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No person would ever accuse Seattle of being a reasonable place to reside.
Over the previous 10 years or so, rents within the metropolis have skyrocketed. That’s compelled many individuals — particularly youthful adults — to cram into shoebox-sized residences or to transform the residing space in a one-bedroom unit right into a makeshift second bed room. And, in fact, there have been requires lease management measures, which aren’t allowed by state legislation.
So this may appear counterintuitive to many: Seattle is among the many least cost-burdened large U.S. cities for renters, in line with census knowledge.
The Division of Housing and City Growth considers households cost-burdened in the event that they spend greater than 30% of complete earnings on housing prices, akin to lease and utilities. This long-standing threshold could seem slightly low nowadays, and a large variety of renters within the U.S. pay 50% or extra of their earnings towards lease, but it surely stays the usual.
In keeping with the Census Bureau’s annual American Group Survey launched final month, 44% of renter households in Seattle spend 30% or extra of their earnings on lease and utilities. In uncooked numbers, that’s about 90,700 out of the 206,400 complete renter households.
As large a quantity as that sounds, it’s surprisingly low in contrast with different large cities. Among the many 50 U.S. cities with the biggest variety of renter households, Seattle had the third-lowest share of cost-burdened renters in 2022.
One other much more costly metropolis — San Francisco — was on the backside, with nearly 36% of renter households spending 30% or extra of earnings on lease and utilities. Jersey Metropolis, the place comparatively decrease rents have attracted a variety of of us who work in New York Metropolis, was second from the underside, at round 40%.
On the different finish of the spectrum, 60% of renter households in Miami paid no less than 30% of earnings on lease and utilities. Orlando, one other Florida metropolis, ranked second, adopted by Los Angeles.
Of the 50 cities, there have been 27 the place nearly all of renter households had been cost-burdened in 2022.
It’s value noting that census knowledge contains households paying 30% or extra of earnings towards housing prices, however that’s barely totally different from the HUD definition of cost-burdened, which is greater than 30% of earnings.
The rationale a smaller share of Seattle renters are cost-burdened in contrast with most different large cities is easy: As excessive as rents are right here, incomes are typically even increased.
The median month-to-month price for lease and utilities on a one-bedroom house in Seattle was $1,717 in 2022, in line with census knowledge. This determine is predicated on surveys of individuals residing in Seattle, whether or not in high-end, new-construction residences or in older, extra modest buildings and in each market-rate and backed items. Seattle lease was practically 50% increased than the U.S. median for a one-bedroom unit, which was $1,146 final 12 months.
However incomes for individuals who lease in Seattle had been much more disproportionately excessive. In 2022, Seattle renter households had a median earnings of $79,300, about 61% increased than the U.S. median for renters, which was $49,200, in line with census knowledge. Seattle ranked third highest behind San Francisco and San Jose for renter earnings.
The median represents the halfway level. In different phrases, half of renters make extra, and half make much less. It’s the half that makes much less, in fact, that usually struggles in a metropolis with such excessive rents.
Practically half of the 90,700 cost-burdened Seattle renter households — 43,500 of them — spend 50% or extra of their earnings on lease and utilities, a state of affairs that appears unsustainable.
The youngest and oldest renters in Seattle are essentially the most cost-burdened. Amongst renter households headed by an individual below 25, 63% had been spending 30% or extra on lease and utilities in 2022. Amongst these 65 and older, the determine was 57.5%.
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