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Seattle Mortgage Facts

Seattle Introduction

Seattle, the largest city in the Pacific Northwest and the county seat for King County, is located in northwestern Washington between Puget Sound and Lake Washington. It is approximately three hours north of Portland Oregon, and two and a half hours south of Vancouver, British Columbia.

Seattle has a very strong transportation infrastructure, which makes it easy to travel to and from the city. Seattle is served by two interstate highways, and five State Roads. For Seattle residents whose travels take them far from the city, the Seattle-Tacoma International Airport (Sea-Tac) is one of the twenty busiest airports in the United States. Seattle is also a thriving cruise ship port.

The Seattle-Tacoma-Bellevue area is one of the top 20 cities on the list of "America's Best Places to Live and Work" (Expansion Management Magazine, May 2001). Seattle is also ranked number 3 on SustainLane's 2006 US city rankings for sustainability (of the 50 largest US cities).

Housing Styles in Seattle

The Seattle area features almost every style of housing imaginable. Styles can range from A-frame cabins, to homes from the early 20th century, to the classic "Seattle Box" and craftsman bungalow, to modern estates. Seattle residents can also choose from urban living options in Central City Seattle, to classic suburban living in outlying suburbs.

Notable Seattle Neighborhoods

Seattle can be divided up into informal districts and neighborhoods. There are not really any hard and fast definitions for these so boundaries can overlap. Seattle is informally divided into three districts, which are North City, Central City, and South City. Most of what realtors consider to be Seattle's "hot" communities are in the North City and South City districts. Some of the notable hot communities in Seattle include:

  • North City - Two of the "hotter" communities in the North City area of Seattle are the University district communities of Bryant and Montlake. Bryant is an attractive community near the University of Washington. It provides easy access to freeways. Montlake is also near the University of Washington and is known for its stately brick Tudors. Another North City community, Sunset Hill, is known for its Puget Sound and Olympic views and craftsman houses built in the 19teens. Also in the North City is the North Beach community which has a diverse range of home styles and periods that can range from a little knotty-pine cabin to 4,000-square-foot homes built in the 1990s. Phinney Ridge in North City is a quaint community with homes that were built in the 1920s. It is convenient to Highway 99. The community of Greenwood is appealing to first-time home buyers. Houses are not as expensive as other neighborhoods and the lots are larger.
  • Central City - The Central City community of Capital Hill is the second most densely populated neighborhood in Seattle. This a prestigious and wealthy neighborhood that has many dining, club, and shopping options. The Downtown/Belltown area offers a wide variety of restaurants, and arts and entertainment offerings. The famous Pike Place Market is located in this neighborhood. One of the first permanent settlements in Seattle, Pioneer Square offers a nice mix of history and modern.
  • South City - Beacon Hill is one of Seattle's oldest neighborhoods. It offers easy access to major highways including I-5 and I-90. Long a desirable community, the community of North Admiral features many homes built in the 1920s and 1930s. North Admiral is one of the oldest neighborhoods in Seattle. Because of its desirable nature, it can be difficult to find listings in North Admiral. The revitalized community of Westwood features older homes with large lots that many find very desirable.

Seattle Real Estate Prices

According to US Census data, slightly under 50% of Seattle residents own their own home (as of 2000). According to the National Association of Realtors (NAR), as of Q3, 2006 the median price for a single family house in Seattle was over $370,000, which is above the average for both the northwest and the United States. The median price of a condominium was approximately $215,000.

In Seattle, approximately 72% of homes have a mortgage. Many Seattle property owners (approximately 16%) are tapping into the equity in their property with home equity loans and/or second mortgages.

Seattle Schools

Seattle Public Schools serve over 45,000 students in 97 schools. The Seattle Public School system is the 44th largest school system in the United States, and the largest in the State of Washington. Seattle's schools have won awards and recognition including a 2003 DesignShare Award from the C/S Group, a 2005 School of Distinction honor from Intel and Scholastic, Inc., an Outstanding Design Award from American School and University in 2005, a 2006 School of Distinction award, and nomination for a state Office of the Superintendent for Public Instruction (OSPI) Blue Ribbon Award.

There are also over 300 private and parochial schools in Seattle.

There are many colleges and universities in the Seattle area including the University of Washington, Seattle University, Seattle Pacific University, four community college campuses, the Art Institute of Seattle, Cornish College, and more.

Seattle Economy

Aerospace and information technology are two of the linchpins of the Seattle economy. Major industry sectors in the Seattle area include biotechnology, high technology, aerospace, manufacturing, environmental assistance for businesses, film/music, tourism, and retail. Seattle ranks fifth in the US for software jobs as a percentage of the total population. The largest companies headquartered in and around Seattle are Costco, Microsoft, Weyerhaeuser, Washington Mutual, Paccar, Amazon.com, Nordstrom, Safec, and Starbucks.

The median family income in Seattle was slightly over $75,000 (as of 2005 according to the Housing and Urban Development Regional Office), which is above the average for both Washington and the United States.

Seattle Mortgage Statistics

CategoryValue
Homes With No Mortgage28%
With A Mortgage72%
First Mortgage Only56%
Second Mortgage or Home Equity Loan16%
Second Mortgage Only8%
Home Equity Loan Only9%

Seattle Housing Expenses

CategoryValue
Owner Costs as % of Income20.7%
Median Real Estate Taxes (2000)$2,436

Seattle Household Size

CategoryValue
Total Occupied258,510
1-Person Households41%
2-Person Households34%
3-Person Households12%
4-Person Households8%
5-Person Households3%
6-Person Households1%
7+-Person Households1%

Seattle Housing Stock

CategoryValue
Median Year Built1953
Median Year Built (Owner Occupied)1946
Median Year Built (Renter Occupied)1961

Seattle Home Heating

CategoryValue
Using Utility Co. Gas Heat51%
Using Bottled/Tank Gas Heat1%
Using Electric Heat26%
Using Oil Heat22%
Using Coal0%
Using Wood Heating0%
Using Solar Heat0%
Other Heating0%
No Heating0%

Seattle Housing Size

CategoryValue
No Bedrooms1%
1 Bedroom8%
2 Bedrooms29%
3 Bedrooms37%
4 Bedrooms19%
5+ Bedrooms6%
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