The Seattle Times recently reported that housing prices in King County are more affordable now than it has been in 17 years.
According to the Washington Center for Real Estate Research a typical family’s income is 27 percent higher than what is needed to make housing payments. This is based on the rates for a median priced house.
Via Seattle Times:
The median price of houses sold in King County in October — a month not included in the calculations — fell to a new post-bubble low of $320,000, according to Northwest Multiple Listing Service statistics released last week.
Despite low interest rates and the stability of median family income numbers people are not taking advantage. While the prices have dropped to affordable levels, people are still choosing to rent as a result of the shaky economy.