Seattle, Washington, nicknamed “The Emerald City,” is a shining city on the Pacific Coast. Steady precipitation keeps the area green and lush. Visitors and residents enjoy shopping for fresh seafood at local farmers’ markets, having lunch at the famous Space Needle and going to professional sporting events featuring Seattle’s exciting teams.
By comparing your finances to the costs of buying a home in Seattle, your dream of owning your own home may become a reality.
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| Population 563,374 | Median Age 35.4 yrs | Household Size: 2.08 |
| Avg Home Value: $259,600 | July High: 75.4°F | January Low: 35.2°F |
Costs of Buying a Home in Seattle
Do you dream of owning your own home in the Emerald City? With a little research and planning, this dream may become a reality. When you are looking for a home to buy, begin by comparing your personal finances to the costs of buying a home in Seattle.
Decide how much you can afford to pay month to month. This can affect the price of the home you can buy, the length of loan you may need or the amount of money you need for a down payment. Obviously the lower the cost of the home, the less you will have to borrow, and the lower your monthly payments will be.
Another thing you need to look at is the length of the loan. The most common loans are 15 and 30 year loans. With 15 year loans, the monthly payments are higher, but interest rates are lower, allowing you to pay off the loan more quickly. You can get a 30-year loan if you need lower payments.
The amount of your monthly payment will also depend on how much money you are able to put down on your home initially. Most loans require 10 percent to 20 percent down, but you can get loans for less. The more money down, the less your monthly payments will be. You may need to save up for the down payment for a few years before being able to buy a home. By planning in advance and examining your finances, you can make the best decision for you.
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A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®