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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. More

Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero … all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Washington real estate blues

By Megan McArdle
Jan 8 2009, 7:12 PM ET Comment

No sooner do I find a place than I am beseeched for help from a friend planning to move into town with the Obama people.  The inauguration rental ads in the wrong place on Craigslist are still going strong, but they've been supplemented by clearly fraudulent ads aimed at the Obama folks.  I came across this myself during our house hunt, when I randomly discovered that someone was advertising my mother's place for rent, at a ridiculously low price.  A friend suggested we try to play the scammers, which would have been fun and instructive, but immoral, given that other people on Craigslist might be taken in by the ad.

I doubt that any current residents are being taken in, because we know that a $1400 2br in Georgetown, or $895 1br in the heart of Dupont, do not exist.  But I'm sure that there are people coming in from out of town--for the administration, or just because they're graduating from school or what have you--who are getting taken in.  What to do for these people?  Isn't there some sort of charity one can subscribe to?

If you are a potential newcomer, and you are reading this, here's my short, useless stab at explaining what to look for.  The gentrified neighborhoods in lower Northwest are:  Adams Morgan, Kalorama, Georgetown, Dupont, Logan, Foggy Bottom, West End, Chinatown/Gallery Place, Penn Quarter, U Street, and Columbia Heights.  The more adventurous may try Shaw, Bloomingdale, Eckington, LeDroit, or Petworth.

In Georgetown, Dupont, or Logan, you should expect to pay at least $2,000 for a one bedroom that you can turn around in; and similar in the others if you want to be above ground.  Each additional bedroom should cost you $300-600.  The standard deviation is about $150-$250 per bedroom, depending on the degree of gentrification; if you are 3 standard deviations from the mean, you are dealing with, on the expensive side, a busted house-flipper who is pricing the house to their mortgage payment rather than the market; and on the cheap side, a scammer.   This led to the odd sight, during my house search, of people asking more for a narrow, badly renovated row house on fourth and Elm than for a bigger place at 9th and Florida, which was farther from the ambulence run and closer to both bars and transportation.  You can guess which one we chose.

In the edgier neighborhoods, $1400 is about the bare minimum for a 1 bedroom you'd want to live in, unless you don't care about light, in which case, you can get a smaller basement in the $1000 to $1200 range.

Apartments that sound glorious--newly renovated, plenty of light and outdoor space, at least two bedrooms, and priced well under $2000--do not exist in any of the neighborhoods you have probably targeted.  It is not New York, or even San Francisco.  But it isn't exactly Smalltown USA.


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