Seattle newcomers have slightly bigger housing budgets than locals

Out-of-towners who moved to Seattle in the first half of the year had 0.8% more to spend on a home than locals, per an analysis by real estate company Redfin.

• The average maximum budget of newcomers was $1,229,642 compared with $1,220,439 of locals.

Why it matters: Buying a home already feels out of reach from many locals. Home prices have soared during the pandemic, and Seattle incomes aren't keeping up.

• The median home price in Seattle rose 7.5% year-over-year, hitting $860,000 in July.

Driving the news: Our market has started cooling, but "the share of homebuyers moving to different parts of the country has not," Redfin deputy chief economist Taylor Marr said per the report.

• "That's partly because home prices and mortgage rates have increased so much that homebuyers with the flexibility to relocate are seeking out affordable areas," Marr said.

Zoom out: Relatively affordable destinations posted larger spreads. Seattle landed in the top 20 cities for budget gaps between out-of-town and local buyers.

• Philadelphia, Pennsylvania, topped Redfin's analysis of newcomers' purchasing power.