An article posted yesterday, from Seattle Post Intelligencer online news (www.seattlepi.com) reads, "Average Seattle Worker Can't Afford To Live Here". The study finds the average salary for single Seattle-area residents is $52,000, which provides the opportunity to buy a $200,000 home. Seems about right you would think, since the rule of thumb is you can buy a home two and a half times your before-tax annual income. The problem however, and reason for lack in affordability is the existing high median prices for homes and condos. For the year of 2006, the average condo price was $289,950, much more than the $200,000 price tag most first time buyers can actually afford. What's more discouraging? For the Seattle-area family of four, the average annual income is $74,300, meaning they can afford a home worth about $280,000. The median price of a home in the Seattle area was $450,000, a whopping $170,000, 38% jump in cost! Most of these Seattle-area residents can't afford to buy near work, but still have an income too high to qualify for an assistance program. Seattle-area experts say we need a change, and maybe more single-family solutions, to avoid a potentially sticky situation.
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