We all know that home values in Seattle are seriously pricey. But 2021 turned out to be an extraordinarily expensive year when it came to home value appreciation. So much so that skyrocketing home values both locally and nationwide are out-earning salaries according to a new study from Zillow.
What exactly does that mean? Basically, the study found that “home appreciation found houses themselves earning more than the median worker in major metros across the country.” Need some numbers? In “2021 home value growth exceeded median salaries in 25 of 38 major metros.” Not only that but yearly rent payments grew by over $3,000, while down payments increased by more than $10,000.
In summary, things are looking good for homeowners and not so hot for renters. What all this means for us locals is that home values in Seattle increased an average of $131,129 between 2020 and 2021. The increase is just a few hundred dollars short of Los Angeles, Long Beach and Anaheim’s increase of $131,979. Could Seattle be the new LA?
Other notable local numbers include a 2021 median pretax income of $65,000 while the home value growth minus median income was sitting at $66,129 and a $3,816 rise in full-year rent payments in 2021.
Meaning that the U.S. Profession that made an income closest to 2021 home value growth in Seattle was computer and information research scientists. Perhaps thats why we continue to be such a techy city.