I’m A Renter. How Much Home Can I Afford For $3000 A Month?

Donna Kerr Group Agents Maura Fitzgerald and Jim Holland answer one of the top questions renters and potential homeowners face in the DC metro area.

As Realtors, we are often asked that very question. Many people want to start the financial investment in their future but have no idea how much home they can purchase based on their current rent. To help answer that question, we took a look at what a renter might pay and then different home options that would fit that budget in a mortgage payment. 

There is a wide range in what the “average” renter in the DC metro area pays monthly for a two-bedroom space, with figures ranging from the low $2,000s to the $3,000 on up. To make it simple, we showcase homes that would translate to roughly $3,000 in a mortgage payment. Just remember that interest rates fluctuate and other factors can affect your actual payment, but these examples are a good starting point.  

As you might imagine, there is quite a range depending on personal preference from a condo in DC to space to spread out in the suburbs. Join us as we take a look at the range of possibilities!

Our first property is a condo in the heart of DC and is truly a spectacular find.

With just under a thousand square feet, this two-bedroom penthouse condo has it all: Beautiful hardwood floors, an open concept living room with a wood-burning fireplace, and a spectacular view from the balcony. 

The home features a true owner’s suite with soaring cathedral ceilings, an expansive walk-in closet, and a full en-suite bathroom.

Garage parking, additional storage, and a prime location moments from the metro and a wide variety of shops and restaurants make this condo a perfect place to call home.

This home was listed for $599,000. If a buyer put a little over 10% down, their monthly mortgage payments could be close to their current rent. 

Alternatively, a single-family home in Silver Spring may be the ideal place to call home. 

This quintessential Cape Cod has about 1,600 square feet and is on a quarter of an acre of land. If you’re looking for a fenced-in yard or some extra bedrooms, this home is the perfect option.

With a light-filled den, a timeless wood-burning fireplace, and a refreshed kitchen with quartz countertops, this home boasts some major selling points. 

Located just around the corner from Argyle park, a mile from Forest Glen Metro station, and minutes away from local restaurants and downtown Silver Spring, this home has a lot to offer!

Listed at $500,000, this home could be well within your budget.

As we conclude our investigation, our team takes a look at another beautiful center hall colonial. 

Located in the coveted Woodmoor neighborhood, at just under 1,300 square feet, and boasting three bedrooms, this is truly a beautiful place to call home. 

With an oversized screened-in porch and direct access to the fully fenced backyard, the outdoor living space is unmatched.

The kitchen has been fully renovated as well: Stainless steel appliances, stone countertops, and a full pantry with access to an oversized recreation room. 

Located just a couple of minutes from major commuter routes and just moments away from the very popular Woodmoor Shopping Center, this home in Silver Spring has it all.

Bottom Line

Whether it’s a family home to plant roots or a posh condo with a sweeping view, homeownership can enrich your life in ways beyond the financial investment. It’s evident that there are many options to call home in the $3,000 per month range. We can help you figure out exactly what you can afford and find that perfect place to call home. 

You can reach out to Maura, Jim, or another talented member of our team. Even if you’re not quite ready, we are always happy to talk or provide additional resources. Contact us here or check out more information on our website.