Can you afford to live in these Seattle neighborhoods? The 2017 numbers
How much you need to pull in to live in 40 'hoods
By Kirsten O'Brien, Seattle Post-Intelligencer
Updated 8:09 am, Tuesday, February 21, 2017
All of Seattle
Median sale price of Seattle homes: $572,000
Monthly mortgage payment: $2,462
Annual salary needed: $98,381
All of Seattle
Median sale price of Seattle homes: $572,000
Monthly mortgage payment: $2,462
Annual salary needed: $98,381
Photo: SEATTLEPI.COM
Alki Point
Median home sale price: $750,000
Monthly mortgage payment: $3,208
Annual salary needed: $128,191
Alki Point
Median home sale price: $750,000
Monthly mortgage payment: $3,208
Annual salary needed: $128,191
Photo: GRANT HINDSLEY, SEATTLEPI.COM
Arbor Heights
Median home sale price: $571,000
Monthly mortgage payment: $2,458
Annual salary needed: $98,221
Arbor Heights
Median home sale price: $571,000
Monthly mortgage payment: $2,458
Annual salary needed: $98,221
Photo: DANIEL DEMAY/SEATTLEPI.COM
Ballard
Median home sale price: $714,000
Monthly mortgage payment: $3,057
Annual salary needed: $122,157
Ballard
Median home sale price: $714,000
Monthly mortgage payment: $3,057
Annual salary needed: $122,157
Photo: GRANT HINDSLEY, SEATTLEPI.COM
Beacon Hill
Median home sale price: $483,000
Monthly mortgage payment: $2,090
Annual salary needed: $83,516
Beacon Hill
Median home sale price: $483,000
Monthly mortgage payment: $2,090
Annual salary needed: $83,516
Photo: GRANT HINDSLEY, SEATTLEPI.COM
Bitter Lake
Median home sale price: $519,000
Monthly mortgage payment: $2,240
Annual salary needed: $89,510
Bitter Lake
Median home sale price: $519,000
Monthly mortgage payment: $2,240
Annual salary needed: $89,510
Broadview
Median home sale price: $765,000
Monthly mortgage payment: $3,271
Annual salary needed: $130,709
Broadview
Median home sale price: $765,000
Monthly mortgage payment: $3,271
Annual salary needed: $130,709
Photo: Brent D. Lumley/Windermere Real Estate Greenwood
Capitol Hill
Median home sale price: $806,000
Monthly mortgage payment: $3,442
Annual salary needed: $137,542
Capitol Hill
Median home sale price: $806,000
Monthly mortgage payment: $3,442
Annual salary needed: $137,542
Photo: GENNA MARTIN, SEATTLEPI.COM
Columbia City
Median home sale price: $569,000
Monthly mortgage payment: $2,450
Annual salary needed: $97,902
Columbia City
Median home sale price: $569,000
Monthly mortgage payment: $2,450
Annual salary needed: $97,902
Photo: GRANT HINDSLEY, SEATTLEPI.COM
Denny-Blaine
Median home sale price: $572,000
Monthly mortgage payment: $2,462
Annual salary needed: $98,381
Denny-Blaine
Median home sale price: $572,000
Monthly mortgage payment: $2,462
Annual salary needed: $98,381
Photo: Seattle Municipal Archive
Delridge
Median home sale price: $420,000
Monthly mortgage payment: $1,826
Annual salary needed: $72,966
Delridge
Median home sale price: $420,000
Monthly mortgage payment: $1,826
Annual salary needed: $72,966
Photo: Lynsi Burton/seattlepi.com
Eastlake
Median home sale price: $744,000
Monthly mortgage payment: $3,183
Annual salary needed: $127,192
Eastlake
Median home sale price: $744,000
Monthly mortgage payment: $3,183
Annual salary needed: $127,192
Photo: Enrico Pozzo/Sotheby's
Fremont
Median home sale price: $753,000
Monthly mortgage payment: $3,220
Annual salary needed: $128,671
Fremont
Median home sale price: $753,000
Monthly mortgage payment: $3,220
Annual salary needed: $128,671
Photo: GENNA MARTIN, SEATTLEPI.COM
Greenwood
Median home sale price: $573,000
Monthly mortgage payment: $2,467
Annual salary needed: $98,581
Greenwood
Median home sale price: $573,000
Monthly mortgage payment: $2,467
Annual salary needed: $98,581
Photo: GENNA MARTIN, SEATTLEPI.COM
Georgetown
Median home sale price: $476,000
Monthly mortgage payment: $2,060
Annual salary needed: $82,317
Georgetown
Median home sale price: $476,000
Monthly mortgage payment: $2,060
Annual salary needed: $82,317
Photo: LACEY YOUNG, SEATTLEPI.COM
Green Lake
Median home sale price: $870,000
Monthly mortgage payment: $3,710
Annual salary needed: $146,916
Green Lake
Median home sale price: $870,000
Monthly mortgage payment: $3,710
Annual salary needed: $146,916
Photo: SEATTLEPI.COM
International District
Median home sale price: $284,000
Monthly mortgage payment: $1,256
Annual salary needed: $50,189
International District
Median home sale price: $284,000
Monthly mortgage payment: $1,256
Annual salary needed: $50,189
Photo: GRANT HINDSLEY, SEATTLEPI.COM
Lake City
Median home sale price: $500,000
Monthly mortgage payment: $2,161
Annual salary needed: $86,353
Lake City
