I don't live in Seattle, BUT, I couldn't afford to!

**DebbieL** · 04-13-2007, 11:00 AM

I'm in Victoria, BC (just a short boat ride from Seattle) and the average house is currently about $520k. The average household income is somewhere around low 60's (household - not individual). This is all part of a housing mania/bubble. Prices will correct back to more sane levels in the fairly near future (although it is always a bit expensive to live here - the average house was probably about $240k 6 years ago - still a fair chunk of change, but not a half million).

**MonkeyMama** · 04-13-2007, 12:54 PM

Yes, it all sounds VERY familiar. I know a lot of people don't get how devastating it had been to grow up somewhere I Can't afford to live. & the effects, like the fact that there is no one filling the minimum wage jobs because no one can afford to live off them, etc., as the effects ripple through the economy. When 2 working professionals have to spend 75% of their income to afford a mortgage, something is really wrong.

Anyway, we moved to get away from it and it has followed us. The results have been pretty devastating here, and it is that much worse in Sacramento because it came so out of left field that one day you could buy a nice house for $100k, and 3 years later you can't even buy a condo for $300k. It is insanity. At least we had the benefit of knowing from when we were kids that we would never afford to live back home, wasn't really a surprise, just a fact of life. I Feel sad that my kids won't be able to live here as adults most likely, probably nowhere in the state if something doesn't change drastically. I wanted better for my kids. But they are only 3 & 1, and affordability is suddenly 10 times farther from their grasp than I ever imagined it would be here.

Of course with all the equity and growth in these places, the people are fleeing and spreading outward and has a big affect on the rest of the country.

**humandraydel** · 04-13-2007, 01:55 PM

Quote from the article -

Tony To, a Seattle Planning Commission member and director of the housing agency HomeSight, said developers could take some steps without incentives. He lauded Belltown's moda condos, which got prices as low as $149,950 by cutting unit size to as little as 296 square feet.

I don't mind small, I live in a 1 bedroom that's about 550 sq ft, but 300 sq ft for 150k?!

**cheapdoggy** · 04-13-2007, 02:06 PM

We live on Long Island (suburban NYC) I budgeted 60k for basics. (no new cars,basic cable, dinner out 1 or 2 times per month and I do almost all the repairs on house, cars and appliances) nothing really extravagant. It costs a lot to live in areas like this $186 per month electric plus oil heat. It stinks I can't wait for the wife to get the idea we have to cash out on our equity and go someplace cheaper

**cheapdoggy** · 04-13-2007, 02:06 PM

PS does anyone live in the Raleigh area?

**kealina** · 04-13-2007, 08:14 PM

i can understand this too... growing up in hawaii and watching a home slip further and further away can be very discouraging... right now we're not sure how long it will be before we could ever afford a home here...
we're deteremined to get there eventually though... even if we have to move away and spend a few years working and saving somewhere else where there is a LCOL...

**scfr** · 04-14-2007, 08:45 AM

Although we can afford to live here, why would we continue to do so if we really don't have to, and can live more cheaply elsewhere plus buy a house for about 1/2? That's why in about 5 months we will be saying "buh-bye Seattle" and "hello Texas"!

I just hope that Texans will be more welcoming than we Seattlites were about 20 years ago when Californians started moving here and driving up our real estate prices!

**PrincessPerky** · 04-16-2007, 10:46 AM

hmm I do feel that housing is idiotic in rise, prolly a bit bubbly but...my father in law bought his for 6K 'back in the day' I don't see anything going 'back down' at least by much.

That is like the 'gas will go back down' down to what only3$ a gallon? I paid $1 when I was driving oh so many years ago (8y)

And while I could afford to live in PA where I grew up...I worry about my kids being able to do the same...I worry about them period, in an era of mcmansions going for millions, I can't se4e how my kids will be getting a nice simple 'enough' for less than half a million, and I don't think any amount of compound interest will turn Gmas gift cash to half a mill in time....

**Homebody** · 04-16-2007, 07:39 PM

My grown daughters have all left California and will probably never come back. Real estate prices are the main reason. (All three own homes in other states, Oregon, Nevada and North Carolina). DH and I plan on leaving California when we retire. We can buy an RV and park in each daugher's driveway four months of the year, eating their food, plugged into their electricity.....mmmmm maybe our retirement saving is on track!! Ha Ha!

**tinapbeana** · 04-17-2007, 04:05 AM

Originally posted by cheapdoggy View Post

PS does anyone live in the Raleigh area?

well, not raleigh but upstate SC, only a couple of hours away. actually, there are a lot of people on here from NC, SC, and GA. join us!

both my parents are from detriot (home of the reverse housing bubble), and have been in the south since they were teens. my understanding is it gets just as hot most places in the north as it does down here in the summer, we just get the milder winters and lower COL. woohoo!!!

but PLEASE don't be one of those folks that moves down here and then complains about living in the south all the time. if you do, i know several people who have already kindly invited such people to move back where they came from

I don't live in Seattle, BUT, I couldn't afford to!