Eastern Washington housing more affordable, but most still priced out of market

The useful part

Index found that roughly 75% of Washington households cannot afford the state's median-priced home under the report's methodology. The report puts Washington's median home price at about $601,000 and estimates a household would need to earn approximately $175,678 annually to qualify for a mortgage on that home. The calculation assumes a 3% down payment and allocates 28% of household income toward mortgage payments.

How it works

• For buyers in the Tri-Cities, however, affordability is about more than the listing price.
• BIAW's analysis found that Eastern Washington generally remains more attainable than Western Washington.
• Yakima County, for example, was the most affordable of Washington's 10 most populous counties, with the median-priced home, requiring a household income equal to about 127% of the area's median income.
• Arielle Hays, a Tri-Cities Realtor and broker with ERA Skyview Realty, said buyers are increasingly focused on what their monthly mortgage payment will leave them with after the bills are paid.

Details worth keeping

Eastern Washington remains one of the more attainable parts of Washington for homebuyers, but a new housing report and local housing officials say rising construction costs, limited supply, mortgage rates and everyday expenses are putting pressure on that advantage. Housing affordability varies significantly across the state. She said she has seen buyers who were alre...