More than a third of Seattleites rent their home, according to a report by apartment listing site Abodo, but we’re far from the top of the list—we took up 82nd place among U.S. cities, based on 2015 data.
41.9 percent rented their home at the end of the study, and that number hasn’t fluctuated much—while this is the lowest percentage in five years, Seattle has stayed within 1 percent since 2011, with a peak of 42.4 percent renting in 2013.
In some major cities, renters outpace homeowners, including Los Angeles, San Francisco, and New York, although many smaller towns are showing a high rental rate. College Station, Texas tops Abodo’s list.
It’s not especially surprising that homeowners aren’t increasing very much, with people under 35 far less likely to buy a home than previous generations.
And it’s no wonder: Even with the down payment issue aside, median rent costs less than a median mortgage. the Abodo study pegs Seattle’s median 2015 rent at $1270 and median mortgage at $1969.
That gap has only gotten higher. More recently, Zumper placed Seattle median rent at 10th highest in the U.S.: $1790. Abodo tells Curbed Seattle that they estimate the median 2016 mortgage at a whopping $2,965.