Data Table
Explanation
The Housing Affordability Index (HAI) tracks the ability of a middle income family to carry the mortgage payments on a median-price home. An index of 100 reflects a balance between the family’s ability to pay and the mortgage payment. Higher indices indicate that housing is more affordable.
Thurston County’s HAI was 117.1 for the first quarter of 2021, a decrease in housing affordability for the sixth year in a row. Thurston County:
- Remains more affordable than the counties associated with the Seattle/Tacoma/Everett metropolitan area (King, Kitsap, Pierce, and Snohomish).
- Remains slightly more affordable than Lewis County.
- Remains less affordable than adjacent counties to the west (Grays Harbor and Mason).
2013 was the last year buying a home in Thurston County was considered affordable for first-time homebuyers.
First-time Buyer Housing Affordability Index
The first-time buyer index assumes the purchaser’s income is 70% of the median household income. Homes purchased by first-time buyers are 85% of area’s median price. All loans are assumed to be 30 year loans with 25% of income used for principal and interest payments. The first-time buyer index assumes 10% down.
Source
University of Washington: Runstad Center for Real Estate Studies