Table of Content
Our data are calculated and updated every three months for each neighborhood, city and town, approximately two months after the end of the previous quarter. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage transactions to the FHFA. These data are combined with the data of the previous 29 years to establish price differentials on properties where more than one mortgage transaction has occurred. These resultant neighborhood appreciation rates are a broad measure of the movement of single-family house prices.
To be comfortable, you will need to make at least $86,000 a year. This means you would need to make $7,166 a month to live on your own in McLean. On average many of the teachers have 16 kids per class and spend about $8,371 per student. However, that does not mean you have to pay that amount; it means that’s what it costs the school.
Is McLean, VA a buyer’s or seller’s market?
Because McLean has access to beaches and bodies of water, it appeals to people who love the outdoors. And, with its proximity to Washington, DC’s culture, nightlife, and many attractions, it’s ideal for both young professionals and growing families. NeighborhoodScout reveals the home appreciation rates for every city, town, and even most neighborhoods in America.
The average price of a home in the US is $284,600, so McLean is approximately 325% higher than the national average. Visit our Buyer Resource Center for the latest home buying advice from top real estate agents across the country. In McLean, the average cost of full-time daycare per week is $638.
Number of Homes For Sale
Find a top agent with a proven track record of selling homes faster than their peers or who can help you find your dream home, no matter how quickly their market moves. McLean is near many universities, colleges, and technical schools; there are actually 60 colleges within a 50-mile radius of McLean. There are technical schools for healthcare, technology, and education near McLean.
In Fairfax County, for instance, the extra city and county sales tax rates total 1.70%. This means that the total sales tax rate in McLean, Virginia is 6.0%. Owning a home in McLean is comparatively slightly more expensive than in other areas of the country. Most homes in Virginia cost around $307,964, while living in McLean costs approximately $926,900.
Homeownership Costs in McLean, Virginia
The appreciation rates serve as an accurate indicator of house price trends at the neighborhood level. Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S. Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancings on the same properties.
The proportion of homes and apartments in the city built within a certain time period. While each home is unique, the average price per square foot of an area can give a sense of the market in a particular area. Using a weighted 3 month average, Zillow reports the average price per square foot for McLean was $391 per square feet of living space; while Fairfax County had a price per square foot of $274.
This city had 71 entries in the past 12 months by 9 different contributors. Members receive 10 FREE city profile downloads a month, unlimited access to our detailed cost of living calculator and analysis, unlimited access to our DataEngine, and more. Our cost of living indices are based on a US average of 100. An amount below 100 means McLean is cheaper than the US average. A cost of living index above 100 means McLean, Virginia is more expensive. We use data, analytics, and a sense of humor to determine quality of life for places across the nation.
Low earners pay lower marginal rates, with the top bracket starting at $17,000 in taxable income. This means that most taxpayers in McLean, Virginia will have to pay the top rate of 5.75% of at least a portion of their income. Virginia’s minimum wage is $7.25 an hour, while the livable wage is $19.92 an hour. Many people will have a range of pay bases to help them afford living in McLean. Here’s a breakdown of precisely what you might spend to live monthly in McLean, Virginia.
It's also important to consider median household incomes to make apples-to-apples comparisons across locations. Work with a top McLean real estate agent who can help you navigate the market and get the best deal. Something we sometimes overlook when moving to a new area is the cost of food. Grocery shopping is something most of us do weekly, and sometimes monthly. Virginia has a progressive income tax system, with four income tax brackets in total that range from 2% to 5.75%.
McLean, Virginia is a city located just eight miles northwest of Washington, DC. It is situated on the banks of the Potomac River. McLean is considered a suburb of Washington, DC and because of its proximity, it’s well known as a place where members of Congress, military, and government officials live. The headquarters of the United States Central Intelligence Agency is located northern area of McLean in Langley. Click on the risks below to learn which exist in Mclean Hamlet today and how they’ll change by 2050. Flood risk in Mclean Hamlet is increasing slower than the national average.
However, this does not cover costs or room and board, or any textbook fees. Activity Price RangeRestaurants (2 people/mid-range)$70.00Fitness Club $90.00Movies $13.00Depending on where and when you go, activities fees will vary. There can always be extra expenses with activities, depending on the time of day, day of the week, number of people attending, etc. There may be certain places that do not include garbage, and you will have to find your way to dispose of your trash. Some places will cover this cost, but you must provide your garbage cans that still need to meet community requirements.
McLean's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in McLean during the period has been just 3.41%, which is lower than 80% of US communities. The BestPlaces cost of living index is the most accurate and complete available because we add many new categories to the current and historical systems.
View houses in McLean that sold recently
This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac . Then proprietary algorithms developed by Dr. Schiller, NeighborhoodScout's founder, are applied to produce neighborhood appreciation rates. Appreciation rates are updated by NeighborhoodScout each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter, then are fed into NeighborhoodScout's search algorithms. Our data are designed to capture changes in the value of single-family homes at the city, town and even the neighborhood level.
If you wish to report an issue or seek an accommodation, please contact us at BRIGHT MLS is the provider of this home sale information and has compiled content from various sources. Some properties represented may not have actually sold due to reporting errors.
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