Homebuyers are going to have to earn a lot more money this year if they want to purchase a home in the Seattle area.
A new report from Redfin says people looking to buy a median-priced home in Seattle need to earn at least $205,000 a year. That's up from last year's figure of approximately $141,000.
That figure of $141,000 has now shifted down to Tacoma. That's how much is recommended if you want to buy a home in Grit City. Other Northwest cities are seeing the same increases, according to the Redfin report that compares salary recommendations for October 2022 to October 2021.
- Seattle: $205,000 ($141,000 in 2021)
- Tacoma: $141,000 ($99,000 in 2021)
- Boise, Idaho: $132,000 ($94,000 in 2021)
- Portland, Oregon: $145,306 ($100,146 in 2021)
Nationwide, those making $107,000 annually can afford a typical home, which is a 46% increase from last year. Redfin notes that hourly wage has only gone up 5% over the past year, and inflation is still straining wallets.
Meanwhile, the median home price in Seattle continues to fall. The latest data from Redfin shows it was sitting around $760,000 in September. That's about $90,000 less than it was in May.
