Seattle Homebuyers Need $219,000 Income for Median Home as Affordability Improves 5.5%
Updated
Updated · MyNorthwest · May 27
Seattle Homebuyers Need $219,000 Income for Median Home as Affordability Improves 5.5%
2 articles · Updated · MyNorthwest · May 27
$219,000 a year is now needed to afford Seattle’s median-priced home, Redfin said, even after the required income fell 5.5% from a year earlier.
14% of Seattle-area listings were affordable in April under Redfin’s 30%-of-income standard, versus 33% nationally, showing why the market remains out of reach for many buyers.
6.33% average mortgage rates in April, down from 6.73% a year earlier, helped drive a seventh straight month of year-over-year affordability gains, alongside a 4% rise in estimated median household income.
28.4% higher Washington inventory and softer prices in King County and Snohomish County improved buyer leverage, though Pierce County prices still rose 5.8%.
6.51% mortgage rates in May and risks from the Iran conflict could blunt further gains, even as Redfin expects slight affordability improvement through the rest of 2026.
Seattle is boosting housing supply, but will volatile mortgage rates erase any real affordability gains for homebuyers?
With experts predicting lower rates by 2030, should Seattle buyers wait or seize today's 'buyer's market' advantage?