First-time homebuyer affordability in Seattle area called 'ridiculous' as housing costs keep rising

Buying a first location successful nan Seattle-Tacoma area has go 1 of nan toughest challenges successful nan country, according to a caller study ranking nan region among nan nation's worst places for first-time homebuyers because of soaring lodging costs and constricted affordability.

A caller study from WalletHub classed Seattle 204th and Tacoma 190th retired of 300 successful a study ranking American cities for first-time homebuyers.

Jake Skorheim and Spike O’Neill, co-hosts of "The Jake and Spike Show" connected KIRO Newsradio, asked listeners what they look for successful buying a home, and nan ensuing chat centered astir affordability.

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Homes for waste successful nan West Seattle vicinity of Seattle, Washington, connected Tuesday, June 18, 2024. The National Association of Realtors is scheduled to merchandise existing homes income figures connected June 21. (David Ryder/Bloomberg via Getty Images)

Chris, a subject seasoned successful Marysville, texted a consequence to nan KIRO Newsradio textline, sharing that he is looking to acquisition a home, but nan prices are "ridiculous" for a location that is fundamentally connected apical of different location adjacent door.

"We look for affordability first, and past space," Chris said. "I don’t for illustration being surrounded connected each 4 sides by different homes. Since I’m ex-military, being adjacent to a subject installation is important to america arsenic well, truthful we tin usage those benefits I’ve earned from my status from nan U.S. Navy. Homes are going for $550,000-$600,000 for a modular three-bedroom, two-bath home. It’s very difficult to find thing affordable."

Jake addressed "shocking" lodging marketplace developments complete clip and really thing he erstwhile considered affordable is nary longer so.

"I mean, it is shocking nan magnitude of money that you spot houses going for these days," Jake said. "The costs, it’s truthful unusual erstwhile you unrecorded successful a authorities for a agelong time. I was calved and raised here, and if God wills, I will extremity up dying successful Washington. I emotion it here, but I retrieve erstwhile homes were, astatine slightest arsenic a kid, affordable; they did not look crazy."

"Absolutely, nan period of introduction is simply a obstruction to entry, absolutely," Spike replied.

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Housing experts reason that expanding homebuilding is 1 of nan astir effective ways to amended affordability. (David Paul Morris/Bloomberg via Getty Images)

Spike said he bought a location successful nan Seattle area for astir $200,000 aft arriving astatine a favorable clip successful nan lodging marketplace and later sold it for a important profit erstwhile he relocated.

"Now, Washington, they person conscionable been chipping distant astatine us," Jake said. "Now it’s very expensive. Housing is expensive, and everything surrounding lodging is expensive."

"It’s absorbing because our first location acquisition successful nan metropolis would person been successful 1992. Prime Seattle time, it was nan spot to be," Spike said. "It seems America had conscionable discovered Seattle. For us, it was affordability and proximity to my job. We bought connected Queen Anne Hill for, I don’t moreover want to show you what we paid. By nan way, nan aforesaid house, which has been updated, we did a batch of upgrades to nan house, and we quadrupled our investment. Maybe 10 years aft we bought it. It’s not for illustration they added different story. It’s nan aforesaid place. It’s location and nan view."

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A personnel of nan Metropolitan Improvement District Downtown Ambassadors cleans adjacent Seattle Police Department officers connected patrol connected Third Avenue successful downtown Seattle, Washington, connected Thursday, March 24, 2022. (David Ryder/Bloomberg via Getty Images)

According to NPR connection KUOW, successful February 2024, nan mean value of a starter location successful Seattle was $535,000, pinch a monthly owe of $4,334.

Fox News Digital reached retired to Seattle Mayor Katie Wilson for comment.

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Of nan 50 worst cities for first-time homebuyers connected nan list, 36 of them were successful California.