Is there anyone on this forum who worries that they may be priced out of living in the seattle are in the next 5 years?? (homes, to buy)

[annonymous0381]

Originally Posted by CrazyDonkey

Income limits go up with COL. In Seattle, both are quite high. The cost of a new car, however, does not go up. A base model 2017 Toyota Yaris costs $15,950, whether in Wichita or Seattle.

I currently dont own a car here in Seattle.

[annonymous0381]

Originally Posted by Bluefox

I believe there will be a market correction at some point in the next five years. Many of my colleagues have relocated closer to Tacoma. As much as I love Seattle, I may do the same. I'm on track to earn ~100k by next year but also have student loans and a car payment. I can't really justify buying a 400k studio or basic 1BR condo in the city when I could get an entire house in the Tacoma area for under 300. No kids, just two cats so what do I care about the schools. If I didn't have to drive for work I would probably stay closer to Seattle. I can afford the rent, but I dont want to rent forever.

I hope ypu are right

[momma4evr]

You would be surprised at how much easier it is to get financing on a new vehicle versus a used one for those with lower incomes and or poor credit. I used to make the same judgement until I learned how difficult it was. They could be leasing vehicles as well - a lot of the leases are less than buying or even monthly payments on a used car (that often has repairs added into the monthly cost). Don't be too quick to judge...

[annonymous0381]

Originally Posted by momma4evr

You would be surprised at how much easier it is to get financing on a new vehicle versus a used one for those with lower incomes and or poor credit. I used to make the same judgement until I learned how difficult it was. They could be leasing vehicles as well - a lot of the leases are less than buying or even monthly payments on a used car (that often has repairs added into the monthly cost). Don't be too quick to judge...

I currently cant afford a car right now.

[josie13]

Originally Posted by StealthRabbit

Great (?) news... King County Levy ranges from $8.2 to $15.2, (/ $1000) so... for your million dollar digs, you get the choice (?) of $8,200 / yr property taxes, or $15,200 / property taxes / yr.
http://www.kingcounty.gov/depts/asse...TaxRate17.ashx
Hurray!

(I do not subscribe to the 'increased valuation' koolaid espoused by assessors and realtors...)

same home, same pillow, same roof.... 20 yrs difference (Older home and likely lower income...(Retired = NO income))

$5/day taxes (during your earning yrs)
vs $41.64 / day property taxes (during retirement)... same house, same bed, same pillow "increased valuation(?)" Of WHAT benefit You still need a roof / bed... $5/ day was adequate then (20 yrs ago) is $41.64 MORE adequate? no... same, except more maint. (and you need a pretty good PT job to cover it (in retirement).

Healthcare in WA is the same dilemma.

$300 / month pre A(?)CA
$2,200 / month after A(?)CA

so... consider your average 'retiree'..
month property taxes + HealthCare = $3462 (for only (2) of your FIXED costs). Which were previously < $300 / month during your earning (income) yrs.

add your cell phone (4-5x your previous 'landline') and other increased expenses... and you best have some serious CASH flows.. or



Your Tax assessor and realtor will proclaim... "SELL and reap the profits" () What 'profits'? You still need a roof / bed... and you may have worked decades to improve your neighborhood / relationships / soils / orchard / community. Displaced / MOVE (as a senior?)

Consider the rational... If you can't rent the joint to cover 100% of your costs... you may be hosed. (Job loss, family crisis, economic collapse, health event)

Good luck Seattle!

King County has a property tax deferral program for low-income seniors and disabled people. After meeting qualifications, you can defer taxes on up to 80% of the equity you hold in a property. This program is designed to keep seniors and disabled people in their homes regardless of property tax.

[momma4evr]

Bellingham had a waiting list for Section 8.... But the waiting list was for a lottery drawing they had in order to be put on (yet) another wait list for Section 8. 2,000 applicants were picked in the lottery and are now on a waiting list for a Section 8 voucher... if and when they become available again - and it will depend on how many vouchers will be available when that happens. Then... If you are able to get a Section 8 voucher, the problem is in even finding a rental that will accept Section 8. Bellingham Council is or was considering a change to this in the area - so that owner's / PM Co's can't state Section 8 applicants aren't allowed - they are calling this "income discrimination". Agencies trying to help disabled, etc. find Section 8 housing are finding there is nothing available... A lot of good a Section 8 voucher will offer... Years of waiting to get the voucher and then not finding any housing that accepts it.

You are correct... Section 8 is not just for "deadbeats"... It's for the working poor anymore. We were told we could earn over 72k for a family of two to qualify for Section 8 and some subsidized housing... People need to change their perceptions. It's not just "welfare mamas", food stamp recipients, drug addicts, trash that are in need of affordable housing.

[StealthRabbit]

Originally Posted by josie13

King County has a property tax deferral program for low-income seniors and disabled people. After meeting qualifications, you can defer taxes on up to 80% of the equity you hold in a property. This program is designed to keep seniors and disabled people in their homes regardless of property tax.

