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37% of homes for sale in Seattle metro are unaffordable

37% of homes for sale in Seattle metro are unaffordable
Downtown Seattle is quickly becoming the most expensive area to live in by a landslide. (Image: Kristi Waite / Seattle Refined)
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Remember a couple weeks ago when we wrote about how the average Seattelite needs to be making around $59,000 annually to buy an average house in the area? 

We got a bunch of comments saying that sounded unrealistic. Turns out, they were right. Zillow just released new home data saying that 37% of homes currently for sale in Seattle metro are unaffordable. 

This is higher than the national percentage of unaffordable home, 33.6%. According to Zillow, homeowners are currently spending about 21% of their monthly income on mortgage payments (that's an estimated $1,216).

This data was taken at the end of March, when there were roughly 7,000 homes for sale in the Seattle area and only 4,400 were considered affordable for the typical buyer. This means more and more people looking for homes on the outskirts of Seattle proper.

Zillow has come up with an interactive map to help people find affordable property in the area, and how far you would have to move in any direction to live close to the city. 

 

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