Zillow: Seattle renters have to stretch their housing budgets more than Seattle homeowners

Renters in Seattle tend to stretch their housing budgets more than homeowners.

However, both groups typically have more money left over after paying rent than the national average, according to a recent analysis by Seattle-based Zillow.

"In our quest for happiness, or at least satisfaction, we must accept trade-offs," Skylar Olsen, Zillow Director of Economic Research, said in an emailed news release about the study. "A good-paying job with career growth potential often comes with expensive housing, leaving less for life's other essentials such as taxes, child care, transportation, medical services, food and leisure."

In Seattle, homeowners spent an average of 28.1 percent of their income on their mortgages in 2018, leaving nearly $62,000 left over annually for other expenses. Renters, on the other hand, spent 30.9 percent of their income on housing, leaving an average of $59,500 per year after paying rent.

This puts Seattle in the group of metro areas that are more expensive than the national average. The most expensive areas in the country, as you might expect, are in California.

https://www.msn.com/en-us/money/realestate/zillow-seattle-renters-have-to-stretch-their-housing-budgets-more-than-seattle-homeowners/ar-BBUK1Ia