| Washington dc average home predicted by 2057 at 14m Original Source Link: (May no longer be active) http://www.wusa9.com/news/news_article.aspx?storyid=59190&provider=gnewshttp://www.wusa9.com/news/news_article.aspx?storyid=59190&provider=gnews
Experts: Washington Will Get More Expensive, Congested Created:5/30/2007 4:30:53 PM Last Updated:5/30/2007 7:05:41 PM
WASHINGTON (AP) -- Think the Washington area is expensive and congested today? Wait till you see what's coming.
One economist predicts that in 50 years, the average home in the Washington area will cost $14 million. Stephen Fuller, of George Mason University, spoke Wednesday at a forum on the region's future sponsored by the Metropolitan Washington Council of Governments.
The $14 million price would be almost 12 times the projected average household income in 2057. Currently, homes cost three-and-a-half times the average regional household income.
The lack of affordable housing will make traffic in the area even worse than it is today.
Robert Lang, director of the Metropolitan Institute at Virginia Tech University, was also part of today's panel. He said the Washington area is growing into a mega-region that will eventually stretch from Baltimore to Richmond.
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