Seattle among least affordable places to buy a home
SEATTLE — A new survey of major metropolitan areas ranked Seattle as one of the least affordable in the U.S.
That survey, released Wednesday by Interest.com, looked at home prices and mortgage rates in the 25 largest metropolitan areas. It found that a median-priced home was affordable for families with a median income in just eight of those metropolitan areas, compared to 14 the year before.
Seattle was ranked the seventh least affordable home buying market in the U.S.
According to Interest.com, the median household income in the Seattle metro is 13 percent less than what is needed to purchase a median-priced home in the area.
As for the least affordable home buying markets in the U.S., Interest.com ranked Los Angeles, Miami, New York City, San Diego and San Francisco in the top five.
While Seattle may be among the least affordable housing markets, the number of homes receiving multiple bids is up.
The Puget Sound Business Journal reports that the number of homes in the Emerald City that got multiple bids went up from 49.2 percent in August to 57 percent last month.
Seattle online real estate company Redfin says this was the highest increase for the month out of the 22 large U.S. markets, according to the PSBJ.
More information on the Interest.com survey can be found here.