Singles need 27 years to save for a Seattle starter home
Add Axios as your preferred source to
see more of our stories on Google.
If you're single and saving for a starter home in Seattle, it is likely to take you almost three decades — but the typical couple needs only a fraction of that time, a new study finds.
Why it matters: While Seattle generally ranks as one of the country's least affordable housing markets, it's much worse for people who live alone.
By the numbers: It takes individuals in Seattle 27.1 years to save enough to buy a typical starter home, per a recent analysis by Point2, an online real estate marketplace.
- For couples, it takes 3.6 years.
Zoom in: The median income for Seattle singles is $68,941, compared to $154,767 for couples, per Point2 data.
The fine print: The study assumes people save 20% of their income for a down payment.
- A starter home is defined as the median price of the cheaper third of listings in the region.
- In Seattle, that means homes with a selling price of about $560,000.
Caveat: The analysis assumes a 6.6% mortgage rate. Current mortgage rates are hovering above 7%.
The big picture: The timeline for comfortably buying a house largely depends on where you live.
- On the West Coast, singles need decades longer to save for a starter home.
- In the Midwest, being partnered doesn't give you a huge leg up.
- Nationwide, saving for a starter home takes solo buyers 8.4 years, compared to 2.1 years for couples — far less than in Seattle.
Yes, but: A few dozen housing markets are even tougher, especially in California.
Case in point: In Los Angeles, it would take an individual nearly 79 years to save for a starter home, compared to just over 25 years for couples.