Seattle Housing Prices Soar; Residents Now Need $214K Salary to Afford a Home
• Seattle residents need to earn $213,984 annually to "comfortably afford" a home, making it the 6th most expensive major housing market behind 5 cities in California
• The average Seattle home value is $815,858 as of February 2023
• Nationally, buyers now need to earn over $106,000 a year to afford a typical home, 80% more than before the pandemic in January 2020
• While home values have risen 42.4% nationwide since January 2020, wages have not kept pace
• With unaffordable prices and rates, buyers are moving, teaming up with others, or "house hacking" by renting out rooms to offset the mortgage