We all excited to Ring in 2020 a NEW DECADE! Here is a reflection of the past decade of the housing market in the Northern Virginia Fairfax County area.
The average household income in Virginia:
$60000 (2009) and
The average unemployment rate in Virginia:
6.7% (2009) and
3% (2018) may be lower in 2019?
Considering the income, interest rates and monthly payment (principal & interest in the chart with a 20% downpayment) if you adjust the inflation and rent prices in the area we can confidently say homeownership in the Fairfax County of Northern Virginia was a savvy investment.
2020 era will also see an accelerated influence from high paying jobs in the region, low-interest rate, and tight inventory.
The chart shows the numbers from Oct. 1999, Oct. 2009 and Oct. 2019.
Ritu Desai is a local real estate agent/Associate broker serving Northern Virginia real estate market for over 15 years area include in Mclean, Vienna, Fairfax, Arlington, Alexandria, Falls Church, Oakton, Oak Hill, Herndon, Reston, Ashburn, Sterling, Leesburg, Chantilly, South Riding, Centreville, Potomac Falls, Great Falls.