Re: Real Estate people: I want to buy a house, advice?
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And what does a $500k home rent for? According to Fortune the Seattle ratio is 38-1, so it should rent for about $1100 per month
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Fortune is wrong. No way is it the average to be able to rent a half million dollar house for $1100/month.
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What's the average home price in Seattle? I was thinking that maybe million dollar homes are renting for $2200 per month but that doesn't sound right either. The problem with macro analysis in articles like this is they don't give you enough detail to find their errors. While I don't doubt the general conclusion, each market is different, and they likely have gotten some wrong.
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median house price in seattle is ~220k, so for a house that size (which is about 900sq ft) 1100k sounds a *little* low, but about right. In the bellevue area, that same house probably goes for 200-300 more a month.
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