GoBankingRates.com recently did an article showing the income needed to live comfortably in each of the 50 biggest cities in the United States. The requirements they used to make up ‘living comfortably’ were broken into three categories; necessities, savings, and discretionary spending. They broke down the categories into the 50-30-20 principle meaning 50% used for living necessities, 30% for discretionary spending, and 20% for savings. So what about our home state? How much money do you need to live comfortably in Seattle?
Seattle ranked towards the top of the list but below the usual suspects of New York, Los Angeles, Miami, San Jose, and San Francisco. The Seattle area has continually seen a rise in home prices and activity costs with the increasing influx of tech employees. Demand is rising and supply is shortening within the Seattle housing market but the city hasn’t quite reached Bay Area cost just yet.
How Much Money Do You Need To Live Comfortably in Seattle?
- Income needed: $72,092
- 50 percent for necessities: $36,046
- 30 percent for discretionary spending: $21,628
- 20 percent for savings: $14,418
Residents of Seattle earn a median household income of $67,365, which is $4,727 less than the income needed to cover necessities, savings and additional expenses.
The area is still wondering when the Seattle real estate market will start to slow down, but signs are showing summer will still be very hot! The main thing to note, is that Seattle’s market is still highly favoring sellers and now is a great time to sell and buyers can still take advantage of low mortgage rates.
Want to take advantage of the hot market? Call us today! 425-249-0214