Median home sale price: $500,000
Monthly mortgage payment: $2,161
Annual salary needed: $86,353
Photo: GENNA MARTIN, SEATTLEPI.COM
Laurelhurst
Median home sale price: $1.52 million
Monthly mortgage payment: $6,433
Annual salary needed: $257,062
Laurelhurst
Median home sale price: $1.52 million
Monthly mortgage payment: $6,433
Annual salary needed: $257,062
Photo: Photos By Andrew Webb/Clarity NW, Listing Courtesy Terry Allen, Coldwell Banker Bain
Leschi
Median home sale price: $638,000
Monthly mortgage payment: $2,739
Annual salary needed: $109,450
Leschi
Median home sale price: $638,000
Monthly mortgage payment: $2,739
Annual salary needed: $109,450
Photo: Michael Walmsley/Windermere
Lower Queen Anne
Median home sale price: $715,000
Monthly mortgage payment: $3,061
Annual salary needed: $109,450
Lower Queen Anne
Median home sale price: $715,000
Monthly mortgage payment: $3,061
Annual salary needed: $109,450
Photo: GENNA MARTIN, SEATTLEPI.COM
Madison Park
Median home sale price: $650,000
Monthly mortgage payment: $2,789
Annual salary needed: $111,448
Madison Park
Median home sale price: $650,000
Monthly mortgage payment: $2,789
Annual salary needed: $111,448
Photo: JORDAN STEAD, SEATTLEPI.COM
Madrona
Median home sale price: $1.61 million
Monthly mortgage payment: $6,810
Annual salary needed: $272,127
Madrona
Median home sale price: $1.61 million
Monthly mortgage payment: $6,810
Annual salary needed: $272,127
Photo: Windermere Real Estate/Wall Street Inc/Eileen Quackenbush
Magnolia
Median home sale price: $730,000
Monthly mortgage payment: $3,124
Annual salary needed: $124,835
Magnolia
Median home sale price: $730,000
Monthly mortgage payment: $3,124
Annual salary needed: $124,835
Photo: Windermere Real Estate/Bruce Phares
Maple Leaf
Median home sale price: $451,000
Monthly mortgage payment: $1,956
Annual salary needed: $78,161
Maple Leaf
Median home sale price: $451,000
Monthly mortgage payment: $1,956
Annual salary needed: $78,161
Photo: SCOTT EKLUND, PI
Montlake
Median home sale price: $1.15 million
Monthly mortgage payment: $4,883
Annual salary needed: $195,124
Montlake
Median home sale price: $1.15 million
Monthly mortgage payment: $4,883
Annual salary needed: $195,124
Photo: DANIELLA BECCARIA, SEATTLEPI.COM
Northgate
Median home sale price: $400,000
Monthly mortgage payment: $1,742
Annual salary needed: $69,610
Northgate
Median home sale price: $400,000
Monthly mortgage payment: $1,742
Annual salary needed: $69,610
Photo: Paul Joseph Brown, Seattle Post-Intelligencer
Olympic Hills
Median home sale price: $483,000
Monthly mortgage payment: $2,090
Annual salary needed: $83,516
Olympic Hills
Median home sale price: $483,000
Monthly mortgage payment: $2,090
Annual salary needed: $83,516
Phinney Ridge
Median home sale price: $730,000
Monthly mortgage payment: $3,124
Annual salary needed: $124,835
Phinney Ridge
Median home sale price: $730,000
Monthly mortgage payment: $3,124
Annual salary needed: $124,835
Photo: GRANT HINDSLEY, SEATTLEPI.COM
Pike Place Market/Central Business District
Median home sale price: $580,000
Monthly mortgage payment: $2,496
Annual salary needed: $99,740
Pike Place Market/Central Business District
Median home sale price: $580,000
Monthly mortgage payment: $2,496
Annual salary needed: $99,740
Photo: GRANT HINDSLEY/SEATTLEPI.COM
Pinehurst
Median home sale price: $287,000
Monthly mortgage payment: $1,269
Annual salary needed: $49,510
Pinehurst
Median home sale price: $287,000
Monthly mortgage payment: $1,269
Annual salary needed: $49,510
Rainier Beach
Median home sale price: $387,000
Monthly mortgage payment: $1,688
Annual salary needed: $67,452
Rainier Beach
Median home sale price: $387,000
Monthly mortgage payment: $1,688
Annual salary needed: $67,452
Photo: SEATTLEPI.COM
Rainier Valley
Median home sale price: $434,000
Monthly mortgage payment: $1,884
Annual salary needed: $75,284
Rainier Valley
Median home sale price: $434,000
Monthly mortgage payment: $1,884
Annual salary needed: $75,284
Photo: Meryl Schenker, PI
Ravenna
Median home sale price: $795,000
Monthly mortgage payment: $3,396
Annual salary needed: $135,704
Ravenna
Median home sale price: $795,000
Monthly mortgage payment: $3,396
Annual salary needed: $135,704
Photo: LACEY YOUNG, SEATTLEPI.COM
Sand Point
Median home sale price: $540,000
Monthly mortgage payment: $2,328
Annual salary needed: $93,026
Sand Point
Median home sale price: $540,000
Monthly mortgage payment: $2,328
Annual salary needed: $93,026
Photo: GENNA MARTIN, SEATTLEPI.COM
Seward Park
Median home sale price: $701,000
Monthly mortgage payment: $3,003
