Seattle is a booming and beautiful city in the Pacific Northwest. Many residents enjoy using the convenience of the local Craigslist online classified ads both to list items that they have for sale, and to find items that they need such as appliances, cars, trucks, RVs and much more. It’s a great resource, but you must be extremely careful about who you trust when you use the site. The number of scams taking place through the site in the Seattle area have gone up to ridiculous levels in recent years.
Seattle housing — it may or may not be fair, but Seattle can afford it, according to Craigslist.
A recent study produced by PhD candidates at the University of California Berkeley confirms what most already know — rent is high. That’s especially true for popular metro areas throughout the nation. Seattle housing was one such consideration in the study. But it seems, according to the study, Seattle’s housing is faring better than in other major cities.
Seattle housing sticks out, according to the study. Most high rental regions are along the Boston to Washington DC corridor, and along the coast of California. But Seattle is among a handful of notably popular rental markets.
Craigslist Seattle housing: Fair or reasonable?
What did the study find about Seattle? Keep in mind, 30 percent of earnings is generally considered reasonable rent — aka a rental burden. The local rental burden is in the low 20th percentile — below that 30-percent mark.
That could be because Seattle’s salaries have also been on the rise. According to PayScale, many of the top-paying jobs in town — mostly in the tech industry — are set pretty high. For software engineers, the median pay can be between $98,000-$123,000 a year. And that’s the median — midpoint — of the pay scale.
That brings us to fair-market rent. This basically refers to how fair the rent is for a particular space. The study states that a city wants to have 40 percent of its housing at a fair-market rate. For Seattle housing, we’re right at that 40 percent mark.
According to the Department of Housing, fair rents for King County-area rentals are:
• 2016: $1,049 for efficiency; $1,225 for a one bedroom; $1,523 for a two bedroom.
• 2017: $1,093 for efficiency; $1,249 for a one bedroom; $1,544 for a two bedroom.