Seattle starter homes require six-figure salary
Add Axios as your preferred source to
see more of our stories on Google.
Seattle is one of 21 major U.S. metros where buyers need to make a six-figure income to comfortably afford the area's typical starter home, according to Redfin's latest analysis.
Why it matters: Less than 1% of Seattle-area home listings are affordable for middle-income households, according to Redfin.
The big picture: Local home shoppers in August needed a $178,000 annual income to afford the metro area's typical starter home — which costs about $564,450, per Redfin.
- The median household income for the Seattle metro is $126,140, researchers estimate, meaning a typical household would have to spend more than 42% of their income to pay for a median-priced home.
- The income required to afford a starter home here is more than double the national average of $77,000, per Redfin.
Between the lines: It costs quite a bit more to live in the city limits, with the median sale price of a home in Seattle coming in at $845,000 in August.
Catch up quick: Mortgage rates are down, offering home buyers some relief, but a shortage of available houses is keeping prices high.
- Attracting first-time buyers is one reason why homebuilders are churning out smaller, less expensive houses.
What we're watching: Many 2024 voters say home affordability is a top concern.
- Former President Donald Trump and Vice President Kamala Harris have different proposals for tackling it.