The number of units produced is keeping up with population growth, meaning there are more units on the market available for rent and for sale. A healthy residential vacancy rate would keep rents from rising too quickly. It is currently around 3% for rentals and around 1% for homeowners.
Why is rent so expensive in Washington state?
When looking for homes, apartments or townhouses to rent or buy in Washington state, especially near the coast, the prices are exorbitant. Because of this, many homes are built in the area. Comparing housing prices in Bellevue versus Tacoma, there is a noticeable gap.
What city in Washington has the lowest cost of living?
Arguably the cheapest place to live in Washington, the town of Quincy boasts low home prices as well as affordable rent costs. The median home cost in Quincy is $306,000. Renters make up 37.9% of the population.
Is Washington the cheapest state to live?
An amount below 100 means Washington is cheaper than the US average. A cost of living index above 100 means Washington, Washington is more expensive .Washington cost of living is 118.7.COST OF LIVINGWashingtonUnited StatesOverall118.7100Grocery101.1100Health83.8100Housing164.91004 more rows
Where is the best place to live in Bellingham?
Just north of Whatcom Creek (which flows the width of Bellingham); Cornwall Park, Sunnyland, Lettered Streets and Columbia are considered among the best areas to live.
Where is the cheapest rent in Washington state?
The cheapest cities in Washington for rentersParkland.West Richland. Spokane Valley. Kennewick. One-bedroom average rent price: $1,137. SeaTac. One-bedroom average rent price: $1,249. Moses Lake. One-bedroom average rent price: $1,287. Pacific. Source: Rent.com / 112 Tacoma Blvd S. Richland. One-bedroom average rent price: $1,320. More items •Jan 11, 2021
How much money do you need to live comfortably in Washington state?
Income needed: $72,092. 50 percent for necessities: $36,046. 30 percent for discretionary spending: $21,628. 20 percent for savings: $14,418.