Seattle Tenant Incomes

By Larry

Is Seattle losing its lowest earning residents?

Seattle Property management is much more than simply looking after a rental property on behalf of the property owner. Of course, the simple things like routine maintenance, repairing damage and organising other essential services are part of our property managers working day; as is vetting tenants and organising all of the paperwork and legal.

We also give advice to Seattle rental property owners regarding a whole host of variables, and to be able to do that in a professional and knowledgeable manner, we spend time looking for news and trends that may affect a rental property owner’s options and their decisions.

The fact that Seattle, in one year from 2014 to 2015, recorded the number of households earning less than $35,000 dropped by 10,000 is quite a statistic. In fact, it makes Seattle the largest net loser of low earning residents compared to the 50 biggest U.S. cities.

Households in Seattle that have an income of more than $150,000 grew by 13.2% in the same timeframe; the percentage figure is almost exactly the same as the drop in low-income homes.

Does this mean that we should advise our clients to consider buying high-end property? Is Seattle becoming a city that only the rich can afford? Before we can answer that question we have to look at why Seattle shed so many low-income families; did they all simply move away or are there other reasons.

Seattle has a strong economy and it is likely that some people didn’t move away; they moved up.

Robert Plotnick, of the University of Washington’s Evans School of Public Policy and Governance, agrees that it is a mix of people moving away and moving up. His intuition tells him that more people moved up than out.

Making decisions based on information like the above can be difficult. We have been working in Seattle, Bellevue, Everett and the Puget Sound area since 1991. We know the area well and a combination of our local knowledge and expertise makes us ideally placed to help you decide on the best way forward.

Next Post

    Latest Posts

    Wood model house with wooden cubes under that say tax.

    Real Estate Investing Tax Strategies: Navigating Everett’s Tax Landscape

    Read Full Post
    An eviction notice on a door.

    After the 30-Day Notice, What's Next in the Eviction Process?

    Read Full Post
    Financial fitness represented by strong businessman with dumbbell ring blended with city skyline.

    Financial Fitness for Property Investors: Budgeting and Beyond in Everett

    Read Full Post

    A Seattle Property Management Guide to Rental Property Tax Deductions

    Read Full Post

    Subscribe To
    Receive The Latest News

    Similar Posts

    By Victoria Ormsby  |  Jan 11 2024

    Rental Registration and Inspection Ordinance (RRIO) Requirements

    In 2014, the city of Seattle enacted the Rental Registration and Inspection Ordinance, known industr...

    By Real Property Associates  |  Jun 25 2020

    Black Lives Matter

    Real Property Associates, Inc believes Black Lives Matter. We stand in solidarity with the Black, In...

    By Jay  |  Sep 30 2013

    Local apartment rents continue climbing

    http://www.seattletimes.com/business/local-apartment-rents-continue-climbing Rent hikes in King Coun...