T
o afford a modest one-bedroom apartment in King County, a renter needs to make at least $92,000 per year. This is significantly higher than the average Seattle renter's income of $81,600 and highlights the growing affordability crisis in the area. Even for those making above $92,000, high rents are pushing homeownership further out of reach.

    According to a recent report by the National Low Income Housing Coalition, housing costs have become increasingly unaffordable in King County. The coalition used U.S. Department of Housing and Urban Development statistics to analyze the affordability of "modest" rental housing across the country. For a one-bedroom apartment to be considered affordable, occupants should spend no more than 30% of their gross monthly income on housing costs.

    In King County, the average rent for a one-bedroom apartment is $2,293, including utilities. This is higher than the statewide estimate and means that people in King County need to make around $20,000 more per year than the average Washington resident to afford this cost. High rents and increasing electricity prices are contributing to growing housing costs for renters.

    The University of Washington's market reports show that the average rent for a one-bedroom apartment in King County reached $2,000 for the first time last year. Tenants paying all their utilities spend an average of $185 per month on electricity, which is $25 more than this time last year. Nearly half of renters are cost-burdened, meaning they spend more than 30% of their incomes on rent.

    Someone making Seattle's minimum wage would need to work 85 hours a week to afford the same apartment. The cost of renting is significantly lower than the estimated costs facing someone purchasing most homes in King County today. Redfin estimates that a household needs to earn around $219,500 per year to afford the median home sale price in the Seattle area.

    Many people, especially those with high rents, aren't able to save enough for a competitive down payment. Even if someone did have enough for a 10% down payment on the median-priced home and secured a mortgage with an interest rate of 6.5%, they can expect to pay almost $5,000 per month in just principal and interest.

    The housing market is not showing any signs of moderating, with average one-bedroom apartment rents in King County increasing by almost 58% over the last decade. Single-family home prices have doubled during this time period. Ultimately, the trajectory of rents is unsustainable and cannot continue to outpace incomes at this rate.