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OSU and WSU weighing Pac-12 options

Officials say they expect to have  more information within about a month.

News

Washington's paid family leave program could see more delays

The agency that runs the program  says it needs more staff to keep up with surging application numbers.

How earthquake research can help save the PNW from "The Big One"

A new center aims to answer questions like how high tsunami waters could go and how long shaking might last.

Seattle City Council passes plan for prosecuting drug use

Treatment and diversion should be offered first in most cases, according to the new law.

Seattle-area homes are selling fast — typically in 8 days

Real Estate

Around 63% of Seattle-area homes in July were snapped up in two weeks or less, according to Redfin data shared with Axios.<ul><li>That&#x27;s far above the national average, which saw roughly 41% of listings marked pending, contingent or sold within that window, Redfin found.</li></ul>

A bar chart showing the share of homes that go off the market within 2 weeks, by metro division. Cincinnati leads with 70% of homes in July going off the market in two weeks, while Seattle is second with 63.4% of homes going off the market within two weeks.

Climate risks worry home buyers, especially on the West Coast

More than 90% of buyers in Pacific states are considering risks like wildfires, heat waves or flooding.

Potential <a class="gtmContentClick" data-vars-link-text="climate disasters" data-vars-click-url="https://www.axios.com/2021/07/08/pacific-northwest-heat-wave-climate-change" data-vars-content-id="bd258915-ac37-47da-82f9-3705059a73fd" data-vars-headline="Climate risks worry home buyers, especially on the West Coast" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2021/07/08/pacific-northwest-heat-wave-climate-change" target="_self">climate disasters</a> are a major worry for people buying homes in Washington, as well as elsewhere along the West Coast, according to new research from Zillow.Why it matters: Recent extreme weather events — from <a class="gtmContentClick" data-vars-link-text="heat waves" data-vars-click-url="https://www.axios.com/2022/11/28/climate-change-heat-wave-northwest-warning-sign" data-vars-content-id="bd258915-ac37-47da-82f9-3705059a73fd" data-vars-headline="Climate risks worry home buyers, especially on the West Coast" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/11/28/climate-change-heat-wave-northwest-warning-sign" target="_self">heat waves</a> to <a class="gtmContentClick" data-vars-link-text="wildfires" data-vars-click-url="https://www.axios.com/2022/10/21/wildfire-smokes-pacific-northwest-seattle-air-quality" data-vars-content-id="bd258915-ac37-47da-82f9-3705059a73fd" data-vars-headline="Climate risks worry home buyers, especially on the West Coast" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/10/21/wildfire-smokes-pacific-northwest-seattle-air-quality" target="_self">wildfires</a> to <a class="gtmContentClick" data-vars-link-text="heavy rain" data-vars-click-url="https://www.axios.com/2022/12/28/west-coast-flooding-atmospheric-rivers-power-outages" data-vars-content-id="bd258915-ac37-47da-82f9-3705059a73fd" data-vars-headline="Climate risks worry home buyers, especially on the West Coast" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/12/28/west-coast-flooding-atmospheric-rivers-power-outages" target="_self">heavy rain</a> — are pushing more homebuyers to consider the effects of climate change when they search for a place, Manny Garcia, senior population scientist with Zillow, told Axios.

Illustration of a "For Sale" sign post flooded in water. 

"Golden handcuffs" lock up Seattle's housing supply

Homeowners might have a great rate now, but likely can't move without spending a lot more cash.

More than two-thirds of mortgage holders in Washington state had rates below 4% as of late last year, locking homeowners in place and leaving buyers with few homes to choose from, according to an analysis from Redfin.Why it matters: Homeowners are experiencing the &quot;golden handcuffs&quot; phenomenon, meaning they might have a great rate now, but likely can&#x27;t move without spending a lot more cash, explains Redfin chief economist Daryl Fairweather.

Illustration of a handcuff on a keychain in a lock

Seattle goes big on accessory dwelling units

Applications for ADU permits rose 25% in 2022 but the number of completed dwellings lag.

