Suits: Seattle looking like California with extreme spending on housing

Jan 9, 2023, 3:26 PM
People with homes valued at three times their income has risen to 80% amongst Seattle homeowners - referred to as "house rich, cash poor." (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
(Photo by SAUL LOEB/AFP via Getty Images)

According to an article from The Seattle Times, the number of people with homes valued at three or more times their income has risen to 80% amongst Seattle area homeowners. This is sometimes referred to as “house rich, cash poor.”

This comes from new data released from the 2021 American Housing Survey (AHS) from the Department of Housing and Urban Development.

Washington housing market freezes ahead of potential recession

The AHS first got data on the value of Seattle homes in 2013, when the median home value was 3.3 times the median salary. With the new 2021 data, this ratio jumped to 4.9.

Comparatively, the median home value to income ratio in the country as a whole was 3.3 in 2021, only a slight increase from 3.0 in 2011.

Seattle is ranked sixth in the highest home value-to-income ratio, with 25 metro areas surveyed. Four of the top five ranked metros are in California.

“So anyway, Seattle ranks sixth amongst the 25 metro areas in the survey for the home value ratio to income. Four of the five metros with the highest are, of course, in California,” Bryan Suits said on The Bryan Suits Show on KTTH 770 AM. “Very common when you get those neighbors when they move up here and buy a house for $1.5 million in cash or something because it’s a tiny little cabin in Burbank they moved in 1968. And everything is overvalued there, and then the closer you get here in Seattle, though, the dip is coming.”

You can listen to Bryan Suits’ full discussion of housing in Seattle here:

More from Suits: GOP ‘looks incompetent at governing’ amid chaotic Speaker of the House vote

Listen to the Bryan Suits Show weekday mornings from 6–9 a.m. on KTTH 770 AM (HD Radio 97.3 FM HD-Channel 3). Subscribe to the podcast here.

KTTH Opinion

Michael Medved

Medved: As religious affiliation declines, why do believers still control Congress?

In 2007, only 16% of the public failed to identify with a specific religious faith, but that number has now nearly doubled to 29%.
2 days ago
tiny home...
Bryan Suits

Suits: Tiny home near Seattle on-ramp subject of city-wide discourse

The land where the tiny home is located is owned by the Seattle Department of Transportation and Washington Department of Transportation.
2 days ago
Bryan Suits

Suits: US sending ‘the gold standard’ of tanks to Ukraine

The U.S. has committed approximately $27 billion for the Ukraine war effort since Russia invaded in February last year.
3 days ago
Jason Rantz

Rantz: WA DOH censored critics of ‘transmasculine people with a cervix’ ad

Desperately craving inclusion, the DOH is using Washingtonians to earn social currency, hoping to add to the department's progressive bona fides.
4 days ago
Sounders Providence...
Jason Rantz

Rantz: Sounders fans livid new sponsor won’t perform abortion, needless child gender surgery

A small but irascible group of Sounders FC fans are livid as the team's new sponsor doesn't provide abortion services.
5 days ago
Michael Simeona

KTTH Roundtable: Democrat rewarded for lying about military service

Jason Rantz and Bryan Suits discuss how Democrat WA Rep. Clyde Shavers was rewarded a seat on a veterans committee in the House.
6 days ago

Sponsored Articles

safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.
Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Suits: Seattle looking like California with extreme spending on housing