Housing costs soar ahead of incomes
Average Seattle incomes aren’t keeping up with rising West Seattle housing costs and home ownership and rental opportunities are moving beyond the reach of wageworkers.
That fact prompted Mayor Greg Nickels to unveil his new housing program last week, which aims to put more homes within reach of Seattle’s working class. Nickels’ proposal, called “Seattle Homes Within Reach,” will expand an existing multifamily tax exemption program for developers and landlords to more neighborhoods.
“We want to make our city a wonderful and compelling place to live, work and raise a family, and that starts by creating opportunities for people of all income levels to find decent and affordable housing,”
Nickels said in a statement. “Whether you are a police officer, a grocery worker, or a nurse, if you work in Seattle, you should be able to live in Seattle.”
The city defines “affordable” as being “something that meets an individuals needs,” said Rick Hooper, policy director for the city’s Office of Housing. In general, a homeowner should be spending no more than 40 percent of their monthly income on housing costs, and for renters, no more than 30 percent.
The median income in King County is about $50,000 for a single person household, according to Adrienne Quinn, director of the housing office.