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Sunday, July 16, 2006

Income required for houses: South Snohomish County

Buying a typical home in Mill Creek last year required an income of about $107,000, the most expensive area in south Snohomish County. In fact, in five neighborhoods you'd have needed more than $100,000. In only one area - the city of Everett - would less than $50,000 have bought the median-priced home. The map below shows how much income was needed to buy the median-priced house in south Snohomish County. This analysis assumes a 20 percent down payment, a 30-year fixed-rate mortgage at 5.87 percent (the national average for 2005), and a mortgage payment (principal and interest only) limited to 25 percent of a person's monthly income. The data applies only to single-family residences, not condominiums.

Snohomish County income map

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

BY NEIGHBORHOOD BY INCOME
  Neighborhood Income
1Everett$48,811
2North Mukilteo/West Everett$101,935
4South Everett/Beverly Park$59,027
3South Everett/Casino Corner$59,538
5Snohomish/Snohomish River Valley$58,460
6Osborn Corner$81,832
7Silver Lake$73,773
8Intercity/Fairmount$57,268
9Paine Field$58,573
10South Mukilteo$104,416
11Norma Beach$77,303
12Lake Stickney/McCollum Park$81,730
13Mill Creek$107,838
14South Mill Creek$82,291
15Clearview/Maltby$106,243
16North Bothell/North Creek$103,298
17Martha Lake$81,049
18Brier/West Bothell$76,054
19Lynnwood$72,649
20North Edmonds/ West Lynnwood$74,908
21Woodway/ South Edmonds$77,178
22Mountlake Terrace$60,162
  Neighborhood Income
13Mill Creek$107,838
15Clearview/Maltby$106,243
10South Mukilteo$104,416
16North Bothell/North Creek$103,298
2North Mukilteo/West Everett$101,935
14South Mill Creek$82,291
6Osborn Corner$81,832
12Lake Stickney/McCollum Park$81,730
17Martha Lake$81,049
11Norma Beach$77,303
21Woodway/ South Edmonds$77,178
18Brier/West Bothell$76,054
20North Edmonds/ West Lynnwood$74,908
7Silver Lake$73,773
19Lynnwood$72,649
22Mountlake Terrace$60,162
3South Everett/Casino Corner$59,538
4South Everett/Beverly Park$59,027
9Paine Field$58,573
5Snohomish/Snohomish River Valley$58,460
8Intercity/Fairmount$57,268
1Everett$48,811

Source: Seattle Times analysis of King County assessor's data, Northwest Multiple Listing Service