As a denizen of this particular Metro area, I get deeply depressed whenever the subject or thought of trying to purchase property here comes up. It's the same for many people who live here. The idea of owning any property is summed up in the following way: paying half a million dollars for a 300 square foot closet in Anacostia. Then, after making such a ridiculous purchase, one is likely to descend into the only scarier thing that having a half million dollar debt to one's name, a condition I like to call Aristocratosis. This is when you, because you own property in your area, believe you are something akin to landed aristocracy and proceed to tell all your friends and people you know who rent how financially stupid they are and decry what a bargain you got for your half a million dollar apartment in a high crime neighborhood. I think Aristocratosis naturally develops as a coping mechanism to the monstrous debt you have anchored to yourself and will be working to pay off for the rest of your life.
For all those who have the same depressed reaction I do, here is a blog to make you feel better. It's called Bubblemeter, and it's dedicated to the relieving assumption that the DC Housing Market is a bubble, and that it will burst soon. I hope so. They search out and find nifty facts, like that home cancellations are way up, anti-gentrification sentiment, and mortgage payments rising explosively. As the blog shouts, "always remember: Renters are people too. We are NOT second class citizens!"