Where to live for High Earners Not Rich Yet (HENRYs) in Seattle

Question

All,

A friend of mine has been living in downtown Seattle with a roommate since 2014. Her roommate is moving out, so she is looking for a new place to live. In my experience, math usually works out so that either renting or buying makes more financial sense. In Seattle, neither is a particularly favorable. 1 bdrms are around 1600-2000, while buying a 1bdrm condo is 350-400K. I’m not sure how to advise. Maybe a 203K loan? She works in Everett, WA.

Michael Haas · Answer

@Scott Mac sounds like you're loving those one bed condos with $600 a month HOA dues lol. If you have to rent it after you start a family it'll never ever cash flow, but the good news is you can definitely sell it for a massive profit because real estate always goes up-up-up!

My vote is to househack something in north Seattle, 5+ bedrooms with a second kitchen if possible, but she could also grab a little 2 bed with a room-mate if she can find a good deal on one. The bull market seems to be ending in stocks, I think RE will fare far better with low mortgage rates but I still wouldn't touch more volitile assets like luxury condos with a 5 foot pole.

Adrian Chu · Answer

But don't forget, there are rainy days here. ;)

Aaron Flake · Answer

Living in Seattle while working in Everett is baffling to me. Unless she just enjoys traffic and homeless people defecating on the sidewalks haha. I'd recommend finding a place in the middle like Lynnwood or edmonds.

Account Closed · Answer

I live in Seattle and commute to EVERETT and enjoy all of the above. Haha. Also my wife works in South Seattle so we split the difference

Adrian Chu · Answer

Get a townhouse or a house where you can live in one room and rent out the other rooms.

Scott Mac · Answer

If it were me, (In Seattle) I'd pick someplace with a waterfront view.

Up high in a building, but not too high because long elevator rides are boring.

In an area with things I like to do that are close.

With reasonable parking available for guests when I entertain.

And a rooftop pool, hot tub, lounge area would be nice.

Plus a community workout room, and some kind of storage available for things like off season Christmas decorations, and etc...

Ashleigh Evans · Answer

It’s been a while since I was stationed in Everett, but while I was there the further north you went, the more rural it got. Lynn wood and Mukilteo were nice, but Everett was terrible. And marysville was rural. She’s lived in Seattle for 6 years, so her community is there.

She’s a move-in ready kind of person, but I’m working on her. I think a fixer-upper with a 203K is probably the best option. Then she can find roommates.

Jason Johnson · Answer

@Ashleigh Evans

My initial thought is to stick with roommates and save save save! If her end goal is to buy something.  Does you friend want to live in the city only? Snohomish Co. is more affordable (especially if she is already commuting to Everett) but not necessarily cheap.  Also, is your friend open to a project or is she a move in ready kind of person?

Jason

Where to live for High Earners Not Rich Yet (HENRYs) in Seattle

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