Seattle-Area Home Prices Are Discouraging Buyers
Home prices in the West are continuing to climb and Seattle-are homebuyers are starting to feel the squeeze. According to a recent report, Seattle homebuyers are beginning to give up on purchasing homes due to the steeper prices they have been fetching as of late.
"The median price of a single-family home in King County last month grew 16.1% from a year earlier, the most for any September since records began in 2000, new data out Thursday show," according to National Mortgage News.
"That follows the hottest-ever August for the local housing market, and the hottest-ever July."
The report also claimed that the prices are growing at four times faster than wages are in King County, which means times are surely getting much more expensive. For many, it's a big game of catch up, though, catching up doesn't seem to be happening at all.
"Where do I have to be in my career in the Seattle market to be able to afford something?" said Colin Perez, who works in the tech industry, according to the report.
"I'm 30 now; if I wait until I'm 40, is it even going to be affordable? You can't catch up."
Other prospective homebuyers estimate that even if one were making six figures annually, it would still be approximately 10 years before they could afford to purchase a home in Seattle-areas.
To learn more about how the rise in home prices are affecting buyers, click on the image above.
