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NAHB Releases New Priced Out Data for King, Snohomish Counties

Posted on Apr 1, 2022 in:
  • Industry Issues
  • Housing Affordability
  • Advocacy

NAHB has updated its Priced-Out Estimates for 2022 showing the effects of higher prices and interest rates on housing affordability. The 2022 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 breaks out key metrics by county:

King County
▪ Median Home Sales Price: $846,700
▪ Income Needed to Qualify: $222,605
▪ Median Household Income: $99,158
▪ Priced-out of Homeownership with Each Additional $1,000 Added to Sales Price: 970
 
Key Points
⌂ 17% of households can afford to purchase a median priced new home under current
market conditions.
⌂ 83% of households CANNOT afford to purchase a median priced new home under
current market conditions.

Snohomish County
▪ Median Home Sales Price: $752,000
▪ Income Needed to Qualify: $198,981
▪ Median Household Income: $89,273
▪ Priced-out of Homeownership with Each Additional $1,000 Added to Sales Price: 382

Key Points
⌂ 10% of households can afford to purchase a median priced new home under current
market conditions.
⌂ 90% of households CANNOT afford to purchase a median priced new home under
current market conditions.

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

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