Alexandria: One of the Best Places to Live, Also One of the Most Expensive

PHOTOS: The median home value in Old Town is $589,300, according to Zillow; in Old Town, it buys you a 1,224-square foot three-bedroom condo (see rear patio, left photo). In Memphis for $564,900, that buys you a 3,800-square foot four-bedroom home with a pool on more than an acre (right photo).

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Everyone knows that Alexandria is one of the best places in the country to live. But the metro DC area is also one of the most expensive places to live.

In August, the Economic Policy Institute said that the Arlington-Alexandria area is the seventh most expensive place in the country to raise a child, and DC proper ranks at the top of the heap, according to an analysis by NBC of data from the Economic Policy Institute.

Anyone who has ever moved to the DC metro area — especially when a new administration moves into the White House or when they accept a job on Capitol Hill — likely has to decide whether to stay in the area or head back to the home state, where life is likely cheaper but maybe not as exciting.

Here are the 10 most expensive metro areas by annual expenditures on necessities, according to the index. (Figures are for a two-parent, one-child household and do not account for savings or discretionary spending.)

1. Nantucket-Dukes Counties, Massachusetts: $85,163

2. Washington, D.C.: $81,783

3. Stamford-Norwalk, Connecticut: $79,496

4. New York City: $78,518

5. Honolulu, Hawaii: $78,423

6. Nassau-Suffolk, New York: $78,301

7. Arlington-Alexandria, Virginia: $78,094

8. San Francisco: $77,819

9. Boston: $77,466

10. Westchester, New York: $75,992

The expense of living in the area, coupled with frustrations such as traffic, can impact families’ decisions on whether to stay put or look for greener pastures.

One of the biggest expenses is housing. In Old Town Alexandria, the median home value is $589,300.

What would that buy you in some of the cheapest places to live in the United States? Here’s a look from Zillow.com:

In Memphis, the average cost of a home is $180,375, according to the Council for Community and Economic Research; the average rent for a two-bedroom apartment there is $726. The cost of living there is 14.3 percent lower than the national average.

In Memphis the median price of a home in Old Town (actually less, $564,900) will buy you a 3,800-square foot house with four bedrooms and four baths: Here’s a description from the Zillow listing: “Classic, stately & tasteful is this Early American gem across from St. Mary’s School. Impressive entry, gracious formal rooms, updates in kitchen & baths. All on 1.22 acres w/PRIVATE gardens, patios & pool! Finest of condition and a pleasure to see.”

What does that buy you in Old Town? For $569,000, you can purchase a 1,224-square foot, three-bedroom, three-bath condo: “Stunning townhouse condo with three levels in Old Town Alexandria. Recently painted. Underground garage parking space. Very nice enclosed brick patio. Remodeled baths and kitchen. HWF on all levels. Master suite has large modern bath, walk in closet, and 18x9 loft master bedroom. This is all about location. Close to stores, restaurants, entertainment and transportation. Must see. 10+”

Need another reminder for why life is great in Alexandria? Check out: “8 Reasons to Move to Alexandria.”