This story was originally published on MyNorthwest.com
Seattle renters need nearly $100,000 to afford average rent, according to a new report from Zillow.
“Housing costs have surged since pre-pandemic, with rents growing quite a bit faster than wages,” said Orphe Divounguy, senior economist at Zillow. “This often leaves little room for other expenses, making it particularly difficult for those hoping to save for a down payment on a future home. High upfront costs are often overlooked, which can keep renters in their current homes.”
Average apartment rental costs have doubled in price nationwide.
“In eight major metro areas, renters now need to make six figures to comfortably afford rent, a new Zillow analysis reveals.” Zillow wrote.
So where does Seattle stand?
Here’s how much Seattle renters must earn
In Seattle, renters must make $90,840 to comfortably afford rent, in order to keep housing costs under the recommended 30% of their total income. That’s up 23.2% since April 2020. Conversely, in Portland, a renter must earn at least $74,076 to comfortably afford rent.
“Since April 2020, rent for a typical U.S. apartment has increased by 28.7%, to $1,858, while rent for a single-family home increased by 42.9%, to $2,256. Over that time, the median household income has only risen by 22.5% to about $82,000.” Zillow said.
Here are the cities to find cheaper rent
Zillow breaks down the most affordable markets to target and how renters in these areas spend their hard-earned money.
“The most affordable rental markets are Buffalo ($55K income required), Oklahoma City ($56K) and Louisville ($57K). In these markets, the median renter would spend 23% of their income or less on rent, allowing more latitude in gaining financial freedom.” Zillow wrote.
Aside from high monthly rates, security deposits and advance rent payments have contributed to the uptick in total cost, according to Zillow.
“Beyond high monthly rent prices, large upfront costs can pose a barrier for renters looking to move. This is especially true in cities like New York and Boston, where broker fees — on top of security deposit and advance rent payments of one to two months — exacerbate rental affordability challenges,” the report claimed.
Zillow offers a rent affordability calculator that sheds light on housing budgets, ensuring that they know exactly what they can afford.
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