How much should a 2 bedroom apartment cost? It should definitely be less than this.

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We completed our preliminary research on two-bedroom housing in Seattle. We’ll be publishing a comprehensive report on all unit types in the near future. In the meantime, here’s a sneak peek at what we found.

By looking at just over 1,400 units from 12/4/2013 to 12/10/2013, we learned a lot about the price of a two-bedroom apartment in Seattle:

Average price of a two-bedroom: $1,838/month

Average square footage of a two-bedroom: 1,036 square feet

Median price of a two-bedroom: $1,726/month

Median Square footage of a two-bedroom: 989 square feet

Again, these amounts are similar to other research and arguably more accurate. It’s important to put these numbers in perspective. As an example, the median cost of a two bedroom apartment would be nearly $22,056 per year. I estimate that Seattle’s median household income is around $66,990 (2012 median with a generous 2% growth). The most common definition of affordable housing is that it can’t exceed 30% of gross income.  The median 2 bedroom apartment is about 33% of the median household income. In other words, it’s not affordable.

 

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Owen does servicing and consulting for a software company to pay the bills. He has an amateur interest in urban policy, focusing on housing. His primary mode is a bicycle but isn't ashamed of riding down the hill and taking the bus back up. Feel free to tweet at him: @pickovven.

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Matt the Engineer

To be clear, are these median prices or average prices? You use the two terms interchangeably, but they’re different. An average rent would typically seem high, thanks to outlying high rents. A median value is usually used, as it’s not sensitive to this effect.