Home Economics

38 Percent of Local Homebuyers Will Go $100,000 Over Budget

Just can't live without that double vanity, huh?

By Angela Cabotaje July 25, 2022

The national housing market "cooling" continues—again, this is all relative to the bonkers real estate year that was 2021—with bidding wars dipping below 50 percent nationwide for the first time since the start of the pandemic and local year-over-year growth slowing considerably. That doesn't mean Seattle-area homebuyers are holding out for bargains, though.

A June 2022 survey from Orchard, which recently expanded into the Seattle market back in April, found that 38 percent of local homebuyers planning to buy within the next 12 months are willing to increase their budget by as much as $100,000 to secure a property. (Honestly, at that point, why even call it a budget.) Seattle has the second highest ratio of home hunters willing to up their price ceiling, falling behind Austin by only one percentage point. 

Part of this could be due to long-stifled homeseekers who've been waiting, and saving, during the rollercoaster pandemic years. But, according to Orchard's survey, a sizable chunk are emotionally attached to their nice-to-have list. Around 29 percent of area homeseekers said they would not be willing to sacrifice higher-end features like walk-in closets, double vanities, and outdoor patios. Uh, maybe this luxury apartment building will do?

And elsewhere in real estate news...

National median rents top $2,000

The latest data from Dwellsy shows that median rent listings in June topped $2,000 for the first time. Of course, that's no surprise here in Seattle, where rents have increased for five straight months. According to Dwellsy's report, the greater Seattle area has a median rent listing of $2,241.

The U.S. has more households now than it did before 2020

Part of the reason for that astronomical growth in the real estate market last year was the shifting of household trends. Apartment List's latest report notes more than 2.5 million households dissolved in the first few months of the pandemic as Gen Zers and millennials moved out of shared apartments and back in with their parents. But by late 2021, the U.S. had 2.3 million more households than it did pre-pandemic, as those boomerang kids moved out again.

Build-to-rent homes are on the rise in Seattle

The build-to-rent community—think of them like spec homes, only for renting—has seen impressive growth in 2022. Seattle currently has over 1,000 BTR homes, according to home remodeling site Fixr, ranking 17th compared to other major cities in the country.

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