City Bad News for the Median (and Below)
posted by February 1 at 9:30 AMon
According to this very interesting study, in 2005, the median income in King County was $60,400.
A typically priced home cost $332,000 in 2005, meaning wage earners had to make $88,400 to spend 30 percent of household income on housing costs, a percentage considered affordable.
The gap between the median income in King County and the income one would need to buy a typical house in King County has grown wider and wider over the last few years. The bottom line:
Buying a home in King County has moved further out of reach for the typical wage earner.