Real Estate Prices are Unaffordable for Senior Citizen (Seattle, Port Angeles: 2015, apartment)

[RVFullTimer]

I am more frustrated than ever before regarding real estate prices. Properties continue to rise, real-estate investors buy up the properties add a few thousand to the price and then sell at a higher price. The asking price for properties are usually much higher than the counties assessed value. The only really affordable priced property is located where people do not want to live such as the desert and high elevations where cold weather and snow is a problem.


The homeless crisis is rising because people are being forced out of their rentals due to the rising rent increases and this is not just limited to rentals. Young people can not afford the rents alone try to buy a place. They are stuck living with relatives etc. I don't see where this problem will ever end.



The minimum wage never meets the cost of inflation. Store prices continue to rise, gas prices continue to rise, utilities continue to rise, health care continues to rise. Meanwhile AI artificial intelligence robots are taking over and replacing jobs. Amazon just started a automated check out system which requires no store clerks during check out. How many cashiers are or will be out of a job?


I am still trying to find a miracle property. I have saved a good size down payment 20k but the banks will not provide a loan on land alone and land with improvements are much higher than 20K. It must have a housing unit on the land in order to get financing. I can not afford a mortgage on a house because I am on social security which is not enough income for a mortgage. In most cases my social security income will not be enough for even a rental. I also have my dog (yellow lab) and most places would not accept a big dog.


I have found some land for 20k but land at that price does not have any improvements or utilities. I wouldn't mind going solar and hauling in water but these options require additional monies. Then septic is usually required by the counties, another 10k.


So I am really frustrated at the age of 62, just wanting a piece of land where I can play with my dog and build a garden. I am going to need a miracle.

[StealthRabbit]

Such is the case since 1960s Californication of western states. My assessor offers a very simple solution (to him) . Can't pay your WA taxes? Sell to a Californian. He claims that worked great for his parents every 2 years.

Fleeing CA home equity displaced senior residents who had dedicated decades to create and nurture desirable communities in these states. I dealt daily with CA transplant co-workers who paid far more than market price and added unnecessary additions and accessories to their new WA homes to burn more capital. Otherwise they would have to pay TAXES!!!

CA could have stopped it then, and it is the only state with prop 13 benefits. The states that became overpriced for homes gained more tax revenues to waste, so it was considered a win.

I don't expect home ownership to be available for seniors living in WA. I will rent in WA or domicile in SD. (WY would be my first choice, but it was Californicated very significantly by 1980).

Your mentioned cost issues for development or buying bare land in WA is exactly what my 14 yo kids faced when building their homes on rural acreages during their Jr high school yrs. But they also were smacked with very high impact fees. That was 20 yrs ago. Sinking a well was expensive then as well. I had them take their septic installer test, which saved them $5,000 to build it themselves. (Materials ~$3000) labor was... Free! D-I-Y

[CarlB328]

Ever since we allowed business people to take over our country this has been the inevitable conclusion. There is no solution other than a recession or some sort of large scale depopulation. You may have to leave Wa or move to the remaining not too expensive areas like Centralia.

[Hemlock140]

After retiring, my parents in their 70s at the time bought a 1,500 sf manufactured home on 5 acres in unincorporated Port Angeles, back about 1998 for $74,000. The current value is still under $200k. There are still many homes in that area, and in Joyce for under $200,000 and that's about as low as it gets. Zillow shows a .9 acre empty lot there for just $29,900, and a 4 acre lot for $89,900.

[Ruth4Truth]

Tiny house?

[rkcarguy]

Washington is broken in this regard. Cities are allowing the Mega-Landlords and NIMBY's to run the "anti-development show", while the state puts forth tons of red tape for the single family permit process while 3-5 households move here for every home/apartment built. Much of the movement comes from the federal tax reform that doubled the standard deduction yet removed deduction of state income taxes and mortgage interest and people see "income tax free Washington" and flock here. The problem is, Washington's property taxes are now becoming quite onerous as assessors happily value homes at market prices as they are inflated greatly and bought up by out of state/foreign buyers and investors. Just like the sell off in the market recently, the knee jerk reaction always over-compensates. I worked some math on a what if scenario and compared the total WA residents tax load to that in other states with income taxes yet far lower housing costs. You know what? Even taking a large pay cut and paying state income taxes, many would have far more disposable income than we do here in WA. Those "lower" property tax % rates, aren't so low when your pushing 3X the USA's average home evaluation.

[87112]

It terrible, and a rip off. Had to pay almost 200 bucks for tabs on a 2015 278cc Honda Scooter that I ride only 3 to 4k a year. Next year, I am just not going to renew my tabs and ride around. No cops around Seattle to enforce much anyway and unless you ride like an idiot no one will notice.

[rkcarguy]

Originally Posted by 87112

It terrible, and a rip off. Had to pay almost 200 bucks for tabs on a 2015 278cc Honda Scooter that I ride only 3 to 4k a year. Next year, I am just not going to renew my tabs and ride around. No cops around Seattle to enforce much anyway and unless you ride like an idiot no one will notice.

I hear you there. I have a motorcycle as well and it's tabs were $67 the last time I used it. I only ride it a few times a year and it exerts not much more weight on the road than I would on foot walking across it.
Then, you can put an electric or small gas motor on a bicycle and you don't need to even have tabs or licensing....

[dcisive]

It's one reason a few years ago I opted OUT of Washington. I loved to take vacations there but man, you can keep your property taxes let alone the lack of breaks for seniors in general.

[Teacher Terry]

If you moved to the Midwest you could find a piece of cheap land.