Скачать или смотреть How Much Seattle-Area Buyers Need To Earn For A Starter Home???

Despite the cooling housing market, Seattle-area buyers now need to earn more money than a year ago to afford a starter home — typically priced in the low to mid-$500,000s according to the Seattle Times. Seattle-area householdsneed to make nearly $142,000 a year to afford a typical first home in the region, according to an analysis from Redfin. That’s an increase of 4% from last year, and well above King County’s median household income of about $106,000. The income needed to afford a starter home in the Seattle area climbed even as the price of a starter home dipped about 6%. That’s because prices haven’t fallen enough to offset higher mortgage rates. The average rate on a 30-year mortgage was nearly 7% in mid-June, up from 6% a year earlier and 3% in 2021, according to Freddie Mac. To define starter homes, Redfin considered the most affordable homes, but not those priced in the bottom 5%. In the Seattle metro area, covering King and Snohomish counties, those were homes with a median sale price of $535,000 between April and June. That median price would require a monthly mortgage payment of $3,545, according to Redfin’s analysis, assuming a 20% down payment and costs for interest, taxes and insurance. The report uses a common definition of affordability: spending no more than 30% of householdincome on housing payments. Seattle ranked seventh among 50 major metro areas for the most income necessary to afford a starter home. Every market where it costs more is located in California, including the top two, San Jose and San Francisco, where buyers need to make $245,000 and $241,000, respectively. Conversely, homebuyers need to make just $26,000 in Pittsburgh and $49,000 in Chicago. There are fewer homes for sale of all types in the Seattle area than in recent years. In King and Snohomish counties, about 3,500 total homes hit the market for sale in June, down 37% from the same time five years ago, according to the Northwest Multiple Listing Service. The number of starter homes listed for sale in King and Snohomish counties fell 42% from a year ago, according to Redfin. King County ranked among the least affordable counties in the state for first-time buyers, with a value of 40 in late 2022, the latest data available. Snohomish and Pierce counties also scored well below 100: 47 and 53, respectively. That measure assumes a 10% down payment, mortgage insurance and that the household spends no more than 25% of gross income on its mortgage payment.