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Debt Became Prime Source of Financial Stress for DC Residents

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People living in Washington D.C. say their prime source of financial stress is debt, according to a survey conducted by financial site GOBankingRates.

The survey was conducted involving more than 2,000 people from all 50 states and D.C. “to pinpoint what’s causing the worst financial fears and stress among Americans.”

When respondents were asked in the survey to choose from the given options of debt, education, college expenses, everyday costs, family, divorce, healthcare, housing, or taxes, the D.C. residents chose “debt” as their number one source of financial stress.

Housing prices have gone up in the district: it costs nearly $1 million to buy a home in the capital. The median price for an average house in D.C. is $585,000, and the rent is $2,700, which is double than the national median of $278,900 and $1,695 respectively, according to real estate website Zillow.

“The nation’s capital is a place with one of the highest living costs in the U.S. As a result, residents might be relying on debt to help cover costs,” GOBankingRates said.

“In Washington, D.C., even a high median household income of $70,848 falls more than $9,000 short of the income necessary to cover expenses and have money left for savings,” the survey stated.

The number one cause of financial stress in the country overall was found to be “everyday costs of living.”

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