Is there anyone on this forum who worries that they may be priced out of living in the seattle are in the next 5 years?? (Tacoma: rentals, credit)

[Neerwhal]

Originally Posted by thatguy950

The average effective property tax rate in CA is .081% vs 1.025% in WA, and they have prop 13 which keeps the looney state gov from gouging more and more taxes out of higher assessments year after year; of course they have an aggressive income tax though

We have no state income tax. That is why we pay property tax. Someone had to fill the pothole, pay teachers and firefighters, and manage state parks. This stuff isn’t free you know.

And yes, we own property, quite nice property in fact. Don’t mind paying out fair share at all. In fact it gives me pride to be a builder of my state.

[CrazyDonkey]

jk

Originally Posted by AleeGee

You should look into applying for Sect. 8. It is not just for people on Social Security and other forms of supplemental income.
People that work in the public sector, like the women and men who oversee homeless shelters, alot of them qualify, and are actually receiving Sect. 8.
It's not for deadbeats, it's for the working poor and responsible people. I believe the new poverty level cutoff line is $42,000 for a single person household. If you need it, definitely look into it before there's a cap put on it. Don't let some pre-conceived notion or judgment stop you from obtaining rent subsidization if you need it and qualify.

If you're talking about Section 8 vouchers or public housing, you'll likely be on a wait list, if you can even get on one, for years. Project-Based Section 8 projects are primarily for seniors (62+), with some having a few units set aside for the disabled, and those that have those units hold onto them.

The more realistic option would be units available through the Washington State Housing Tax Credit, which, while it won't lower the cost of housing to 30% of income, can provide units at considerably below market-rate rents, if you qualify on income (usually 40-50% of median).

These properties have entered into a long term contract with the Washington State Housing Finance Commission to keep rents affordable to low income households for at least 21 years. In exchange for their commitment, owners of Tax Credit properties (LIHTC) are able to reduce their IRS tax assessment as long as qualified families are placed in their apartments and remain income qualified.

aptfinder | Low Income Housing at AptFinder.org

For instance in North Seattle (1bdrms, no waiting list at this time):

aptfinder | Low Income Housing at AptFinder.org - Greenwood $725-948/mo depending on income.

aptfinder | Low Income Housing at AptFinder.org Fremont $827/mo.

aptfinder | Low Income Housing at AptFinder.org Ballard $627-709/mo.

aptfinder | Low Income Housing at AptFinder.org Wallingford $792-958/mo.

[StealthRabbit]

Originally Posted by franklin42

That sucks and all, but your situation is different than most people that own property in the SEATTLE area.

actually it is the SAME as MANY people who own property in Seattle, including my kids.

oh... and yes, Washington is slightly beyond the environs of Seattle (I know... BIG surprise) BTDT for 37 yrs...)

[thatguy950]

Originally Posted by Neerwhal

We have no state income tax. That is why we pay property tax. Someone had to fill the pothole, pay teachers and firefighters, and manage state parks. This stuff isn’t free you know.

And yes, we own property, quite nice property in fact. Don’t mind paying out fair share at all. In fact it gives me pride to be a builder of my state.

Yes I am aware of that, if it makes you feel better you’ll probably get the “opportunity” to pay a state income tax in WA too sometimes in the future, state constitution be damned.

[franklin42]

Originally Posted by StealthRabbit

actually it is the SAME as MANY people who own property in Seattle, including my kids.

oh... and yes, Washington is slightly beyond the environs of Seattle (I know... BIG surprise) BTDT for 37 yrs...)

Your situation is not the norm. By the way, I was just going by your location of PNW(Columbia Gorge). I apologize if you live in the Seattle area.

[Flightoficarus87]

This is something I think the majority of people here (especially those not working in tech) think about - but indeed, it's a nationwide issue.

No secret that inadequate housing stock growth, foreign speculative investment, and the Amazon effect have been brutal on the COL for the past 5 years.

