clock menu more-arrow no yes

Filed under:

On Average, Seattle Millennials Can Afford a $200K House

New, 1 comment

You've probably been hearing a lot about how millennials are buying homes at a lower rate than previous generations. A look through U.S. Census Bureau data bears that out. Homeownership for adults under the age of 35 in 2015 Q3 was 35.8 percent. In 2005 that number was 43 percent.

There's quite a few reasons for that and the rising price of homeownership is among them. Here in Seattle, millennials actually have it pretty good in terms of what they can afford. It's just the size of the place they can afford that's not as great, per SmartAsset.

Based on the median income and net worth for residents under the age of 35, the average home value affordable to millennials in Seattle is $200,000. That is higher than any other city on the list, but thanks to Seattle's pricey housing market it does not buy much – just 539 square feet, according to data from Seattle-based Zillow. A quick look around shows that there are currently less than 20 properties on the open market for $200K or under (all condos), most of which are either way up in North Seattle or way down in South Seattle. So while that's a high number by comparison to other places, it's still not going to get you very much right now.
· How Much House Can Millennials Afford? [SA]