Homebuyers in the Seattle metro area must earn nearly $219,000 a year to afford a median-priced home, according to a new report released by Redfin.
The income threshold is down 5.5% from a year ago, making Seattle one of the three most improved major metros in the country, according to Redfin.
Redfin defines a home as “affordable” if a buyer taking out a mortgage would spend no more than 30% of their income on the monthly housing payment. By that standard, only about 14% of local listings are considered affordable in the Seattle metro area in April. Nationwide, that number climbs to 33%…