The latter is arguably a "good" problem to have (More of a double edged sword IMO). The first issue will take some more time to solve. The 2nd one should be addressed ASAP - No one really knows how much foreign cash parkers are inflating the market just yet, but it's surely worth investigating with some studies - and not just in Seattle.

As for myself, I'm watching to see how things play out over the next year. I will hopefully be going into a better paying line of work - but the more expensive it gets here, the more serious I think about leaving, regardless of if I can afford it - I like many things about here, but it's beginning to feel overpriced vs some other expensive places for what you get.

[notnamed]

Originally Posted by Neerwhal

We have no state income tax. That is why we pay property tax. Someone had to fill the pothole, pay teachers and firefighters, and manage state parks. This stuff isn’t free you know.

And yes, we own property, quite nice property in fact. Don’t mind paying out fair share at all. In fact it gives me pride to be a builder of my state.

That low of a property tax rate is certainly not where all the money is coming from in lieu of an income tax. It's all the business taxes that are raking in the revenue. Tax burden on individuals here is very low compared to many states.

[StealthRabbit]

Great (?) news... King County Levy ranges from $8.2 to $15.2, (/ $1000) so... for your million dollar digs, you get the choice (?) of $8,200 / yr property taxes, or $15,200 / property taxes / yr.
http://www.kingcounty.gov/depts/asse...TaxRate17.ashx
Hurray!

(I do not subscribe to the 'increased valuation' koolaid espoused by assessors and realtors...)

same home, same pillow, same roof.... 20 yrs difference (Older home and likely lower income...(Retired = NO income))

$5/day taxes (during your earning yrs)
vs $41.64 / day property taxes (during retirement)... same house, same bed, same pillow "increased valuation(?)" Of WHAT benefit You still need a roof / bed... $5/ day was adequate then (20 yrs ago) is $41.64 MORE adequate? no... same, except more maint. (and you need a pretty good PT job to cover it (in retirement).

Healthcare in WA is the same dilemma.

$300 / month pre A(?)CA
$2,200 / month after A(?)CA

so... consider your average 'retiree'..
month property taxes + HealthCare = $3462 (for only (2) of your FIXED costs). Which were previously < $300 / month during your earning (income) yrs.

add your cell phone (4-5x your previous 'landline') and other increased expenses... and you best have some serious CASH flows.. or

....worr(y)ies that they may be priced out of living in the seattle are in the next 5 years??

Your Tax assessor and realtor will proclaim... "SELL and reap the profits" () What 'profits'? You still need a roof / bed... and you may have worked decades to improve your neighborhood / relationships / soils / orchard / community. Displaced / MOVE (as a senior?)

Consider the rational... If you can't rent the joint to cover 100% of your costs... you may be hosed. (Job loss, family crisis, economic collapse, health event)

Good luck Seattle!

[notnamed]

Seniors move all the time, into senior living communities and then assisted living and then once you're down to $2k in assets living on medicaid in a nursing facility. It's the American way.

You're paying so much because you have so much land in an area that has become highly desirable. I know you despise having neighbors stacked on top of each other in small lots but you are paying a premium to avoid that.

Such rural privacy can be more of a luxury these days than the suburban "McMansions" were in the 90s.

[annonymous0381]

Originally Posted by AleeGee

You should look into applying for Sect. 8. It is not just for people on Social Security and other forms of supplemental income.
People that work in the public sector, like the women and men who oversee homeless shelters, alot of them qualify, and are actually receiving Sect. 8.
It's not for deadbeats, it's for the working poor and responsible people. I believe the new poverty level cutoff line is $42,000 for a single person household. If you need it, definitely look into it before there's a cap put on it. Don't let some pre-conceived notion or judgment stop you from obtaining rent subsidization if you need it and qualify.

It may be cheaper to buy a condo because mortage payments and association dues can be cheaper than paying rent. Im sure section 8 is impossible to get unless you have no stocks, cd accounts or money in the bank.