According to two major real estate companies' research, the chances that you'll be able to find an affordable home in Seattle are dwindling. But then again, maybe you already knew that.
Let's start with Redfin, who says that a family with two middle-class incomes can't afford a median-priced home in most of the largest U.S. cities, according to an analysis of affordability based on list prices and median incomes. Here in Seattle, Redfin found that just 44% of homes for sale in Seattle are affordable for a family earning two median salaries. And if you only have one media salary in the household, your chances of finding affordable housing drop all the way to 6%.
Now let's couple that data with some learnings from Zillow, who recently found that 37% of homes currently for sale in Seattle metro are unaffordable. Of the 7,000 homes for sale they profiled in March, only 4,400 of those homes were deemed "affordable" to the average homeowner. They've also created an Interactive Affordability Map for Seattle that shows how many affordable homes exist in each zip code based on your average monthly mortgage payment. Drop under $1,300/month and good luck finding a place in Seattle Proper.
· Two Middle-Class Incomes Don't Add Up To a Home [Redfin]
· 37% Of Homes For Sale In Seattle Metro Are Unaffordable [Seattle Refined]