Seattle is known for being a hotbed for rental properties.
But how much can you save on a single-family home?
We spoke with realtor, economist and real estate expert Andrew R. B. Jackson to find out.
Jackson is a senior fellow at the Seattle-based Urban Institute and an author on the topic.
Jackson tells us about how the Seattle housing market is changing.
He said rents have risen more than 30% in Seattle in the past 10 years.
Rents for single- and double-family homes have risen about 60% in the last 10 years, Jackson said.
The Seattle median price has more than tripled over the past decade.
The average monthly rent in the city has nearly tripled in the same period.
The average cost per square foot for a two-bedroom apartment has jumped by more than 70% in 30 years, according to Jackson.
The increase in the cost of living has been especially steep in Seattle, he said.
Jackson said there is a growing demand for single family homes in the area.
Rental housing is still relatively affordable, but there is an increasing demand.
In Seattle alone, there are more than 5,000 single-story houses in active use.
There are also more than 50,000 two- and three-story homes that are in active occupancy, he added.
Jackson says many people are moving to Seattle because of a housing shortage.
He said the average rent in Seattle is $1,500 per month, while the median cost of a two bedroom apartment in Seattle can reach $2,000 per month.
Renters in Seattle are paying an average of $1.80 per square feet, he noted.
He says rents have skyrocketed, and they’re increasing more rapidly than in any other city in the U.S.
Jackson notes that the increase in rent prices in Seattle means that people have a lot of options for getting a new apartment.
He’s not sure if that will change in the next few years, though.
He does predict that people are going to have to pay more in the future.
He says the number of people renting out a single house is growing.
That’s the main reason why there’s so much demand for new apartments in Seattle.
Jackson says the percentage of single-income earners is rising, which means that there are going be more and more people looking for a second home.
He believes there will be more demand for apartments in the Seattle area as people move to other cities.
He expects that to continue for years to come.
Seattle has a population of more than 13 million people.
Jackson predicts that in 2040, the number one source of new housing will be in the City of Seattle, and that will be the number two.
The number one rental property in Seattle will be a two story apartment building.
Jackson also says that the number three is in the form of a five-story apartment building, which he estimates is currently in the works.
Jackson believes that will eventually become the number four and five.
He also says there are also plans to build a nine-story mixed-use apartment building in the central Seattle area.