"Seattle and Tacoma Home Affordability: Report Reveals Income Requirements"

A new report from Redfin reveals that residents in Seattle and Tacoma need six-figure salaries to afford a home. In Seattle, the average monthly mortgage payment is $5,300, with a median sale price of nearly $788,000, requiring an annual income of around $215,000. In Tacoma, the average monthly mortgage payment is $3,746, with a median home sale price of almost $550,000, necessitating a salary of approximately $150,000. Nationwide, average monthly mortgage payments have reached an all-time high of $2,866, a 20% increase from the previous year. Redfin suggests considering condos or townhouses, moving to more affordable areas, or suburbs as alternatives.