Seattle and its surrounding suburbs in King County are no longer just expensive — they’ve entered the ranks of the most unaffordable places to live in the world. While cities like San Jose, New York, and London often make headlines for their housing costs, Seattle is quietly climbing that same list, with middle-income families increasingly locked out of both homeownership and long-term renting.
According to new housing market data, the median home price in the city of Seattle has climbed to $930,000, while King County overall now sits at a median of $915,000 — up nearly 10% from the previous year. To comfortably afford a home at that price under standard mortgage guidelines, a household would need to earn between $280,000 and $300,000 per year — a figure that is nearly three times the median household income for the region.
The current median household income in the Seattle metro area is $110,700. That leaves the vast majority of working families priced out of the market, even with two incomes and solid credit.
A Rental Market That Offers No Relief
Renting is no easier. The average rent for a Seattle apartment is now over $2,200 per month, with one-bedrooms often nearing $2,000 and two-bedrooms averaging $2,400 or more. Under the widely accepted rule that housing should not consume more than 30% of one’s income, a renter would need to earn at least $91,000 per year to live sustainably in the city.
Even middle-income workers, from healthcare professionals to city employees and educators, are finding themselves cost-burdened — spending well over 40% of their earnings on housing. Those earning minimum wage, despite Seattle’s nation-leading rate of $20.76/hour, are effectively shut out of the housing market altogether. A full-time worker earning that wage brings in just over $41,000 annually before taxes — not nearly enough to rent, let alone buy.
Where the Wealth Lives
While most Seattleites struggle with affordability, a handful of neighborhoods have soared into ultra-premium territory. Cities like Medina, Clyde Hill, Mercer Island, Yarrow Point, and Hunts Point now rival some of California’s wealthiest enclaves in home values.
In Medina — home to billionaires like Bill Gates and Jeff Bezos — the average home price exceeds $4.7 million. Just next door in Clyde Hill and Yarrow Point, homes regularly list between $3 and $5 million, often selling in cash. Even within Seattle city limits, neighborhoods like Laurelhurst, Broadmoor, and Madrona have seen median prices rise to between $1.8 million and $2.3 million.
This growing divide reflects a pattern seen in other major cities — where entire zip codes become economically gated communities, accessible only to tech executives, ultra-high net worth individuals, and institutional investors.
A City Outpricing Its Own Residents
While Seattle continues to attract talent and capital from across the country, the people who have helped shape the city — artists, teachers, tradespeople, and first-generation homeowners — are finding it harder than ever to stay.
More than 70% of households in King County are considered cost-burdened, meaning they spend more than 30% of their income on housing. Homelessness is rising. Multi-generational households are increasing, not out of cultural preference, but necessity. Long commutes from distant, more affordable areas like Spanaway, Everett, and Bremerton are now common among those who work in Seattle but can no longer afford to live in it.
“Seattle’s housing problem isn’t just about scarcity — it’s about exclusivity,” said a local housing policy advocate. “You can’t build affordability when $3 million is the going rate on the lakeside.”
A Global Outlier in Affordability
By international standards, Seattle’s price-to-income ratio — now between 8 to 10 times the average income — places it firmly in the “severely unaffordable” category, according to housing economists and global affordability indexes. That’s a distinction it now shares with cities like Vancouver, San Francisco, Hong Kong, and Sydney.
What makes Seattle’s case particularly concerning is the speed of this shift. Just over a decade ago, Seattle was considered a livable, opportunity-rich, mid-sized metro. Today, it’s a case study in how rapidly a city can become economically out of reach — even for its own residents.
What’s Next?
Unless bold steps are taken to address housing supply, affordability programs, and urban zoning, Seattle’s affordability crisis will only worsen. While some state and city initiatives are underway to legalize more housing types and ease permitting restrictions, the scale of the crisis requires a broader rethinking of how cities grow.
In the meantime, thousands of families continue to make hard choices: commute longer, live smaller, take on more debt — or leave the region entirely.
Seattle is no longer just another growing city. It’s now one of the most impossibly unaffordable places to live in the world.
