Supply and demand for affordable rental housing
Outcome: Provide sufficient affordable housing for all King County residents
About this indicator
This indicator estimates the number of renter households by income category. The number of renter households may be compared with the number of rental units in King County that are affordable at those income levels.
However, subsidized units and households are not consistently tracked. We do not attempt to estimate the distribution of subsidized housing in King County, and acknowledge its absence in reporting.
- Percent of market rate rental units in King County affordable to households earning 50% of median income - rental costs less than $878: 36% (Spring 2009)
- Percent of market rate rental units in King County affordable to households earning 40% of median income - rental costs less than $703: 9% (Spring 2009)
- Median rent in Seattle, survey of market rate units: $990 (Spring 2009)
- Percent of market rate rental units in Seattle affordable to households earning 80% of median income - rental costs less than $1,405: 83% (Spring 2009)
Graphs and tables
- Table: Affordable housing costs by income category in King County (2008)
- Graph: Rental housing affordable to moderate and low income households in King County (Spring 2009)
- Table: Distribution of market rate rental units in King County affordable to moderate- and low-income households (Spring 2009)
Last updated March 2010
Housing affordability is based on the median household income as taken from the American Community Survey. This indicator assumes that a home price is considered affordable when no more than 30% of monthly income is expended on housing costs, which includes both a mortgage payment and other housing costs such as utilities. This analysis assumes a 10% down payment on a 30 year mortgage at 6.05% interest.
Rental data provided by Dupre + Scott Apartment Advisors, Inc., King County Rental Housing Affordability Report. The distribution of rental housing by jurisdiction is based on the housing unit estimates by the Washington State Office of Financial Management. This bulletin estimates the number of rental units based on the jurisdictional distribution of renter vs. owner housing provided by the U.S. Census. The number of rental units by jurisdiction is likely overestimated and should be read with caution.
The distribution of rental affordability is based on the Spring 2009 rental survey provided by Dupre + Scott Apartment Advisors, Inc. Because this survey includes only market-rate rental housing (excluding all subsidized and tax credit properties serving those households earning 60% or less of median income), the rates of affordability are likely underestimated. However, due to a lack of countywide data that consistently tracks subsidized units and households, it is uncertain the degree to which these estimates are skewed. As such, this bulletin does not attempt to estimate the distribution of subsidized housing in King County, but acknowledges its absence in reporting.