National Spotlight on Seattle's Affordability Problems

rose-colored-coolaid

We haven't seen this much, but on MSNBC, Seattle got some exposure as a place where 'middle' class people have to each bulk oatmeal just to get by.

http://www.msnbc.msn.com/id/21106123/

This is hardly a swan song for all news about Seattle is good, but I'm starting to notice a trend on all news fronts that King County news is decidedly taking a turn for the worst. Here's the key quote to the article.

But with the average mortgage interest rate up a full point, or nearly 20 percent, and housing prices up 15 percent since then, the nationwide affordability number has fallen to 106.

And that's fat city compared with the Brennans' neighborhood, where the affordability numbers, as calculated by Washington State University, are between 70 and 80. That means the average family there could afford only three-fourths of the payment on the average house if they could come up with a 20 percent down payment, which would be nearly $100,000 in King County.

WSU keeps a special set of statistics on housing affordability for first-time buyers. Those numbers are especially dismal, indicating that the average first-time home-buying family or individual couldn't afford even 40 percent of the mortgage on a starter home in King County. The comparable figure for Snohomish County is less than 50 percent.

mike2

Is it really shocking that a 20-something couple with 2 kids and no education can't afford a home?

rose-colored-coolaid

I would say if their household income is over $70,000 a year, then it means something.

And no, it's not shocking to anyone who lives here, but maybe it should be.

casey1167

Great story, but it always amazes me how people are so free to tell how much money they make...

SeattleMoose

Affordability has nothing to do with anything.

With creative financing I can put a monkey into a waterfront home in Medina.

These @#$$% facts about affordabiity are just so annoying.....

mike2

rose-colored-coolaid wrote:

I would say if their household income is over $70,000 a year, then it means something.

What does it mean? That they should have bought before they were priced out forever?

I mean really, if this couple could afford a house that would mean single salary earners over at microsoft and boeing could afford to buy a house since they're easily making more than that.

Maybe it's a generational thing.

rose-colored-coolaid

mike2 wrote:

I mean really, if this couple could afford a house that would mean single salary earners over at microsoft and boeing could afford to buy a house

Ye gads! What an awful idea. We should put a kibitz on this immediately.