Seattle homeownership costs now double rent, among widest gaps in the US
By
Heidi Groover
A baker's-dozen of insight crammed into one ring.
Summary
The article examines the growing gap between homeownership costs and rental costs in the Seattle area. Since 2020, the "ownership premium" has soared, with monthly mortgage payments for recent buyers reaching about $4,500 compared to $2,100 for recent renters — a 111% premium. This gap is among the largest in the United States, highlighting how much harder it has become to afford a home in the region.
Key quotes
· 3 pulledWhile the typical renter who recently moved is spending an already eye-watering $2,100 on their housing costs each month, the typical homeowner who bought recently is forking over about $4,500.
That amounts to a 111% 'ownership premium,' according to an analysis by the data tracking firm Apartment List.
If it feels like the bar to owning a home in the Seattle area just keeps getting higher, you're not imagining things.
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