Andi Dyer

Let me help you find your future home

  • About
  • Contact Page
  • Refer a Friend
  • News
You are here: Home / Buying a Home / Larger chunk of Bellingham paycheck goes toward rent then mortgage

Larger chunk of Bellingham paycheck goes toward rent then mortgage

May 9, 2016 By Andi Leave a Comment

 

Bellingham residents are paying more than their fair share when it comes to their rent and mortgage.

A new study from Zillow, an online marketplace that compares values of homes, estimates that Bellingham homeowners spend 32.9 percent of their monthly income on a mortgage payment, while renters pay 41.3 percent of their income. Mortgage lenders typically want your total monthly home loan payment to be at or below 28 percent of your total monthly income before taxes, according to the federal Consumer Financial Protection Bureau. The general rule of thumb is that 30 percent should go toward rent.

Zillow estimates the median rent in Bellingham as $1,535 a month, and the median home value is $318,800.

32.9% How much of monthly income Bellingham residents
are using toward mortgage payments.

23.8% How much of monthly income Whatcom County residents
are using toward mortgage payments.

 

By comparison, Whatcom County residents, as a whole, paid 23.8 percent of their monthly income toward a mortgage payment and 31.1 percent toward rent. Zillow estimates the median rent in Whatcom County as $1,454 a month, and the median home value is $297,200.

While Bellingham is still affordable compared to the nearby major cities of Seattle and Vancouver, B.C., it’s probably starting to feel unaffordable to those who have lived here awhile, said Skylar Olsen, a senior economist at Zillow.

Like many other communities, rents and home prices in Bellingham rose as the national economy recovered from the 2008 recession. This area also has amenities that attract buyers and renters, including being near the water and two major metro areas, and having a university and an airport, Olsen said.

Bellingham’s numbers can also be influenced by retirees who may have wealth, but not high levels of monthly income, she said.

In addition, Bellingham has a low inventory of both rentals and homes for sale, Olsen said. The recession eight years ago put a stop to residential construction for a significant amount of time. Construction is coming back now, but is playing catch-up, she said.

Bellingham currently has a few large residential projects under construction to help ease what continues to be a tight rental market, including a 423-bed project on North Forest Street and a 648-bed apartment complex on Lincoln Street.

In a new report, the Runstad Center for Real Estate Studies at the University of Washington said the apartment vacancy rate this spring in Whatcom County was 0.8 percent. That’s actually an improvement compared to September 2015, when the vacancy rate was estimated at 0.2 percent. In March 2015, the vacancy rate was 0.6 percent. The statewide rate in March was 3 percent, according to the study.

Changing home values (March 2016)

Area Home value Monthly change Annual change
Bellingham $321,200 0.5% 6.7%
Ferndale $299,400 0.6% 6%
Lynden $298,700 0.4% 8.8%
Blaine $255,000 0.4% 4.9%
Sudden Valley $257,300 0.7% 5%

Source: Zillow.com

Dave Gallagher: 360-715-2269, @BhamHeraldBiz

Read more here: http://www.bellinghamherald.com/news/local/article73859877.html#storylink=cpy

Filed Under: Buying a Home, Living in the Pacific Northwest, Uncategorized

About Andi

World-wide traveler. Excellent shot. Lover of Cairn Terriers (specifically Shaymus). Vegetarian. Enthusiastic, yet amateur beer brewer. Licensed, independent Real Estate Broker and Designated Broker for Sterling Real Estate. I have the inside knowledge of the 'diamonds in the rough' hiding throughout Whatcom County. Want to learn more? Contact me at AndiDyer@gmail.com

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

  • The 7 Worst Habits Homeowners Need to Break Now
  • What You Need to Know About Researching Home Prices
  • Home Upkeep Tips for People With Better Things to Do Than Chores
  • Filing Taxes After Divorce: Tips for Homeowners
  • 7 Cleaning Tips for Keeping Your Home Spotless When Selling It

Testimonials from Happy Homeowners

Andi is a very motivated and talented professional who considers all aspects of any project before quickly moving forward with precise action.
~ Teresa

Andi quickly discovered our parameters and made sure we didn't waste time looking at properties we wouldn't be interested in and stay within our budget.
~ Trulia Reviewer

Andi has a keen instinct for smart marketing and is very responsible to her clients. She is a committed Real Estate broker and has a very sunny disposition. No matter what your needs are, be it finding a home or selling your current real property, her years of experience in the field are a huge asset!
~ T.W.

It has been a pleasure working with Andi. She always has a smile and a positive attitude. She put a lot of time and effort into selling my house and I couldn't have happier with anyone else.
~J.M.

Selling a house is STRESSFUL. There are so many things to do and so many cracks to slip into. Thanks to Andi, there were no cracks with her timely checklists; she showed me that selling doesn’t have to be so stressful. A good selling experience is possible! She is the broker to keep in your back pocket.
~ Rose W.

Andi was always on our side working to make our house purchase as simple and successful as possible. The best part about working with her was that she was always more focused on answering our questions, giving us good advice, and finding homes that met our needs than she was on closing a deal. All throughout the negotiations and closing she was there quickly handling any issues that may have risen. We would recommend her to anyone. If the time ever comes when I will be looking for a new home, there isn't any question on who my Realtor will be!
~Zillow Reviewer

About Andi

World-wide traveler. Excellent shot. Lover of Cairn Terriers (specifically Shaymus). Vegetarian. Enthusiastic, yet amateur beer brewer. Licensed, independent Real Estate Broker and Designated Broker for Sterling Real Estate. I have the inside knowledge of the 'diamonds in the rough' hiding throughout Whatcom County. Want to learn more? Contact me at AndiDyer@gmail.com Read More…

  • Email
  • Facebook
  • LinkedIn
  • Pinterest

I can help you find your dream home.

I am located in two offices to support my Whatcom clients. Come visit me soon.

Office Locations

Downtown Bellingham Office
2011 Young Street, Suite 101
Bellingham, WA 98225

See Location

Ferndale Office
1820 Main Street
Ferndale, WA 98248

See Location

Sterling Logo   Realtor logo   Sterling Logo       Sterling Logo

Copyright © 2021 · Log in