MYNORTHWEST NEWS

Zillow says it’ll take single folks 17 years to save for down payment

Feb 9, 2018, 1:23 PM | Updated: 1:25 pm

zillow...

The Zillow app. (KIRO Radio, Matt Pitman)

(KIRO Radio, Matt Pitman)

There are lots of great things about being single in Seattle. But having enough money to buy a home is not one of them.

Zillow released a new report about how hard it is for single people to buy a home.

It says nationally, it takes single homebuyers nearly 11 years to save for a down payment. That’s bad enough. But in the Seattle-Metro area, it would take a single homebuyer 17.1 years, compared to 7.6 years for a couple.

Zillow came up with the figures using home values and income data from Census.  The estimate is based on a 20 percent down payment on a median-priced home and assumes that the homebuyer is saving 10 percent of their income every year.

And it gets worse.  Zillow says a single buyer in Seattle could only afford a $234,656 home — or only 12 percent of homes — as compared to a couple, who could afford to buy a $529,317 home, or 68 percent of homes.  But the median price of homes currently listed in King County is $575,000, Zillow says.

The Seattle-Metro figures estimated by Zillow are based on a median income of $46,000 for a single person and $103,200 for a couple.

Because single buyers typically have a smaller budget than couples, they have fewer homes to choose from and are limited to the most in-demand portion of the housing stock — in other words, the cheapest homes.

Zillow says the number of homes for sale nationally is down nearly 11 percent over the past year, and down nearly 18 percent for the least expensive homes. A single person could afford to buy less than half (45 percent) of the U.S. housing stock, compared to a couple, who could afford 82 percent of all homes.

MyNorthwest News

Kia Boys...

Kate Stone, KIRO Newsradio and Bill Kaczaraba, MyNorthwest

‘Kia Boys’ allegedly execute a crime spree in south King County

Renton police chased down a 14-and 16-year-old but are still looking for two other teen suspects in what they said was a "crime spree" in south King County.

40 minutes ago

Spanaway woman shot dead...

Kate Stone

Search for shooter continues after woman shot dead while driving in Spanaway

A 47-year-old woman was shot dead in Spanaway, causing her to hit another driver head-on early Wednesday morning.

2 hours ago

nintendo redmond...

Frank Sumrall

Nintendo to lay off 86 Redmond employees this spring

Nintendo of America is laying off 86 contract workers in Redmond, beginning May 25, due to company reorganization.

2 hours ago

Everett boy missing...

Sam Campbell

4-year-old Everett boy missing, police worried he’s in danger

Police and Search and Rescue crews are looking for a missing four-year-old boy they suspect could be in danger.

4 hours ago

Image: The awnings of a store advertise the sale of lottery tickets, including Mega Millions and Po...

Steve Coogan

Lottery jackpots update: Powerball prize jumps again after $1.1B Mega Millions win

A lottery jackpots update: The Powerball prize reached an estimated $935 million ahead of Saturday night's drawing.

13 hours ago

Photo: The Judge Patricia H. Clark Children and Family Justice Center....

James Lynch

King County’s plan to close youth detention center met with fierce backlash

The King County Law and Justice Committee received a final report on Executive Dow Constantine's plan to close a youth detention center.

15 hours ago

Zillow says it’ll take single folks 17 years to save for down payment