You need to make $75K if you want to buy a house in Seattle
Dec 9, 2014, 1:17 PM | Updated: Oct 10, 2024, 2:04 pm
A new study says you need to make over $75k to afford a median-priced home in Seattle. (AP file)
(AP file)
We’ve all heard how expensive it’s getting to live in Seattle, and a new report painfully bears that out for those struggling to find an affordable house in the Emerald City.
If you want to buy even a cheap house, you need to make at least $75,098 to afford a median-priced home of $359,900, mortgage research firm HSH.com reports.
That’s based on a mortgage rate of 4.28 percent with a down payment of 20 percent.
How many people make enough to actually afford a Seattle home? Curbed Seattle reports median household income in Seattle in 2012 was $65,677.
Seattle ranked seventh-most-expensive in the survey of 27 metro areas, but compared to some of the other cities, it seems downright affordable.
San Francisco tops the list, where you’d have to make $145,361 just to afford the median-priced home, currently $744,400.
San Diego, Los Angeles, New York City, Boston, and Washington D.C. all came in higher than Seattle.
If you’re looking for a deal, head east. You only need to make $32,373 in Pittsburgh to afford a median-priced home of $136,700.
