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County housing analyst tells Mountlake Terrace officials: required income to buy median home now about $194,000
Summary
Chris Collier of the Alliance for Housing Affordability told the council that a rise in prices and interest rates has pushed the required income to buy a median single‑family home in Snohomish County to about $194,000, that rental production has fallen, and that many lower‑income renters are cost‑burdened.
Chris Collier, program manager for the Alliance for Housing Affordability, told the Mountlake Terrace City Council that rising prices and mortgage rates have pushed the required household income to afford a median single‑family home in Snohomish County to about $194,000.
“The required income for that median house … is now $194,000,” Collier said during a data‑heavy presentation on county and city housing trends. He showed a multi‑year series indicating that home prices and required incomes have diverged from median household income, and that apartment construction that reduced vacancies in 2018–2022 is now slowing.
Collier said the…
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