Report: Median price homes unaffordable for average Washington worker

Despite cooling home prices in western Washington, a new report suggests home ownership may be out of reach for many workers.

A report released last week from ATTOM Data Solutions, a property database, found the average wage earner in western Washington could expect to pay about half their income on monthly house payments. That’s well beyond what housing experts recommend spending, which is about one-third of one’s income.

The company determined affordability based on what homebuyers would need to pay monthly for mortgage, property taxes, and insurance, assuming buyers made a 3 percent down payment.

In King County, where the median household income is $85,163 and the median home price is $549,950, buyers could expect to spend 49.3 percent of their income on housing. It’s also worth noting that while median home prices were highest in King County, there were only several Puget Sound area counties where buyers could expect to put a smaller percentage of their income towards housing due to relatively high wages in the Seattle area.

https://www.msn.com/en-us/money/realestate/report-median-price-homes-unaffordable-for-average-washington-worker/ar-BBVCSAJ