It’s approaching $200,000, among the highest in the nation.
Seattle, WA, is known for its natural beauty, outdoor recreation, delicious cuisine, and tech-focused companies. In addition to being an affordable and unique place to live, Seattle is also home to a highly competitive real estate market that’s seen large changes over the past few years.
For many, buying a home in Seattle is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home
So whether you already live in the Emerald City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Seattle.
Check out our original report for a detailed nationwide analysis.
How much income do you need to buy a starter home in Seattle?
The median sale price of a starter home in Seattle is $535,000. In order to afford this, first-time homebuyers in Seattle should make $173,378 per year, up 8.4% from 2023. The median income in Seattle is $126,647, meaning the typical resident cannot afford a starter home.
Only California metros require a higher annual income to afford a starter home. Anaheim, Los Angeles, Oakland, San Diego, San Francisco, and San Jose all top $175,000.
As expected, starter homes in Seattle are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $214,904 (as of October 2023).
Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.
First-time homebuyers’ guide to the Seattle housing market
Seattle has experienced a growing but mixed market over the past few years. House prices have risen by 12.5% since January 2021, but the metro also saw sharp increases…