Seattle is less affordable than it seems. Unlike California and many other states, WA has neither a property tax increase limit nor a homestead exemption. As a result, property taxes in WA, already some of the highest in the country, arbitrarily track market prices and don’t get any kind of tax break. My property taxes cost more than my 30yr fixed mortgage now. If the price trends continue, I won’t be able to afford my house within a decade, just because on paper someone might theoretically be willing to pay some ridiculous amount to buy it from me.
Seattle is less affordable than it seems. Unlike California and many other states, WA has neither a property tax increase limit nor a homestead exemption. As a result, property taxes in WA, already some of the highest in the country, arbitrarily track market prices and don’t get any kind of tax break. My property taxes cost more than my 30yr fixed mortgage now. If the price trends continue, I won’t be able to afford my house within a decade, just because on paper someone might theoretically be willing to pay some ridiculous amount to buy it from me.