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Buying a first home in the Seattle-Tacoma area has become one of the toughest challenges in the country, according to a new study ranking the region among the nation's worst places for first-time homebuyers because of soaring housing costs and limited affordability.
A new study from WalletHub ranked Seattle 204th and Tacoma 190th out of 300 in a survey ranking American cities for first-time homebuyers.
Jake Skorheim and Spike O’Neill, co-hosts of "The Jake and Spike Show" on KIRO Newsradio, asked listeners what they look for in buying a home, and the ensuing discussion centered around affordability.
Chris, a military veteran in Marysville, texted a response to the KIRO Newsradio textline, sharing that he is looking to purchase a home, but the prices are "ridiculous" for a home that is essentially on top of another home next door.
"We look for affordability first, and then space," Chris said. "I don’t like being surrounded on all four sides by other homes. Since I’m ex-military, being close to a military facility is important to us as well, so we can use those benefits I’ve earned from my retirement from the U.S. Navy. Homes are going for $550,000-$600,000 for a standard three-bedroom, two-bath home. It’s very difficult to find something affordable."
Jake addressed "shocking" housing market developments over time and how something he once considered affordable is no longer so.
"I mean, it is shocking the amount of money that you see houses going for these days," Jake said. "The costs, it’s so strange when you live in a state for a long time. I was born and raised here, and if God wills, I will end up dying in Washington. I love it here, but I remember when homes were, at least as a kid, affordable; they did not seem crazy."
"Absolutely, the threshold of entry is a barrier to entry, absolutely," Spike replied.
Spike said he bought a home in the Seattle area for about $200,000 after arriving at a favorable time in the housing market and later sold it for a substantial profit when he relocated.
"Now, Washington, they have just been chipping away at us," Jake said. "Now it’s very expensive. Housing is expensive, and everything surrounding housing is expensive."
"It’s interesting because our first home purchase in the city would have been in 1992. Prime Seattle time, it was the place to be," Spike said. "It seems America had just discovered Seattle. For us, it was affordability and proximity to my job. We bought on Queen Anne Hill for, I don’t even want to tell you what we paid. By the way, the same house, which has been updated, we did a lot of upgrades to the house, and we quadrupled our investment. Maybe 10 years after we bought it. It’s not like they added another story. It’s the same place. It’s location and the view."
According to NPR affiliate KUOW, in February 2024, the average price of a starter home in Seattle was $535,000, with a monthly mortgage of $4,334.
Fox News Digital reached out to Seattle Mayor Katie Wilson for comment.
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Of the 50 worst cities for first-time homebuyers on the list, 36 of them were in California.
Original article source: First-time homebuyer affordability in Seattle area called 'ridiculous' as housing costs keep rising
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