Washington, D.C. is the capital of the United States, as well as the main center of political activity in America. Washington’s metropolitan area is comprised of approximately 5.6 million residents, making it the seventh-largest metropolitan area in the U.S. Washington D.C.’s political composition is unique compared to the 50 states, as the United States Congress is responsible for enacting legislation instead of a local state government.
Washington D.C. has a strong economy, demonstrated by the district’s achievement of having the second-lowest unemployment rate among U.S metro areas. Though many assume that D.C’s economy is dominated by political employment, federal government employees account for less than 30% of the jobs in the area. D.C’s economy is diverse and continues to evolve, as the research, finance, education, and public policy industries are expected to experience heavy growth in the near future. In 2009, Washington D.C. became the leader in foreign real estate investment, surpassing both London and NYC, and D.C. was ranked second on Forbes’ list of best long-term housing markets in the country.
The Washington, D.C real estate market wasn’t affected by the recession as badly as most markets. Property values were steadily rising from 2000 to 2005, and peaked from 2006 to 2007. Values declined slightly from 2008 to 2009, but quickly bounced back and have remained stable since. Due to the observable resilience the D.C market had in the midst of a harsh economic climate, there is no question that Washington D.C is an excellent location to invest in property, especially in the long run.