Interest in building accessory dwelling units — more commonly known as ADUs — spiked across the greater Seattle area thanks largely to <a class="gtmContentClick" data-vars-link-text="new regulations" data-vars-click-url="https://www.seattle.gov/opcd/ongoing-initiatives/encouraging-backyard-cottages" data-vars-content-id="f878d49c-3856-4be4-ae2f-a3b765e57a30" data-vars-headline="Seattle goes big on accessory dwelling units" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.seattle.gov/opcd/ongoing-initiatives/encouraging-backyard-cottages" target="_blank">new regulations</a> encouraging the construction of secondary housing units.Why it matters: In cities like Seattle where affordable housing is a chronic issue, ADUs can help <a class="gtmContentClick" data-vars-link-text="relieve the shortage" data-vars-click-url="https://www.seattle.gov/opcd/ongoing-initiatives/encouraging-backyard-cottages" data-vars-content-id="f878d49c-3856-4be4-ae2f-a3b765e57a30" data-vars-headline="Seattle goes big on accessory dwelling units" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.seattle.gov/opcd/ongoing-initiatives/encouraging-backyard-cottages" target="_blank">relieve the shortage</a> while also providing extra income for property owners who rent them out.

An accessory dwelling unit with wood siding is shown surrounded by trees, with a paved area in front of it. 

Saving a home down payment takes 12 years, on average, in Washington

It's even longer in Seattle, according to Zillow data.

It&#x27;ll take the average Washingtonian about 12 years to save up for a 10% down payment on the typical home, <a class="gtmContentClick" data-vars-link-text="Zillow data shows" data-vars-click-url="https://www.zillow.com/research/understanding-affordability-32538/" data-vars-content-id="3b0ad229-81d6-4e0c-ac8d-3e22a0137995" data-vars-headline="Saving a home down payment takes 12 years, on average, in Washington" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/research/understanding-affordability-32538/" target="_blank">Zillow data shows</a>. And in the Seattle metro area it&#x27;s even longer: 13.3 years.<ul><li>That accounts for people saving 5% monthly of the state&#x27;s median household income, which Zillow estimated as $97,000.</li></ul>

Green choropleth map showing the average years it takes a household to afford a 10% down payment on a 40-year fixed mortgage, by state, as of May 31, 2023. The U.S. average is 8.9 years, with states like Iowa being as low as 5.2 years and Hawaii as high as 18.4.

"Hidden" costs of homeownership in Seattle area tops $20K

People may not account for rising utilities, maintenance costs and property taxes.

The &quot;hidden costs&quot; of homeownership in the Seattle metro area is nearly $21,000 a year on top of mortgage prices, the fourth highest in the nation, a recent real estate analysis has found.Driving the news: That&#x27;s an extra $1,750 every month most homeowners are paying on top of what is likely an already expensive mortgage payment, according to <a class="gtmContentClick" data-vars-link-text="the report" data-vars-click-url="https://www.zillow.com/research/hidden-costs-homeownership-2023-32723/" data-vars-content-id="0ebe85c5-f3af-4818-b935-76a545e9f2a6" data-vars-headline="&quot;Hidden&quot; costs of homeownership in Seattle area tops $20K" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/research/hidden-costs-homeownership-2023-32723/" target="_blank">the report</a> by Seattle-based Zillow and Thumbtack, a home maintenance app.

Illustration of a hand placing a quarter into a house chimney

It's far cheaper to rent than own in Seattle right now

The typical Seattle home was 88% more expensive to buy than rent in March.

If you&#x27;re looking to buy a home in Seattle instead of renting, you&#x27;re likely to pay a hefty premium.Driving the news: The typical home in Seattle was 88% more expensive to buy than rent in March, a <a class="gtmContentClick" data-vars-link-text="Redfin analysis" data-vars-click-url="https://www.redfin.com/news/rent-vs-own-2023/" data-vars-content-id="a91bf742-5a84-4dee-bcc9-f1b91e1c74f1" data-vars-headline="It&#x27;s far cheaper to rent than own in Seattle right now" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/rent-vs-own-2023/" target="_blank">Redfin analysis</a> found.

