Too much housing in Seattle? Rent vs buy doesnt make sense?
Apologies if the title sounds controversial but I'm trying to understand the real estate market in the Seattle eastside area. Especially with relation to single family homes. I see that home prices in the Redmond- Kirkland- bellevue Area are in the 900k to 1.2M mark and maybe more depending on the exact schools but the rents for similar homes in the area are < 3000 per month. Assuming a 20 % down on the range above, most buyers will be looking at about 4-4.5K in mortgage expenses. To put it naively why arent more people just renting ? Especially with all the new construction happening.