Seattle to get taller, detached homes may have peaked

Posted: August 15th, 2012 by Brad

When it comes to Seattle in-city housing, there may be nowhere else to go but up.
 
According to local educator and real estate appraiser Richard Hagar, Seattle has reached the peak of its single family housing units, which now make up 45 percent of the city’s total housing inventory.
 
“If you look at other cities that have grown into the millions like New York,” Hagar said, “what you see is that they start growing taller. So the complexion of the city will change.”
 
Seattle’s population is estimated to increase by two percent per year. If this rate remains constant, the city’s population could climb from 620,000 to 868,000 in the next 20 years. That’s a 40 percent increase.
 
Given detached homes already  make up less than half the in-city housing inventory, imagine how much more valuable such residences will be when there’s so much more demand for them in the future.
 
Housing throughout our region is expected to be impacted with the addition a million more people projected to reside in the Puget Sound area by 2040.
 
KPLU contributed to this report.

One Response to “Seattle to get taller, detached homes may have peaked”

  1. June 19, 2013 at 8:05 pm, Cody said:

    Thnx for publishing this information within your website.

    Reply

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