🚀 go-pugleaf

I am in the Navy currently stationed in Norfolk.  I will be transferring to
a job at the Pentagon in April of next year and am looking to buy a condo in
either DC or Alexandria/Arlington area.  I plan on separating from the Navy
in 2002 and would like to stay in the area.  I have done extensive research
on the internet but still have lots of questions that I hope people can
answer.

I am looking for a minimum 2 bedroom condo, close to a metro station.
Prefer city center area and plan on spending about $100,000.  I ulitmately
prefer DC but am faced with the following dilemas:

Tax rate is 9.5% vs 4.5% for VA (I am currently a VA resident)
I know there is a $5,000.00 first time credit for first time home purchase.
Does the $5,000.00 tax credit off-set the higher personal income taxes?
What is the average property tax rate in DC vs. noVA?

After looking at condos on www.realtor.com I have noticed that there is
virtually nothing available in a 2 bedroom condo near a metro station within
DC.  On the other hand, there are hundreds of listings available in noVA
within this price range.

I am a little confused about housing costs within DC.  According to all the
statistics, DC has had a loss of population the last 10 years wheras noVA
has had a gain.  Would this not bring housing costs down due to an
over-supply?

Ultimately, I would prefer to live in Washington, DC vs Northern Virginia,
but according to everything I mentioned, this does not economically
feasible.  Is this correct?  or  am in misinformed?

I would greatly appreciate any input anyone may have, or any advice from
people who have had to make a similar decision.

Thanks for your help!

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