According to an article in the Puget Sound Business Journal, Median home prices have increased across every major metro area in the nation (with the exception of Hartford, Connecticut), and nearly 70 percent of those markets saw home prices increase by 5 percent or more. With home prices going up, the salary needed to purchase property has increased as well. The article suggests that Seattle-area buyers (which includes King, Snohomish, and Pierce counties) need to make an average annual salary of $93,418 in order to afford a median-priced home of $478,500. This assumes that the buyer is coming to the closing table with a 20% down payment. If you were looking to put down 10% instead, your salary would need to be at least $109,458 per year.
Boston, NYC, Los Angeles, San Diego, and San Francisco all have higher salary requirements than Seattle, but San Jose tops the pile with an annual salary of $216,181 needed to afford a median priced home (which is a staggering $1,165,000) in that area!
If you are moving to Seattle from San Jose or one of these other high priced markets, our team of real estate agents can help you understand the Seattle real estate market, its neighborhoods, and help you find the perfect home in your new city! Give us a call at (206) 331-3960 or email us at email@example.com.
*Hammerand, J. (2017, December 10) . Here’s the salary you need to afford a home in Seattle and 49 other metros. Retrieved from: https://www.bizjournals.com/seattle/news/2017/12/10/seattle-salary-home-affordabillity-taxes-interest.html