What Is the Housing Market Like in Puyallup?
Are you looking to purchase a home in Puyallup, WA? After years of being a buyers’ market, the housing market in the area finally seems to be leveling out. People flock to the area each year hoping to find the house of their dreams. Located just 10 miles from Tacoma and 30 miles from Seattle, this family-friendly city is the perfect area for those who want to enjoy the amenities of a growing suburb.
Housing prices stabilizing
With so many nearby areas in high demand, it’s no wonder why Puyallup has been a difficult place to buy a new home. Many seasons have passed with no properties on the market. While this helped boost home values for those currently living in the area, it also made it nearly impossible to relocate to town.
However, times are changing, and properties are finally being added to the market. For the first time, buyers can find something available in a more reasonable price range. The median price is about $386,000 for a three-bedroom home. While this number is almost double the national average, it’s still on par with other homes near the area. It’s also more affordable than nearby Seattle.
There is a lot of market competition. Many properties sell for above the asking prices, and it’s normal for homes to get an offer almost right away. If the seller prices their house competitively, they should expect to close quickly.
Too expensive for many families
With an average income of only $67,000, some people find that it costs too much to purchase property in Puyallup. This number means that most buyers would end up spending well over the recommended 28% of their income on a mortgage. Figuring in a down payment makes homes even more unaffordable for many.
Home prices continue to increase annually, although at a slower rate than in previous years. Forecasts estimate properties will continue to rise in value by nearly 5% each year. Wages, however, are only expected to increase by a little under 4%.
Because the numbers don’t always add up for homebuyers, it’s wise to save up a hefty down payment before entering the market. The more money someone has to put down on the house, the lower their mortgage payment will be each month. It’s no wonder why nearly half of the population chooses to rent instead of buying. Rental rates are about $1,200 per month. Real estate investors find Puyallup to be the perfect place to buy income properties as there is never a shortage of renters.
A popular neighborhood for families
Of course, the primary allure of Puyallup is that it’s a family-friendly community. There are plenty of local parks for kids to enjoy. The Washington State Fair is also held in the area each year. Local schools have high ratings, and it’s easy to find employment both in and near the city.
The safety report is also something to consider. Violent crime rates are much lower than the national average. Theft, however, is on the rise. Those living in town should take care to lock up their property and report any strange activities to the police.
As long as people continue to move to Washington in hopes of landing a high-paying tech job, Puyallup will continue to remain a prime housing area.
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