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To own or not to own?

  • ​Average new construction rent is significantly lower than median mortgage payments across the Puget Sound region. Though multifamily rents continue to increase, the per-month payment is a substantial discount to a monthly mortgage, not taking into account an additional down payment.
  • Single family inventory is at an all-time low and home prices are higher than ever. As people continue to move to Seattle, long term apartment living will become standard, because the option to own a home is becoming more and more difficult.
  • Major cities like New York, Chicago and San Francisco have matured into markets where long term renting is normal, and some residents have no intention of ever owning. Is this the next phase for Seattle?​

Source: JLL Research, Dupre and Scott, Zillow, ESRI BAO​

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