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Prices are rising faster than wages in King County

by Emily Marek

Housing affordability has worsened in many parts of the country as wages fail to grow at the same pace as home prices, according to new data from ATTOM.

The publication’s Q3 2023 U.S. Home Affordability Report shows that single-family homes and condos are less affordable than they were last year in 99% of U.S. counties analyzed. In King County, prices rose by 1% annually in Q3 — and that appreciation outpaced local wage increases, as in 47% of counties analyzed.

Seattle wages remained stagnant during Q3, with 0% year-over-year growth.

Nationwide, skyrocketing prices and high mortgage rates have bumped the portion of wages the typical homebuyer needs to purchase a home up to 35%. That’s the highest level since 2007 and is considered unaffordable by common lending standards, which call for a 28% debt-to-income ratio.

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