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Sizing up from a condo to a house in Seattle

by Emily Marek

Condominium owners looking for more space, access to outdoor areas and increased distance from neighbors often consider a detached home to be a natural upgrade. But are these upsizing dreams actually attainable?

Using data from Yardi Matrix and various realtor associations, real estate site Point2 Homes determined what it takes to move from a condominium to a single-family home in the 200 largest cities in America. In Seattle, the median condo costs $515,000 while the median house costs $865,000. That’s a net difference of $350,000, or 68%. Given that the median income in Seattle is $110,781, it would cost over three years’ salary to afford the price difference.

House prices are much lower in nearby Tacoma, where the median house costs $455,000. Condos in the area still fetch over $400,000, so an upgrade is much more affordable — Tacoma’s median income is $77,141, meaning it would take less than a year’s salary to cover the cost of moving from a condo to a house.

While that’s a steep cost, homes in many of the metros on Point2 Homes’ list have much weightier values associated with sizing up: in Los Angeles, the price difference between the median condo and the median house amounts to six years’ wages. The highest noted ratio was seen in Irvine, California, where it takes nine years’ salary to afford the upgrade.

One of the highest price difference to income ratios in the country is seen in Bellevue: The median condo there isn’t much more expensive than those in Seattle at $535,000, but the median house has a price tag of over $1.5 million. With a median salary of $144,274, it would take the typical Bellevue condo owner just under seven years to afford the $990,000 price difference.

On the flip side, condo prices outweigh home prices in several large metros areas. Prospective buyers can actually expect to turn a profit when “upgrading” from a condo to a detached home in Chicago, Boston, Detroit, Memphis and Cleveland.

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