Is Anyone Else Considering Leaving Seattle Because of High Rent? (Shoreline: apartment complex, houses)

[CoffeeandNatureWalks]

Speaking of rent increases: Since my last post to this thread one week ago, I received a notice of rent increasing to almost 11% It's still a more than decent space and not too overpriced for the area. But it just feels more expensive when there is less and less work.

Is there a current thread already established discussing the wave of rent increases in Seattle 2015?

[Hemlock140]

Originally Posted by CoffeeandNatureWalks

Speaking of rent increases: Since my last post to this thread one week ago, I received a notice of rent increasing to almost 11% It's still a more than decent space and not too overpriced for the area. But it just feels more expensive when there is less and less work.

Is there a current thread already established discussing the wave of rent increases in Seattle 2015?

The other problem for renters is the escalating property value, and the temptation to sell. A friend has just been informed that his Ballard condo is being sold, and his lease will not be renewed. He's paying $1,800 for two bedrooms 1.5 baths, and is finding very little available and what he is finding is at about $2,300.

[angelenogirl]

Yep, my landlord has decided to sell. Everything in Edmonds seems to be gone before the digital ink is dry on the listing. She also just raised our rent ten percent.

[BaconBurgerTaco10]

I hear the argument from renters all the time "it's cheaper to rent than to own"!

This is the thread I'll reference every time they say that.

My mortgage is 1,100 for the next 26 years. I live 20 mins from Seattle. I happy not scrambling every time a lease is up or landlord increases rent.

[Steve Bowen]

Originally Posted by Seattlephil

I hear the argument from renters all the time "it's cheaper to rent than to own"!

No one that knows anything about real estate says that. Of course it's cheaper to own than rent. The issue is that most people don't have 50 grand in the bank for a 10% down payment on the median priced home in Seattle or any desirable part of the metro area with a non-terrible commute.

[BaconBurgerTaco10]

Originally Posted by Steve Bowen

No one that knows anything about real estate says that. Of course it's cheaper to own than rent. The issue is that most people don't have 50 grand in the bank for a 10% down payment on the median priced home in Seattle or any desirable part of the metro area with a non-terrible commute.

You don't need 50K... You just need 3.5%. Plenty of houses available today that would result in lower payments than what you pay in rent.

If only the average consumer was interested in appreciating assets instead of depreciating (cars, TVs , cell phones), they would have the 3.5% for a down payment.

[Steve Bowen]

Originally Posted by Seattlephil

You don't need 50K... You just need 3.5%. Plenty of houses available today that would result in lower payments than what you pay in rent.

Yeah, if you want to live in a craphole like Auburn or Federal Way, have a terrible commute and, if you're a parent, send your kids to lousy schools. No thanks. Realistically, you're looking at a bare minimum of $400,000 for a modest home anywhere that's desirable and reasonably commutable.

Plus, I doubt anyone is going to have their offer accepted in the current Seattle housing market with that kind of down payment. The estimates are that 25% of homes in Seattle are being bought in cash. I have multiple co-workers desperately trying to buy houses that have made multiple offers and lost them all. Houses are going for more than asking price and bidding wars and escalator clauses are the norm, anywhere that's desirable. Want to be the winning bidder? You're gonna have to waive inspection, which is crazy to me. I think I'd rather buy a house in a city with a reasonable housing market, thanks.

[509]

My daughter left Seattle. Rent costs were one factor. She worked and lived on Capitol Hill. Made pretty good money for a 25 year old.....70,000 a year for a stressful job. That is around $30 an hour.

So on hourly basis: Her Federal Income tax was 8.30 an hour. Her rent was 8.52 an hour. She was saving some money, but figured out over half her income was going to just to two items.

By moving back to Wenatchee....she is working much less hours. Making less money, but putting significantly more money into her savings account so she can do those things she is dreaming about.

IF living in Seattle is your goal in life, it really doesn't matter what the rent amount. Otherwise, do the math.

[BaconBurgerTaco10]

Originally Posted by Steve Bowen

Yeah, if you want to live in a craphole like Auburn or Federal Way, have a terrible commute and, if you're a parent, send your kids to lousy schools. No thanks. Realistically, you're looking at a bare minimum of $400,000 for a modest home anywhere that's desirable and reasonably commutable.

Plus, I doubt anyone is going to have their offer accepted in the current Seattle housing market with that kind of down payment. The estimates are that 25% of homes in Seattle are being bought in cash. I have multiple co-workers desperately trying to buy houses that have made multiple offers and lost them all. Houses are going for more than asking price and bidding wars and escalator clauses are the norm, anywhere that's desirable. Want to be the winning bidder? You're gonna have to waive inspection, which is crazy to me. I think I'd rather buy a house in a city with a reasonable housing market, thanks.

I hear people like you puking this nonsense all the time. It's one of the mysteries of my life which is... Why do adults make things up for the fun of it?

I can find you five houses right now that have more than reasonable commutes to Seattle for under 300K. You can buy a house in the mount lake terrace area (not a dump either) for 250 ish or less. 3.5% down = 8.7K ish plus closing. Of course you have PMI on that until you can refinance but point is, it's absolutely affordable for most people If they sell their 35 thousand dollar cars and drive something that is within their means. And no, you don't need to live in a "craphole".

So either A- you're a super ignorant person who doesn't bother to do any research what so ever before throwing out absurd claims..

Or B- you're actually so incapable of having logic thoughts go through your head so you just vomit a bunch of non sense and pretend like you've accomplished something.

Which is it?

[Steve Bowen]

I don't have a car and I don't consider Mountlake Terrace to have a reasonable commute to Downtown Seattle. Please show me the five houses that you claim you can that are a reasonable commute distance from downtown Seattle for less than 300k.