Housing prices , still rising
Home searching and rental searching are hobbies of mine. I like looking at different areas and trying to find the best prices, the neatest places and such.
Home Prices in Seattle are on the rise. That seems to be the news story we get every week about home prices in King County skyrocketing (Article Here or here
and here )
Thats no surpise. But last night I had a realization. My family and I are in the ackward middle where we can not afford to buy, we can not afford to rent in some areas, but we are not low income and do not require low income housing.
Whats the big deal? Last night I took a bus ride through our old neighborhood on the way home. I passed a new set of apartments going up on Stone and 45th in Seattle’s Wallingford Neighborhood I looked up the new apartments and discovered they are a project of the Housing Resource Group. This shouldnt surprise me, the land they are on did belong to the Seattle Housing Athority.
What the Housing Resource Group does is develops properties and provides housing to those with limited incomes. It provides housing in areas where people are being priced out. I feel like I’m in the ackward middle of these two groups in this neighborhood. The new condos in this neighborhood are running 350,000 to $440,000 for a 1 or 2 bedroom. The cheapest home for sale in the neighborhood is $379,990 for a 2 bedroom. (Unscientific survey of Windermere.com done by me. Rentals in the neighborhood run for 1500-2000+ for a 3 bedroom (which is what we require due to family size.).
Thats about $200 a month North of our price range at the least. I dont feel entitled to live in this neighborhood. It’s just that I think there is this ackward middle, while I’m glad that we do not need the assistance of the Seattle Housing Athority I just wish the neighborhood itself was more affordable. With subsidies for low income, and folks with higher incomes able to afford in city housing, where do folks go?
We’re crawling further North. This move into the North end of the city, the next move may be further. When it comes time to buy, I’d be surprised if we’re in King County at all.