SEATTLE — A new report from Zillow lists Seattle as one of the most expensive places to buy a home in the nation.
The report said Seattle-area home buyers need to make around $214,000 a year to comfortably afford a typical home. The salary requirements have increased dramatically from just four years ago when a $120,000 yearly salary could have netted prospective buyers a good home.
The average salary required to buy a home in the United States is listed at $106,536.
The average monthly mortgage payment in Seattle has risen 92% from January 2020, costing around $4,450.
Zillow said home buyers are more commonly teaming up with friends or family members to buy homes in the face of sharp increases in housing costs.
According to Zillow economists, home prices are increasing most rapidly in Medina, 98039, which already ranks among the top 100 most expensive zip codes in the United States. Bellevue is home to the next most expensive zip code, 98004, followed by downtown Seattle, 98101.
Outside of Seattle, home values are growing the fastest in Eatonville, 98304, where they increased 6% in the past year. Home values in 98206 in Everett increased by 6%, home values in two Lynnwood zip codes, 98037 and 98036, and a Pacific zip code, 98047, increased by around 5%.
Home values fell in 24 zip codes across the Puget Sound in the last year, with most of those being in Seattle. Home values have fallen the most near downtown, including 98104, 98102 and 98109.