How expensive is Seattle, really? (Kirkland, Tukwila: rent, condo, mortgage)

[Condorll]

Originally Posted by Ultrarunner

Is the Property Tax Rate in Seattle less than other areas of WA? I'm in Thurston County, (Olympia) and find my tax rate to be 1% of assessed value which is about a quarter of a percent higher than the example given.

My assessed value is 377k (land and home-West Seattle) total property tax is $3480, so slightly less than 1%,

[Condorll]

Originally Posted by MichaelinWA

Washington has high sales taxes, which partially offsets the lack of a state income tax.

As others have noted, it really matters where one comes from, though, as far as perspective and "reputation" go. Home prices are relatively high here, but because we moved from the San Francisco area, they seemed quite reasonable to us.

Yes Washington has sales tax, so does practically every other state. However when you compare our 8.8% sales tax to other states that may run 6-7% the difference is only about 2% on your purchases.

Compare that to paying a 4-7% state Income tax, and in some states local wage taxes on your total GROSS income and you will find that your NET is considerably higher in WA than most other states.

[Woof]

Originally Posted by bigal32

I can't imagine with a combined income of 102K, or even just my 72K salary, we would struggle, yet I read things on here about how you need at least 120K to live comfortably.

But why???

.....So let me ask...where exactly does Seattle's super-expensive reputation come from? Is it accurate? And if it is accurate, does it only apply to buying a house?

That reputation probably comes from one or two individuals who need the finest of everything ..... a butler, a maid, and a gardener .... a new luxury car every year ..... but find that the trust fund income barely covers those things.

Now personally, I'm at the other end of things .... I could live in Seattle quite nicely on $15,000. But that's because I have few costly needs, don't need to go out to restaurants because I enjoy cooking for myself, don't need expensive nightclubs for the few nights I go out for entertainment.

Maybe I'd need $20,000 if I had a vehicle while living in town.

[vnodak]

Originally Posted by Condorll

So let me ask...where exactly does Seattle's super-expensive reputation come from? Is it accurate?
.......................

No it is not really accurate.

You have to remember that in WA we pay only Federal Income tax.

There is no State Income tax, No local wage tax, and property taxes (if you own your own home) are quite low compared to the value of the home.

A 500,000 home in Seattle would pay about $3500 in property taxes. quite low compared to other major metropolitan areas. (I have seen areas where property taxes are double that on an equivalent home, even though the equivalent was about 100k less in price)

I do not totally agree with you on acouple of points. First Seattle has a very high state tax. Secondly, I do not live in King county and my property tax this year is almost $6000 for a house valued at $660,000. Also, their is a tax on other things that is high---car tabs, booze, cigs, hotels, restraurants,etc. This state taxes you to death and now they want road tolls.
To answer your question---you should be able to live well and enjoy yourself and true it does not compare to Cal. and NY but as far as big cities go--it is number ten.

[wsugrad03]

Earning $110K with no kids is doable. You'll be able to afford a nice 2 bedroom condo in an ideal area. Is it enough to buy a house? No. You'll probably need to be looking down in Auburn to buy a new, larger sized home. Our federal tax return says that we're in the top 8% of income earners, but we can't afford to buy what we want in Seattle. Not paying income tax is great, but the high cost of real estate has really made Seattle an unrealistic place for people to settle down and raise a family. There's great high-tech jobs here, and unsurpassed natural beauty, but it's a very tough market for people who aren't earning in the high six figures area. My advice is to bust open and excel sheet and really crunch some realistic numbers to see what makes sense for you in Seattle. It can be a great city to build up professional skills, but depending on your income situation, it's a tough place to step into real estate.

[JDTD]

Originally Posted by SaltyDawg

If you're making over $100k with no kids and renting, you shouldn't have any troubles.

Housing costs are insane, insurance is expensive, and inflation is rising faster here than anywhere else in the country, but compared to San Fran, New York, or LA, Seattle is not terribly expensive.

It's number 10 on the most expensive cities list (overall) I believe.

[drewba]

Originally Posted by Condorll

So let me ask...where exactly does Seattle's super-expensive reputation come from? Is it accurate?
.......................

No it is not really accurate.

You have to remember that in WA we pay only Federal Income tax.

There is no State Income tax, No local wage tax, and property taxes (if you own your own home) are quite low compared to the value of the home.

A 500,000 home in Seattle would pay about $3500 in property taxes. quite low compared to other major metropolitan areas. (I have seen areas where property taxes are double that on an equivalent home, even though the equivalent was about 100k less in price)

... and quite low compared to unincorporated King County. Our assessed valuation for 2008 is $435,000 with property taxes of $5,068.

[Ira500]

We also have a real estate excise tax on the sale of homes which most states don't have...it's 1.78% plus five dollars, paid by the seller.

[allforcats]

Originally Posted by Ira500

We also have a real estate excise tax on the sale of homes which most states don't have...it's 1.78% plus five dollars, paid by the seller.

Yeah -- Ira, do you know what that adorable five dollars is for?

[Ira500]

That adorable five dollars is the "technology fee".