‘It is shocking’: KIRO hosts appalled as Seattle, Tacoma rank among worst cities for first-time home buyers

Seattle and Tacoma have been ranked among the worst cities in America for first-time homebuyers in a new study by WalletHub. The study ranked Seattle as the 204th-worst and Tacoma the 190th-worst cities in the U.S. out of 300.

Jake Skorheim and Spike O’Neill, co-hosts of “The Jake and Spike Show” on KIRO Newsradio, asked the audience what some of the things home buyers in the area are considering before making such a massive investment.

“My question is, what criteria are people using if they were to buy a home for the first time?” Jake asked. “I’m still in the first home that we ever bought, but as we look at other homes, what criteria are you using when you look at the cities where you want to live as a first-time buyer? Is it just what you see on Zillow, like walkability and school ratings?”

Listeners shared what they prioritize when house hunting in WA

Chris, a military veteran in Marysville, responded via the KIRO Newsradio textline, stating that he is currently looking for a house, but the prices are “ridiculous” for a home boxed in by several others.

“We look for affordability first, and then space,” Chris said. “I don’t like being surrounded on all four sides by other homes. Since I’m ex-military, being close to a military facility is important to us as well, so we can use those benefits I’ve earned from my retirement from the U.S. Navy. Homes are going for $550,000-$600,000 for a standard three-bedroom, two-bath home. It’s very difficult to find something affordable.”

Jake says the current prices are a far cry from the WA he grew up in

Jake spoke about how “shocking” the changes in the housing market have been over the years, as he once thought it was affordable but now views it as lucrative.

“I mean, it is shocking the amount of money that you see houses going for these days,” Jake said. “The costs, it’s so strange when you live in a state for a long time. I was born and raised here, and if God wills, I will end up dying in Washington. I love it here, but I remember when homes were, at least as a kid, affordable; they did not seem crazy.”

“Absolutely, the threshold of entry is a barrier to entry, absolutely,” Spike responded.

Spike shares how his timing turned into a massive return

Spike explained how he touched down in Seattle at just the right time, purchasing a home for roughly $200,000, and eventually making a massive return on investment when he decided to move elsewhere.

“Now, Washington, they have just been chipping away at us,” Jake said. “Now it’s very expensive. Housing is expensive, and everything surrounding housing is expensive.”

“It’s interesting because our first home purchase in the city would have been in 1992. Prime Seattle time, it was the place to be,” Spike said. “It seems America had just discovered Seattle. For us, it was affordability and proximity to my job. We bought on Queen Anne Hill for, I don’t even want to tell you what we paid. By the way, the same house, which has been updated, we did a lot of upgrades to the house, and we quadrupled our investment. Maybe 10 years after we bought it. It’s not like they added another story. It’s the same place. It’s location and the view.”

Watch the full discussion in the video above.

Listen to “The Jake and Spike Show” weekdays from noon to 3 p.m. on KIRO Newsradio 97.3