Potomac MD: Where DC's Affluence Lives

Washington DC has a reputation for being home to political power players and big moneymakers. In reality, however, only a few parts of the city and the surrounding metropolitan areas in Virginia and Maryland exhibit the kind of affluence you might expect to encounter based on Hollywood portrayals. Potomac, MD is one such region, and the properties here are accordingly upscale.

Although this census-designated place, or CDP, lacks an official government of its own, it exerts plenty of influence on the surrounding Montgomery County. The huge homes here are known for their air of exclusive mystery, and they routinely play host to high government officials and millionaires.

Who Lives in Potomac, MD?

The 2010 Census reported that 44,965 people lived in this CDP, which was a small drop in the bucket compared to the 600,000 or so who made their homes across the Potomac River within DC city limits. Of the local residents, more than 80 percent possess bachelor's degrees or better. This exceeds the nation's capital by about 30 percent and more than doubles the national average.

While the Washington DC metropolitan region is known for a diverse population in general, Potomac residents are conspicuous outliers. Around 29 percent of the local population is foreign-born, which clicks with the idea that the area's rich properties draw choice international investors and jet-setters.

Potomac also has a bit more representation among minors, with 25.3 percent in the under-18 crowd as of 2010. The 2010-2014 American Community Survey revealed a median age of 46.2 years. These age trends make sense to those who consider what kind of investors this market caters to. Most people who move here come in pursuit of the large housing and privacy. With an amazing 38 percent of homes containing four bedrooms and 34 percent including five or more, it's easy to understand the attraction for those seeking room for their growing families.

Homeowners' salaries in Potomac are some of the highest in the country and certainly within the region. The 2014 median income topped $181,000, compared with a median of under $70,000 for DC residents. Accordingly, the median listing price for a Potomac home was $1,495,000, and although this value has been known to jump up and down by hundreds of thousands of dollars from year to year, the last time it dipped close to the $1.1 million range was in 2011. More than 53 percent of homes were valued between half a million and a million dollars, and the bulk of the remainder, or 35.5 percent, exceeded $1 million in value.

Unlike some areas where prices can jump into the millions, the majority of property transactions here actually afford buyers more than just location. There are only 16,093 occupied housing units, but of those, 14,018 are lived in by their owners. Notably, 71.3 percent of owner-occupied housing units have existing mortgages, compared to about 65.6 percent for the nation as a whole. High incomes notwithstanding, the cost of entering the market and the relatively young age of many property owners means that financing is generally a must.

What Is the Culture of Potomac, MD?

To understand the Potomac lifestyle, you have to get a feel for its most common property types. It's not impossible to find suburban blocks that look similar to what you'd see in other parts of the state, but you're equally likely to run into homes with their own tennis courts, multi-car garages, and huge pools. While isolated pockets of condos pop up here and there, these are mostly concentrated around the Beltway and near select shopping venues along major thoroughfares. The sprawl here isn't so much the urban kind as it is limited to individual properties that dominate land formerly dedicated to agriculture.

Educational attainment being a big characteristic of the home-owning residents here, there are naturally plenty of great places to send your kids to school. In addition to well-reviewed public high schools regionally-recognized for their performing-arts programs, athletics, and academic performance, there are numerous international, religious, and secular private institutions.

Also noteworthy for a suburb near an East Coast city is the fact that almost everyone here owns at least one vehicle. The CDP is also bordered by a thriving park system that runs along the Potomac River and through old farms, so visitors can easily enjoy kayaking, fishing, and exploration around areas like Great Falls.

What Is Potomac, MD Best Known For?

There are plenty of cool things to see here, especially if you appreciate natural history. While it's not packed with quite as many big-name landmarks as you might encounter in other towns or the city nearby, parts of the region seem unspoiled by the passage of time. For instance, the Chesapeake and Ohio Canal National Park spends part of its 184-mile trip winding through the area. This system of well-preserved locks is open to self-guided and directed exploration all year long. In addition to mule-drawn boat rides, kayaking, sledding, ice-skating, snowshoeing, and mobile tours, it offers great insights into the waterway transportation networks that allowed the nation's capital and U.S. expansionism to thrive in the first place.

At the intersection of Falls Road and River Road lies Potomac Village Shopping Center, the CDP's major concession to consumerism. Although touted as high-end, this hub is home to a number of common conveniences and chain stores. Of course, it also hosts a few exclusive financial institutions, day spas, and eateries that provide a more-accessible glimpse of what you'll find at the high-end restaurants and taverns that occupy historic edifices along the waterfront.

While there are plenty of places to make your home in the Washington DC metro area, few are as privileged. Potomac, MD, represents an iconic union between historical institutions and contemporary upward mobility.