Seattle's real estate market is exceptionally expensive, with median home prices reaching $910,000. Economists highlight that despite high incomes, affordability remains a challenge largely due to the price-to-income ratio. Legislative measures passed in 2023 aim to increase housing density by allowing for accessory dwelling units and multi-family homes. However, such initiatives may not fully alleviate the housing crisis, especially given new tax burdens. The rising demand for multigenerational living arrangements reflects changing buyer preferences as affordability and housing stock constraints persist.
"It's hard to find a market as expensive as Seattle... We're really right behind the expensive coastal California markets when it comes to typical single-family home prices."
"According to Altos, the median home price is a staggering $910,000 compared to $649,999 at the beginning of the COVID-19 pandemic in March 2020."
"The Emerald City's price-to-income ratio is 7.4, trailing only Los Angeles, San Diego, San Francisco and Miami."
"I'm talking with more customers who are looking for multigenerational situations... a mix of both multigenerational home and ADU building interest."
#seattle-real-estate #housing-affordability #market-analysis #legislation-impact #multigenerational-living
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