Who in their right mind would take a WA DEFERRAL on $15 - $20k/ yr worth of property taxes

Let's add that up... please INCLUDE the interest~6-8%!!, say... 20 yrs in retirement... Probably end up being $500k+ for a Seattle property owner (Many will be 30+ yrs in retirement)

Last I looked you had to GROSS, <$22k (tough when your healthcare expense is possibly higher than that AND your WA property taxes would eat up / 1/2... Surely they allow more liberal earnings by now...(but don't count on it)

[CrazyDonkey]

There are three property tax deferral/exemption programs:

* Property Tax Deferral - Limited Income: Must own and reside in the house; have owned home for five years; have disposable household income of <$57k; pay first half of taxes; and maintain fire & casualty insurance. Tax deferral cannot exceed 40% of equity; there is no age or disability requirement. The deferred amount, plus interest, becomes a lien in favor of the state until the total amount is repaid.

* Property Tax Deferral - Senior/Disabled: Must be at least 60 years old or be unable to work due to disability; be the owner of the property; reside in the home as your principal place of residence for more than six months/year; have disposable household income of <$40k; and maintain fire & casualty insurance. Can defer property taxes and/or special assessments. Tax deferral cannot exceed 80% of equity. The deferred amount, plus interest, becomes a lien in favor of the state until the total amount is repaid.

* Property Tax Exemption - Senior/Disabled: Must be at least 61 years old or deemed 100% disabled (by VA or SS); own and occupy the home as your principal place of residence; have disposable household income of <$40k (out-of-pocket prescription drug expenses and Medicare premiums may be deducted). Your residence’s assessed value is frozen and you will be exempt from excess and special levies, resulting in a reduction in your property taxes. Nothing has to be repaid and no lien is placed against the property; fire & casualty insurance is not required.

https://www.clark.wa.gov/assessor/pr...sabled-persons

[Ultrarunner]

Originally Posted by momma4evr

Bellingham had a waiting list for Section 8.... But the waiting list was for a lottery drawing they had in order to be put on (yet) another wait list for Section 8. 2,000 applicants were picked in the lottery and are now on a waiting list for a Section 8 voucher... if and when they become available again - and it will depend on how many vouchers will be available when that happens. Then... If you are able to get a Section 8 voucher, the problem is in even finding a rental that will accept Section 8. Bellingham Council is or was considering a change to this in the area - so that owner's / PM Co's can't state Section 8 applicants aren't allowed - they are calling this "income discrimination". Agencies trying to help disabled, etc. find Section 8 housing are finding there is nothing available... A lot of good a Section 8 voucher will offer... Years of waiting to get the voucher and then not finding any housing that accepts it.

You are correct... Section 8 is not just for "deadbeats"... It's for the working poor anymore. We were told we could earn over 72k for a family of two to qualify for Section 8 and some subsidized housing... People need to change their perceptions. It's not just "welfare mamas", food stamp recipients, drug addicts, trash that are in need of affordable housing.

Need to remember there are valid reasons owners/managers shy away from assisted rent programs...

I managed quite a few early on and found the program overall to be good all around... it was able to place families in suitable housing and not limited to projects...

Sadly the program today is VASTLY different than it was when I started... almost every change has been a take-away from the property owners and in some cases left owners holding the bag as was the case when Housing no longer underwrote the Security Deposit Guarantees...

If going with subsidized tenants was superior of even equal the program would not have trouble placing Voucher Holders... which I admit is often difficult today.

One way in is to apply in multiple areas and be willing to relocate should your name come up... know several that did this and after a year started looking in the community they wished to live and made it work...

The last time I made a unit available to Housing the move in inspection process was 10 days out and as a manager how can I justify keeping a unit empty not even knowing if it will pass while I have a non-assisted renter qualified and ready for immediate occupancy?

[momma4evr]

@ Ultrarunner...

Sadly, what you have described from personal experience is completely understandable from a property owner. The paperwork on both ends (tenants & property owners) is extreme and often redundant. A 10 day inspection process...! I agree, how could you justify keeping a unit empty when you could fill it with a non-Section 8 tenant quickly?! I applaud you for even participating in the program at one time, but understand your reasons for shying away from it now.

I wish I had the time, energy, connections and clout to get involved more and do something proactive surrounding this issue. I know the people at the Bellingham Housing Authority work very hard trying to place individuals and families in housing (although there are some who are terrible at communicating and assisting clients in the process) - but the process is also extremely convoluted and the paper requirements are insane. I worry about the impact housing is having on all of us, and especially for the generation(s) coming up behind us. My son is concerned he'll never be able to leave home... He worries about being able to afford housing for himself and his "old mom" being able to take care of herself - something I don't want him to be concerned about! :-)

Just seeing the housing / rental situation in Bellingham escalating like this is disheartening. I lived in Seattle for over 20 years and what I'm seeing happening in Bellingham is sadly reminiscent of the path Seattle took.