A small decrease in home ownership boosts the demand for rentals.
Households that pay a high percentage of their income for housing have little left for other necessities. The quest for affordable housing (costing less than 30% of income) can mean moving far from family, friends, work, school, and childcare arrangements. People who live in unaffordable housing may scrimp on food and forego necessary healthcare and medications.
In 2010, home ownership in King County was 59%, down from 63% in 1970.
- While the difference in ownership rate is not statistically significant, it is equivalent to adding 33,000 households to the rental market.
- At 48%, 2010 home ownership in Seattle was substantially lower than in King County overall (data not shown).