Bellingham one of the most over priced places to live?

There have been a few reports lately describing Bellingham WA as one of the most over priced areas in the state of Washington. 

Problems with this statement is that these calculations are done by bean counters located far outside the state of Washington let alone the Bellingham area.  These calculations are normally done by looking at the average home price in Bellingham of $322,000 and comparing to the population, average incomes, and job growth. 

Bellingham has one of the highest job growth rates in the state of Washington.  The population is steadily growing. The problem we have or at least the problem with these calculations is that our average income is lower.  This is not because there is no good paying jobs in our community.  By reviewing our population demographics its much easier to understand.

Bellingham is one of the most popular places to retire in the entire United States.  Which means a large portion of our population is on a fixed income, work part time, or don't work at all.

Bellingham is also home to a large University (WWU), Bellingham Technical College, and a community college (Whatcom Community College) which means another large portion of our population is college students.  Low incomes and mostly part time workers.  Also means that entry level positions can be filled cheap by seasonal workers. 

If you were to subtract those two groups you would see a lot of professional incomes, good job growth, and an affordable community.  Hope this helps calm the fire that the media lights every few months! :)