It’s something that’s not surprising for those who live in the Seattle area: Rent is high and it’s dramatically gone up in the past decade.
A new study out shows the Seattle metro had the largest jump in rent prices since 2010 across the country.
Financial tech company, Self Financial, looked at data from the Department of Housing and Urban Development and the U.S. Census Bureau’s 2009 and 2019 American Community Surveys.
The data shows the Seattle rent prices have increased nearly 92% since 2010.
However, people’s salaries are not keeping up with the rent increases.
According to Self Financial, the 10-year change in median income was only 47%.
The study, which included not only Seattle but Tacoma and Bellevue, shows the largest jump in prices was studio apartments.
Average rent prices in Seattle-Tacoma-Bellevue:
- Average 10-year change in rent (all sizes): +91.8%
- 10-year change in median household income: +46.9%
- Median studio rent: $1,578 (+101.7%)
- Median 1-br rent: $1,700 (+89.6%)
- Median 2-br rent: $2,078 (+91.0%)
- Median 3-br rent: $2,968 (+90.5%)
- Median 4-br rent: $3,515 (+86.5%)
Cox Media Group