This was a story today on Komo News 4 that I thought you should read....
Looking for the most affordable place to buy a home in Washington
state? Then set your sights on the Eastern Washington town of Ephrata.
A new study released Monday by financial advice website SmartAsset
found that the cost of buying or owning a home in Ephrata, compared
with the average income there, is the lowest in the entire state.
While the median income in Ephrata is just over $61,000, the average
monthly mortgage payment (including homeowner's insurance and property
tax) is only $568 - a steal when compared with the average mortgage
payment of $1,731 in King County.
But if Ephrata isn't exactly your cup of tea (summertime high
temperatures there routinely reach well into the 90s or 100s and
wintertime lows can reach below zero), then the study also identified
several other towns and cities in Washington where affordable housing
can be found. Here's the breakdown:
Ephrata: Avg. closing cost $4,389 ... avg. monthly mortgage payment,
$568 ... median income, $61,284 ... affordability index, 45.02
West Richland: Avg. closing cost $5,586 ... avg. monthly mortgage
payment, $844 ... median income, $86,686 ... affordability index,
43.82
Finley: Avg. closing cost $2,617 ... avg. monthly mortgage payment,
$730 ... median income, $72,731 ... affordability index, 43.51
Union Gap: Avg. closing cost $2,723 ... avg. monthly mortgage payment,
$379 ... median income, $38,667 ... affordability index, 43.45
Hoquiam: Avg. closing cost $3,910 ... avg. monthly mortgage payment,
$368 ... median income, $40,301 ... affordability index, 43,06
Quincy: Avg. closing cost $4,265 ... avg. monthly mortgage payment,
$542 ... median income, $54,712 ... affordability index, 41.73
West Side Highway: Avg. closing cost $2,607 ... avg. monthly mortgage
payment, $716 ... median income, $67,754 ... affordability index,
40.05
Town and Country: Avg. closing cost $2,563 ... avg. monthly mortgage
payment, $658 ... median income, $61,301 ... affordability index,
39.86
Duvall: Avg. closing cost $8,929 ... avg. monthly mortgage payment,
$1,653 ... median income, $151,612 ... affordability index, 39.03
Prairie Ridge: Avg. closing cost $2,816 ... avg. monthly mortgage
payment, $866 ... median income, $78,631 ... affordability index,
38.94
Of course, if you really want to find the most affordable place to buy
a home in the U.S., then you'll have to leave Washington state. That
honor goes to Pecos, Texas, where the average monthly mortgage payment
is $208 and the median annual income is $54,967.
The second most affordable place? That would be Federal Heights,
Colo., where the average monthly mortgage payment is $182 and the
median annual income is $38,328.
Source: Komo News 4
Here is our quick weekly update for the Seattle real estate market. These stats cover the greater Seattle metro, but individual cities and neighborhoods may be significantly different. Please contact us for a report on your local area if you're thinking of buying or selling.
