Seattle Region At A Crossroads As Home-Buying Power Shrinks

Seattle, Washington

Seattle

If you own a home in the Seattle area, consider yourself lucky. The area’s rapid population growth is outpacing new-home construction and helping to drive up home prices faster than gains in household income. The run-up threatens to make homes unaffordable to a typical household and challenges policymakers to come up with solutions.

In King County, ground zero for the population explosion, the median price of single-family homes sold this year through November is $479,000, surpassing the previous peak in 2007. Both King and Snohomish counties saw median prices climb about 9 percent over the year.

While home prices rose, rents soared: The fourth quarter’s average rent of $1,460 in King and Snohomish counties was 11 percent higher than a year ago, the fastest climb in nearly a decade, according to market researcher Apartment Insights Washington.

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Authored By Sanjay Bhatt
See the Full Story at the Seattle Times

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