What Is the Housing Market Like in Auburn WA?
When it is time to find a home in Washington, many homebuyers are choosing to purchase in Auburn, WA. This growing city has seen a steady increase in home sales throughout the past decade. With a current population estimated at 79,000 residents, this is the right time to purchase a home before the market becomes too saturated with buyers.
The Allure of the City
While the majority of those living in Auburn, WA are married, a third of the population is single. Many of the residents moved to this city to work. Freight and retail jobs are plentiful in the area. However, many of the locals commute to work in the neighboring cities. With Seattle just a half hour commute away, it’s tempting to save money on a new home by living here instead.
The city is also attractive to many families. The Auburn School District is very highly rated and serves over 16,500 students in the area. From elementary to high school, students are guaranteed a quality education.
Home values continue to rise in Auburn, WA, yet the overall cost of living is lower than in other large cities. The average cost for a home in the area is $380,000. Those looking to get the most value for their money are also drawn to the city. Currently, the cost per square foot is averaging around $204, which is much lower than the $275 per square foot in Seattle.
It’s currently estimated that the housing prices will continue to increase over the next year. Homeowners can expect to see a property value increase of 7-8 percent over the next year. The market has been steady and stable for several years, and the trend is likely to continue.
Houses typically don’t stay on the market for very long. Most sell in less than two weeks, with two or more offers being made. This is because housing in the state is very competitive, and many people accepting jobs in Seattle or Tacoma are looking for more affordable options.
Rentals in the City
Most residents in Auburn, WA are homeowners. It’s estimated that almost three-fourths of the residents own their own property. However, there are still several rental properties available. Those looking to rent a single family home should expect to pay under $2,000 a month. The same home in Seattle would rent for close to $2,500 per month.
While the majority of the residents do own a home, it’s estimated that up to 8 percent are under water on their mortgage. This means that they owe much more than their home is worth. This percentage is higher than Seattle. These homeowners are at a higher risk of foreclosure, which can jeopardize the value of homes in the adjacent neighborhoods.
With affordable homes and a location that is close to major cities, Auburn, WA has become a go-to location for homebuyers in the region. Property values continue to rise, but prices are still lower than in the larger cities. Foreclosures, however, may keep property values from reaching their full potential in the next few years. Learn More
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