The main reason Seattle is expensive comes down to the price of land and its zoning. The housing shortage in Washington is one of the main reasons for the high cost of housing in the state. But he's not the only one. Migration-induced demand, Seattle's exorbitant housing market price, and more have influenced the total cost of housing in the state.
In addition, the rapid expansion of the state population is unlikely to stop, so the level of production has to match it. Therefore, the most populated areas of Washington State are suffering from a shortage of housing inventory. This is happening at a time when demand for housing is increasing, due to population growth and economic improvements. In Seattle, it's because of zoning.
There is a lot of land in the city of Seattle, but 60-70% of the city is divided into single-family housing zones. Therefore, only 30-40% of the land can be developed for anything denser than a single house. Restricting development creates scarcity that drives up prices. It is a problem of supply and demand, but supply remains arbitrarily low.
Therefore, the shortage of housing inventory can be found mainly in the most populated parts of Washington State. This makes Seattle expensive because it creates shortages with the type of businesses and other industries that want to buy land in Seattle. To better understand why such a high income level is needed to live in the city, consider some of the basic expenses associated with living there. So, what's going on here? What is it about Washington State's housing market that is causing home prices to skyrocket in such a way? As always, it is a story of supply and demand.
Guppy said Seattle sets the tone for the Puget Sound region, calling it “expensive” and “burdensome.” Like the domestic housing market, Washington State's housing market is considered very active at the moment and is expected to be very active over the next few months. Don't get me wrong, I'd willingly pay more to live in the Seattle metropolitan area than in the greater Atlanta area, but the valuation seems to have been biased at some point and I wonder what caused that. Seattle is an expensive city, but it has a lot of culture, incredible nature and is focused on technology. Another affordable city to consider in Washington State is Bothell, which is located just outside of Seattle.
With its incredible views, numerous parks and a location close to the water, the city is a natural choice for many people interested in living in Washington. Another aspect of the Evergreen State's real estate market is much more expensive than those of other states in this region. Since sales tax applies to all taxable goods, if someone has a buying habit, they could fall into debt on top of the rest of Seattle's expenses. There are also many articles about Washington having one of the highest minimum wage rates in the nation, including California.
The cost of living in Washington State and Oregon is considered to be one of the highest in the nation and there are more affordable cities and regions in the United States, particularly in the south. Auto mechanics, gas station workers, bus drivers, and other transportation or automobile workers need more money to live in Seattle.
