Washington state rent prices continue to rise, making housing even less affordable

Washington state rent prices continue to rise, making housing even less affordable

As rent prices continue to rise throughout the country, many people are finding it hard to afford even a 1 bedroom apartment or rental house.

A new study done by the National Low Income Housing Coalition* found some fairly shocking metrics in each of the 50 states.

If you live in Washington state, you know that — depending on where you live — trying to find somewhere to rent is almost impossible, due solely to the fact that prices are almost through the roof (at least for the size of the space of which you are interested).

For example, in Washington, the Fair Market Rent (FMR) for a two-bedroom home (apartment or house) is $1,229.

In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $4,098 monthly or $49,177 annually.

As of right now in Spokane, a two-bedroom rental home will cost you $869 on average.

A Comprehensive Housing Market Analysis done in 2015 showed the average rent in the city for one-bedroom, two-bedroom and three-bedroom home was $592, $726, and $934, respectively.

In less than three years, Spokane’s average rental price for a two-bedroom rental home has jumped $143.

That difference may not seem very big, however, over the same time period of this increase, wages have decreased and cost of living (not only including housing) has increased.

$16.71 is the hourly wage needed to afford a two-bedroom home in Spokane as of right now. The state’s average wage needed for the same sized space is $23.64.

Right now, the state’s minimum wage is $11 per hour. 1,000,841 people are renting. That’s 37% of the state’s population.

*Washington State’s metrics can be found on page 252 of the study