42% Rent in Seattle

The American Dream has been tied to the concept of home ownership for some time. But in Seattle, more than 1/3 of all Seattle residents are renters.

42% of residents are renters. It's the lowest ranking in 5 years. Not surprising that Seattle ranks lows in home ownership. Sure, down payments are steep, but that's not the only reason. Median rent is lower than a median mortgage. Estimated median rent in Seattle is $1790 (10th highest in the US), while median mortgages are $2965.

Is this typical? Well, in other major cities (LA, SF, NY) renters also outpace homeowners, although many smaller towns are showing higher rental rates.

This means we'll likely continue to see a high percentage of people seeking to rent for foreseeable future.