Here’s the income you need to live in each Seattle neighborhood

People often come to us thinking that even with $50k of  down payment assistance from Loftium, they won’t be comfortable with their monthly mortgage payments based on their current income. But you might be surprised–the dream home for many Seattleites is within reach, it’s just a matter of looking in the right neighborhood. 

To get you started, we’ve figured out the necessary annual income needed to purchase Loftium-eligible homes (2+ bedrooms, no HOA) in Seattle neighborhoods. Take a look:

Neighborhood Bottom 25% of home prices* Monthly payment (w/ 5% down)* Annual income (w/ 43% DTI)*
South Park $346,250 $1,959.09 $54,672.17
Rainier Valley $421,250 $2,383.44 $66,514.52
Delridge $439,250 $2,485.28 $69,356.68
Beacon Hill $490,000 $2,772.43 $77,370.00
Bitter Lake $492,500 $2,786.57 $77,764.75
Lake City $496,000 $2,806.37 $78,317.39
Columbia City $566,250 $3,203.85 $89,409.72
Green Lake $633,750 $3,585.76 $100,067.84
Ballard $689,950 $3,903.74 $108,941.70
Madison Park $708,000 $4,005.87 $111,791.76
U District $722,750 $4,089.33 $114,120.75
Ravenna $725,000 $4,102.06 $114,476.02
Capitol Hill $740,500 $4,189.76 $116,923.44
Fremont $784,000 $4,435.88 $123,792.00
Queen Anne $788,500 $4,461.34 $124,502.55

Want to run your numbers with Loftium, personally? Schedule your sit-down to buy in a neighborhood that works for you.

And check out these great homes that sold in each neighborhood (Loftium’s down payment offers are in yellow):

South Park (sold October for $325,000)

 

Rainier Valley (sold October for $380,000)

 

Delridge (sold August for $425,000)

 

Beacon Hill (sold August for $389,000)

 

Bitter Lake (sold July for $461,100)

 

Lake City (sold September for $485,000)

 

Columbia City (sold July for $555,000)

 

Green Lake (sold September for $624,950)

 

Ballard (sold October for $580,000)

 

Madison Park (sold July for $680,000)

 

University District (sold August for $725,000)

 

Ravenna (sold July for $590,000)

 

Capitol Hill (sold August for $592,500)

 

Fremont (sold August for $555,000)

 

Queen Anne (sold August for $735,000)

*We sorted homes by price under $1,000,000 and selected the lowest 25%  that sold in the last 3 months that met Loftium criteria. These numbers are based on a 5% down payment and we assumed 1.5% closing costs (but actual costs may vary). The monthly payment includes principle, interest, taxes, insurance and PMI. 43% is the max debt-to-income ratio you can have to get a conventional loan.

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