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Affordable Housing in Everett and Snohomish County

I just attended a breakfast meeting this morning held by The Housing Consortium of Everett and Snohomish County.

Here are some scary statistics: "It would take close to four waiters, each with a median annual income of $18K, pooling their resources, to afford a single-family home in Snohomish County."

"It would take at least 3.5 house cleaners, each making nearly $20K a year, pooling their resources, to afford a single-family home in Snohomish County."

"It would take at least 2 teachers, each making $34K a year, pooling their resources, to afford a single-family home in Snohomish County."

"It would take at least 1.65 roofers, each making $42K a year, pooling their resources, to afford a single-family home in Snohomish County."

"A police officer making $63,000 a year cannot afford a house in Snohomish County today."

"In fact, it takes an income of nearly $71,000 a year to qualify for a $340,000 mortgage."

With the economic boon upon us, the scarcity of land, lot costs are rising, developing costs are rising, building lot square footages are becoming smaller and the price tag is becoming larger we are a tad upside down on the scale of buyers vs. affordable housing.

The solution, well, no one really spoke to that issue. That really bothered me -- everyone talks of the problems, report it to the press, but there's no resolution. Oh, they suggested that we call our family members that have property to sell and ask them to take less for their land to sell to developers. I think NOT. In this increasing market. However, where does the BUCK START?

We are looking at DINK's purchasing properties (Double Income No Kids) in our future.

The sad issue is our teachers, police officers, health care workers that serve our community cannot afford to live in their communities.

What's your solutions?

Posted by Karen Villa Schweinfurth, ABR, CRS, SRES, CyberStar on 10/19/2006 02:50 PM

Comments (10)

snohomish county, washington, affordable housing

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10 Comments on Affordable Housing in Everett and Snohomish County

Karen your area is very expensive. But my area is very inexoensive and people still can't afford to buy a home. I truly feel for them. Everyone should have the opportunity to own a house. I have no solution.

10/19/2006 04:15 PM

by Bryant Tutas-Tutas Towne Realty, Inc

Here in my part of Los Angeles the average home price is around $550,000. But roofers, housecleaners, waiters and bus drivers make about the same amounts here as they do your part of the country. It is a problem.

People partner up, extended family members co-sign and everyone lives under one roof; which creates a shift in the social fabric of the community, not to mention serious traffic and parking problems!

10/19/2006 04:24 PM

by Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA

Our county is addressing similar issues- tomorrow we are holding a public forum "Summit" on growth and affordable housing...I posted this yesterday under regional news.

The might dollar is being spread thin by many and housing prices show no mercy!

Thank goodness rates are down and the economy is looking stable- at least they are getting the most bang for the buck now .

10/19/2006 04:49 PM

by Michele Connors, Broker in Charge (Coldwell Banker First Realty Morehead City)

Housing costs are the costs that make the cost of living out of the range of many home buyers in our area, Maryland and Northern Virginia in the Balt/Wash corridor.

The average relocating buyer that we represent has $120K income.
The average home price in the areas of choice is $450K-800K.
Incomes have not kept up with the rise in home prices.
Local people are NOT buying.
Rents are going up.

Lenn Harley, Homefinders.com

10/19/2006 05:23 PM

by Lenn Harley, Homefinders.com, MD & VA Real Estate

It is important to know the State plans that help nurses, teachers and police officers in your area. We also have programs for low income levels. There are requirements but usually we can find something to help. We have also gone the share route where family or friends have gone in together too!

10/19/2006 05:47 PM

by Teri Isner GRI, CRS, CIPS (Keller Williams Celebration)

Prices will come down or people will move to other locations. Take teachers in expenisve cities. You end with with lower quality teachers because the smart ones move. This is way too simple. Lets figure out a way to move jobs around the country. Why cram everyone up in a couple of spots. What is high tech for?

10/19/2006 06:29 PM

by Eric Bouler (Prudential Gardner)

Karen,

Affordablity is the number one influence on prices; the second is rental costs. If the disparirt between the after tax monthly mortage costs is greater than rents, and the median income can't afford the median priced home? You have problems.

10/20/2006 01:23 AM

by America's #1 Mortgage Broker

We have county and city programs for teachers and cops, but take a look at the maximum purchase prices .... and the borrower income limit is just about at poverty level.

http://www.latmap.com/resources/resources_city.aspx

http://www.latmap.com/resources/resources_county.aspx

The CalPers State Program offers some hope:

http://www.latmap.com/resources/resources_state.aspx

Hey, Brian Brady, have you been doing any CalPers loans lately?

10/20/2006 07:30 AM

by Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA

In the UK many large single family homes were converted to flats or bed-sits to accomodate the population at a rate they could afford to pay.

10/21/2006 11:07 AM

by Suzanne Marriott, Associate Broker, CLHMS, e-PRO (Keller Williams Realty Professional Partners)

This is a short-term problem. Real estate is governed by the law of supply and demand. Currently in Snohomish County, new properties are coming on the market by developers every day, yet prices are continuing to increase because more people are coming here than houses are becoming available. Eventually there will be enough housing to reach equilibrium. Although due to the high prices now, homes are taking longer to sell, as long as supply does not meet demand, prices will rise. Once enough homes ar on the market, prices will stagnate and re-sale homes will take even longer or sell for less until once again, we have a shortage of inventory. This cycle has historically taken about 7 years. There's reason to believe that this cycle will be slightly shorter, perhaps only 5 years, but if you study real estate trends you'll see this cycle repeated over and over again.

08/08/2007 12:08 PM

by Jay Sunderland, Assoc. Broker, MBA, SPHR Everett and all washington Real Estate (JKL Realty Group, Inc. at Zip Realty)

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