Talk to just about anyone about local real-estate prices and there’s a good chance you’ll hear this: Seattle is becoming the next San Francisco.
Sure, housing prices and rents are skyrocketing here, but are we really doomed to a fate where million-dollar homes and $5,000-a-month rents will soon be the norm?
Don’t count on it. Seattle is nowhere near catching up to San Francisco’s brutal housing market, the data and interviews with experts show. And Seattle is unlikely to get there anytime soon — if that’s any consolation.
Seattle is roughly half as expensive as San Francisco to rent or own a home, a fact that has stayed constant through housing booms and busts of the last two decades. Almost like clockwork, every time home prices have grown a dollar in Seattle, they’ve risen two dollars in San Francisco.
Will Seattle really become the next San Francisco? – Seattle Times
Growth Management Act can’t keep up with housing demand – Seattle Times