G
ianna Licari's determination to buy a home in Washington D.C. was unwavering, despite the challenges she faced as a first-time buyer. The 23-year-old Chicago native had graduated early from UCLA and landed a job with the FDA before moving east for a new role in government. With her sights set on homeownership, Ms. Licari prioritized affordability, setting a budget of $300,000 and aiming to keep monthly payments under $2,500.

    Inventory was scarce in the fall of 2023, and listings often sold quickly, according to Chris Kuchnicki, an agent with eXp Realty. To find something within her price range, Ms. Licari expanded her search to Maryland and Virginia, weighing factors like transportation options and walkability. She ultimately narrowed down her options to three condos.

    The first condo, a 1,053-square-foot unit in Rockville, offered two bedrooms and an open-plan layout, but needed some work and came with a high HOA fee of $1,230 per month. The asking price was $225,000, with annual taxes of about $2,120. In contrast, the third condo, located in Vienna, Va., boasted updated features like new flooring and heating systems, but had a longer commute to Washington D.C. and an HOA fee of $389 per month.

    Ms. Licari's agent suggested she explore first-time home buyer assistance programs, which could help her qualify for financing despite her limited income. In the end, Ms. Licari made an offer on one of the condos, determined to achieve her goal of homeownership in the nation's capital.