Market Update
Uncertainty continues to describe the housing market and mortgage industry. Over the past year or so, rising mortgage interest rates have decimated affordability, sidelining and pricing out some would-be homebuyers. Higher rates have also led to worsening inventory as homeowners have been reluctant to relocate and give up their record-low mortgage rates secured when they purchased (or refinanced before the rate hikes). The latest NWMLS report shows the number of active listings of single-family homes and condominiums is down nearly 21% from last year.
According to Mortgage News Daily, the national average for 30-year fixed and 15-year fixed mortgage rates this week are 6.89% and 6.3% respectively.
WA Renters need to earn 2x the minimum wage to afford rent
According to the National Low Income Housing Coalition, a Washington renter needs to earn $30.33 an hour, that’s twice the minimum state income, to afford the typical one-bedroom apartment in the state without spending more than 30% of their income on housing costs. In the Seattle and Bellevue area, a renter would need to make even more: $40.38 an hour or $84,000 a year.
Who’s Buying? Stats by Age Group
Baby boomers (born 1946 to 1964) made up 39% of home buyers last year. Generation Y/Millennials’ (born 1981 to 1996) made up 28% . The segment with the highest median household income, Generation X (born 1965 to 1980), made up 24% of total buyers. Generation Z (born 1997-2012) made up 4% of buyers and the Silent Generation (born 1928-1945) also represented only 4% of buyers.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
Thank you,
Kerstin ☼ Krisanne
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Kerstin G. Brooks, Broker 