A recent study by the Washington Center for Real Estate Research that was recently published by the Seattle Times adds more evidence to the surprising case that it may be more affordable to buy a home in the Seattle area than to rent. The study shows King County real estate is more affordable today than it has been in 17 years. Interest rates, incomes, and lower home prices are contributing to a buyer's market that's more enticing than we've seen in a long time.
Median home prices in King County are around $350,000, and while many have opined that the area's higher-cost homes create a lack of affordable housing, rental prices are not creating much of an alternative. Incomes in the Seattle metro area are significantly higher than the national average, a large contributing factor to the "affordability" index of Seattle homes for sale.
Current statistics:
- A mortgage payment on a median-priced condo is 35 percent lower than the monthly rent for the average 2 bed, 2 bath apartment in King County.
- A mortgage payment on a median-priced house is $400 per month less than the rent on a typical house.
While the current economy is certainly holding some buyers back, financing for home buyers has loosened up significantly and there are ample opportunities to qualify for a mortgage on a home. Based on the current statistics, it's not just an exciting opportunity but also a wise investment.
Comments(0)