National Association of Home Builders (NAHB) has released new Priced-Out Estimates for 2022 showing the effects of higher prices and interest rates on housing affordability. The 2020 estimates indicate a $1,000 increase in the median new home cost would price 117,932 out of the market nationwide.
 
The Priced-Out Report for Washington released by BIAW in partnership with NAHB, breaks out key metrics for the Seattle-Tacoma-Bellevue submarket:
▪ Median New Home Price: $721,105
▪ Income Needed to Qualify: $166,017
▪ Median Household Income: $91,692
▪ Household Population: 1,587,245
▪ Households that Can Afford Median Price: 405,415
▪ Households that Can’t Afford Median Price: 1,181,830

Key Points
⌂ 26% of families can afford to purchase a median priced new home under current market
conditions.
⌂ 74% of families CANNOT afford to purchase a median priced new home under current
market conditions.
⌂ 773 More Families are Priced-Out of Homeownership for Every $1,000 Increase Added
to the Cost of Constructing a Home.

For more information, please contact rbc@mbaks.com.