Indicator: Housing Affordability by City
Data and Data Discussion provided by
King County Benchmark Program
Sustainability Snapshot:
Affordable quality housing for everyone is one of our region's biggest challenges. The gap between median incomes and median home prices, for instance, has grown to the point where in many parts of King County less than 2 percent (and often none) of the house sales are at a price that is affordable to low or moderate income households. In consequence, the locations where affordable housing does exist are farther and farther from urban centers, jobs, shops and services.
Sustainability Trend:
Homes prices have increased at a greater rate than incomes over the last two decades, making home ownership less affordable. However, rents have increased at a slower rate, generally in line with median household incomes.
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Percent of houses in King County cities that are affordable to buyers at 30% median income, 30-49% median income, and 50-79% of median income.
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In King County, just 10% of all single family homes sold in 2005 were affordable to the median income household. Nearly half of these homes were purchased in South King County, while just 3% were found in East King County. For lower income households interested in homeownership, condominiums provide more affordable housing opportunities. Over a third of all condo sales in 2005 were affordable to households at 80% of median income and such units were relatively evenly distributed among King County's sub-areas. Additionally, more than nine out of ten rental units in King County were affordable to households earning 80% of median income and nearly half of all rental units were affordable to households earning 50% of median income (Table 2).
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Median sales price data of single family homes and condominium units taken from the King County Records, Elections and Licensing Services Division/ Recorder's Office. Rental unit affordability provided by Dupre + Scott Apartment Advisors Inc. Total rental units is likely overestimated. It is speculated that home ownership has increased from the rate reported in the 2000 U.S. Census (and assumed here) but is not verifiable at time of publication.
Median income is for King County.
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