According to recent data by Northwest Multiple Listing Service, not only are the number of listings down but so is the number of people willing to pay for homes.
Seattle's income required to afford a median-price home is higher than any metro area in the U.S. outside of California, according to Redfin data.SEATTLE — It is more affordable to shop for a median-priced home in New York City, Boston or any other major U.S. metro area outside of the state of California than it is in Seattle, according to new Redfin data.
New York and Boston are immediately behind Seattle on the list, with $197,734 and $194,188, respectively, required. Nationally, it has never been more expensive to purchase an average home. The median-priced U.S. home requires an income of $114,627, the highest-ever mark on record, according to Redfin. That number is 15% higher than a year ago and more than 50% higher than it was before the pandemic.
The median household income in Seattle lags well behind the annual income needed to afford a median home. According to the Census Bureau, Seattle's median household income from 2017-2021 was $105,391.
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