It’s no surprise that so many people are proud to call the Puget Sound region home, given its diverse job opportunities, stunning scenery, and vibrant culture. But when it comes to actually owning a home here, obstacles like a lack of affordability and accessibility to housing have made it increasingly difficult to make the transition from renting to owning. In Realogics Sotheby’s International Realty’s Forecast Report, a deep dive into market trends, data, expert insight, and predictions, RSIR’s President and CEO Dean Jones weighs in on the factors making it difficult for those hoping to buy to realistically afford or find property in our local market.
From the disparity between the pace of income increases and housing/renting cost increases to inflation and high mortgage rates, it may seem that the dream of owning is far out of reach for some. However, solutions like building multi-family housing, like condominiums or townhomes, create more housing for more affordable prices, particularly in high-density areas like Seattle. The supply and demand issue is certainly top of mind for the area’s residents, developers, agents, and officials, which will hopefully prompt action to work towards a solution that allows those looking to own the option to do so. For more insight into how this is affecting both citizens and the market, read Jones’ piece in the 2023 Forecast Report.