Annual salary needed: $119,999
Seward Park
Median home sale price: $701,000
Monthly mortgage payment: $3,003
Annual salary needed: $119,999
Photo: John Mckinney
South Park
Median home sale price: $301,000
Monthly mortgage payment: $1,327
Annual salary needed: $53,026
South Park
Median home sale price: $301,000
Monthly mortgage payment: $1,327
Annual salary needed: $53,026
Photo: JOSHUA TRUJILLO, SEATTLEPI.COM
University District
Median home sale price: $638,000
Monthly mortgage payment: $2,739
Annual salary needed: $109,450
University District
Median home sale price: $638,000
Monthly mortgage payment: $2,739
Annual salary needed: $109,450
Photo: GRANT HINDSLEY, SEATTLEPI.COM
View Ridge
Median home sale price: $540,000
Monthly mortgage payment: $2,328
Annual salary needed: $93,026
View Ridge
Median home sale price: $540,000
Monthly mortgage payment: $2,328
Annual salary needed: $93,026
Photo: DAN DeLONG, SEATTLE POST-INTELLIGENCER
Wallingford
Median home sale price: $750,000
Monthly mortgage payment: $3,208
Annual salary needed: $128,191
Wallingford
Median home sale price: $750,000
Monthly mortgage payment: $3,208
Annual salary needed: $128,191
Photo: GENNA MARTIN, SEATTLEPI.COM
Wedgwood
Median home sale price: $585,000
Monthly mortgage payment: $2,517
Annual salary needed: $100,579
Wedgwood
Median home sale price: $585,000
Monthly mortgage payment: $2,517
Annual salary needed: $100,579
Photo: Mr. Villa Mexican Restaurant/Yelp
Can you afford to live in these Seattle neighborhoods? The 2017 numbers
Seattle has an affordable housing crisis -- that much is clear. What's not so clear is just how bad the affordable housing situation in the city has become.
Based on our calculations, just eight out of 40 Seattle neighborhoods are within reach for households earning the median income in the city, which is $80,349, according to the U.S. Census Bureau's 2015 American Community Survey.
We crunched the numbers on the bare minimum annual income you'd need to earn to pay a mortgage on a home in 40 Seattle neighborhoods. The figure roughly factors in property taxes and homeowners insurance, but does not include living expenses, utilities or transportation costs. It also assumes the home is move-in ready and doesn't need any maintenance, upgrades or expensive remodeling.
After seeing the numbers, it's no surprise why Seattle continues to be an untouchable market for many would-be buyers. The median sale price for all Seattle homes sold in the past 30 days according to Redfin is $572,000. That means a buyer would need to pull in around $100,000 annually to afford a home, which is well above the median income.
It's also worth noting that hundreds of thousands of Seattleites earn less than the median household income, which makes the dream of home ownership just that -- a dream.
Prices in King County continue to grow, too. A report on the 2016 housing market produced by the Northwest Multiple Listing Service showed King County claimed the highest median sale price of the 23 counties in the NWMLS service area, at $489,000 for single-family homes and condos. In 2015, that figure was $432,000.
Those who look outside the city are rewarded. The NWMLS report shows the 2016 median sale price of homes and condos just north in Snohomish County is $370,000. In Pierce County, that figure is $272,500.
But moving isn't an option for everyone, and those who move but maintain jobs in the city must contend with long, often costly commutes. A recent survey from INRIX revealed Seattle drivers spend 55 hours in traffic every year. The company also found traffic congestion cost Seattle drivers $1,509 annually.
To calculate the neighborhood figures, we assumed a 20-percent down payment on a 30-year mortgage and a 3.75-percent interest rate. Then we plugged the numbers into Zillow's mortgage calculator. We also assumed the mortgage was roughly 30 percent of a person's annual income, based on guidelines set by the U.S. Department of Housing and Urban Development (with that, some have noted the 30 percent rule is basically useless because millions of American households spend much more on their mortgage).
The median home sale price comes from the past month of data for each neighborhood according to Redfin.
Scroll through the slideshow above to see figures for all 40 Seattle neighborhoods (and try not to cry too much).
Bonus points: We calculated these figures back in October 2016 for 35 Seattle neighborhoods. You can see how the figures compare here.
http://www.seattlepi.com/realestate/article/How-much-you-need-to-make-to-live-in-these-10938729.php