A  bar chart showing that in Los Angeles, San Francisco, San Jose and Seattle, 100% of homes were more expensive to own than rent in March.

Seattle rent skyrockets from early pandemic

Seattle's strong job market and enduring allure keep competition and prices for rentals up.

Despite softening demand in the Seattle real estate market and a brief period of <a class="gtmContentClick" data-vars-link-text="rent declines" data-vars-click-url="https://www.axios.com/local/seattle/2023/01/18/seattle-rental-prices-fall-december-2022" data-vars-content-id="a7a3717a-be16-4752-9673-252c89636fe1" data-vars-headline="Seattle rent skyrockets from early pandemic" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/seattle/2023/01/18/seattle-rental-prices-fall-december-2022" target="_self">rent declines</a>, it&#x27;s still much more costly to rent here than it was earlier in the pandemic.Driving the news: Rent in Seattle is up 21% in 2023 compared to 2021, according to an analysis released this month by <a class="gtmContentClick" data-vars-link-text="QuoteWizard" data-vars-click-url="https://quotewizard.com/renters-insurance/average-cost-of-renters-insurance#changes" data-vars-content-id="a7a3717a-be16-4752-9673-252c89636fe1" data-vars-headline="Seattle rent skyrockets from early pandemic" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://quotewizard.com/renters-insurance/average-cost-of-renters-insurance#changes" target="_blank">QuoteWizard</a>, an online insurance platform that analyzed <a class="gtmContentClick" data-vars-link-text="median rent" data-vars-click-url="https://www.apartmentlist.com/research/category/data-rent-estimates" data-vars-content-id="a7a3717a-be16-4752-9673-252c89636fe1" data-vars-headline="Seattle rent skyrockets from early pandemic" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.apartmentlist.com/research/category/data-rent-estimates" target="_blank">median rent</a> for new leases across the nation.

Illustration of a house key covered in price stickers. 

Young single women lose homeownership gains

With a median income of $30,000, young single women can afford only .2% of Seattle home listings.

Young single women had almost closed the homeownership gap with young single men in 2021. But that long-running trend has now reversed.Driving the news: Single women&#x27;s homeownership rate took a heavy hit in 2022 due, in part, to <a class="gtmContentClick" data-vars-link-text="lower salaries" data-vars-click-url="https://www.axios.com/local/seattle/2023/03/30/paycheck-fairness-act-murray" data-vars-content-id="c5f3a460-bc31-48dc-814e-88a3ce71ade3" data-vars-headline="Young single women lose homeownership gains" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/seattle/2023/03/30/paycheck-fairness-act-murray" target="_self">lower salaries</a>, more volatile work experiences and more caregiving responsibilities, according to a <a class="gtmContentClick" data-vars-link-text="recent Zillow analysis" data-vars-click-url="https://www.zillow.com/research/single-women-homeownership-32352/" data-vars-content-id="c5f3a460-bc31-48dc-814e-88a3ce71ade3" data-vars-headline="Young single women lose homeownership gains" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/research/single-women-homeownership-32352/" target="_blank">recent Zillow analysis</a>.

Illustration of a welcome mat that says SIGHHH instead of welcome.

Low inventory means limited options for would-be home buyers

New listings in the Seattle area are down about 45% year over year, according to Zillow.

Seattle home buyers can expect plenty of competition this spring due to a dearth of houses on the market, according to <a class="gtmContentClick" data-vars-link-text="Zillow&#x27;s monthly housing report." data-vars-click-url="https://www.zillow.com/research/february-2023-market-report-32312/" data-vars-content-id="7bbf8bfa-e0f2-4c4c-8254-1990136768d6" data-vars-headline="Low inventory means limited options for would-be home buyers" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/research/february-2023-market-report-32312/" target="_blank">Zillow&#x27;s monthly housing report.</a>Driving the news: With high mortgage rates, current homeowners are unwilling to give up lower rates and are instead opting to stay put.

A real estate sign posted on the edge of a street with "New Listing" attached to the top of the sign post. Another for sale sign is visible in background.

Real Estate 🏠