In a recent Seattle Times article, a Zillow analysis found…
In a recent Seattle Times article, a Zillow analysis found that Seattle-area home shoppers need to earn nearly $214,000 a year to afford a typical home in the region, the fifth highest income needed among major cities and the highest outside California. If no more than 30% of gross monthly income should be used for housing expenses, what is the amount needed to be able to afford a mortgage each month? ( use amount above and show your calculations) According to the U.S. Census Bureau, King County had a annual median income of $106,300 in 2021. What is the proportion of gross monthly income that is needed for mortgages or rent? (show your calculations) The poorest households in King County earn just $20,600 annually. In Poverty by America (PBA), author Matthew Desmond says “for many, a home “creates wealth” but for others a home “drains it” What does he mean by that? Using PBA, share two examples that show the poor pay more for services than everyone else. note: for 3 & 4, a minimum of two paragraphs is required Sources: Household Income Puget Sound Regional Council (https://www.psrc.org/our-work/equity/equity-tracker/economy/household-income) Groover, Heidi (Feb. 29, 2024) ” Here’s How Much You Need to Earn to Afford a Seattle-Area Home” Seattle Times Online
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