Home › Forums › Real Estate › Which one’s a better DC neighborhood to invest in? › Reply To: Which one’s a better DC neighborhood to invest in?
I agree with jth. Columbia Heights is nearly as expensive as Capitol Hill these days, and I’m not sure that the rate of appreciation is keeping up with that pace. Petworth, being relatively inexpensive right now, is a great place to invest if he’s willing to wait a while.
My partner and I had a similar budget and ended up buying in Capitol Hill. To be honest, we never seriously considered Petworth and Columbia Heights because they were inconveniently located for our purposes and we don’t like the neighborhoods nearly as much. If you’e going to be living in the house while you wait for the value to appreciate it should be in a neighborhood that you enjoy, and perhaps your friend feels he’d be happier in Capitol Hill.
Prices in Capitol Hill have gone crazy in the past few years, but I still think it is a good investment. We’ve seen a lot of new businesses come to the Hill and flourish in the past 5 years, and I see that trend continuing. There is definitely more room for resturants and retail along Pennsylvania Ave, near the Potomac Avenue metro, and on 8th Street south of the freeway. The Near Southeast and Southwest development will bring more people over here as well, and hopefully will better link our side of the city to NW.
Capitol Hill still has room to grow, but I think you also need to consider general trends in where people are choosing to live. People are becoming less tolerant of long commutes, and Capitol Hill is ideally located for getting to work. Those who work on Capitol Hill, anywhere on the blue/orange line, or at the Navy Yard or DoT headquarters will find this location appealing. That’s a lot of people! And, as employers continue to move out to DC’s suburbs, Capitol Hill will be a desired location for those who want to live in the city but have easy access to Virginia or Maryland. Additionally, as more and more people choose to raise families in DC Capitol Hill will be among their first choices for its well-known family-friendly atmosphere.
Certainly anything in Capitol Hill will be easy to rent out if he needs to. It will continue to be a popular spot for Hill interns, and its proximity to H Street will attract young renters. If he buys near the 90 bus line he can also use the direct public transit route to U Street and Adams Morgan as a selling point.
I’m sorry my argument is so severely skewed towards where I live, but I do sincerely believe it’s a better investment than Columbia Heights (I don’t know enough about Petworth to make that call). However, as I mentioned earlier I think he should also consider where he would prefer to live and not strictly the investment perspective.