefulness of the District of Columbia’s cost of living, it is important to look at both the positives and negatives. On the positive side, the cost of living index can be a helpful tool for individuals looking to plan and budget for their lives in the city. By having a clear idea of the average costs for housing, groceries, utilities, and other expenses, residents can better prepare for the financial challenges that come with living in a high-cost city.

Additionally, the cost of living index can serve as a comparison tool for individuals considering a move to the District. By comparing the cost of living in the District of Columbia to other cities or states, individuals can make more informed decisions about where to live. This information can help individuals weigh the pros and cons of living in a high-cost city and decide if the benefits outweigh the costs.

However, there are also limitations to the usefulness of the District of Columbia’s cost of living index. One major limitation is that the index is often based on averages and may not accurately reflect the specific circumstances of individual residents. For example, a family with children may have different expenses and priorities than a single professional living alone. In this case, the cost of living index may not fully capture the financial realities of all residents.

Another limitation is that the cost of living index does not account for factors such as quality of life, job opportunities, or access to amenities. While living costs are an important consideration, they are just one piece of the puzzle when it comes to deciding where to live. Residents of the District may prioritize other factors, such as access to cultural institutions, public transportation, or green spaces, which may not be fully captured by the cost of living index.

In conclusion, the District of Columbia’s cost of living index can be a useful tool for residents and potential residents alike. It provides valuable information on average expenses in the city and can help individuals make informed decisions about their financial future. However, it is important to recognize the limitations of the index and consider other factors when deciding where to live. By taking a holistic approach to decision-making, individuals can better navigate the challenges of living in a high-cost city like the District of Columbia.

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