Economy
Are Boomtown D.C.'s Days Numbered?
It's one of the few cities to emerge from the recession unscathed. But for its economy to keep growing, Washington must wean itself from the government.
more than 24 new restaurants on 14th Street, the city's main artery of gentrification, and you'll quickly get the picture. The next available table for two at 7:00 p.m. does not open up until early December at Le Diplomate, the $6.5 million French bistro built on the site of a former dry cleaner.
Purchasing real estate is hotly competitive in D.C., too, with multiple bidders pushing up the median sale price of homes by 18.1 percent over the past five years. This to say nothing of the recent influx of millennials to the city, or its high median income of $66,538—compared with the national average of just over $50,000—or the huge jump in the last decade of the number of people in the region in the top 1 percent of the income bracket.