Why is Bellingham real estate so expensive?
Why is Bellingham real estate so expensive? Housing construction fell behind population growth, further increasing demand and driving prices upward. At the same time the population grew by 11.4%, there was only an 9.7% increase in the number of housing units built. 2. There is a gap between average incomes and housing prices.
Why is rent so high in Bellingham WA? As long as there are buyers willing to pay more for homes in Bellingham, this imbalance persists. There simply isn’t enough inventory of affordable housing to meet the needs of low to middle-income families. The problem can also be exacerbated by zoning, which limits the areas where affordable housing can be built.
Is Bellingham Washington wealthy? The median home value is 7.3 times greater than the median income, making Bellingham one of the least affordable cities in the country.”
Is Bellingham WA affordable? Using this data, the report created price-to-income ratios for 507 cities to determine their affordability. With this ratio, Bellingham is the 24th-least affordable city overall, well ahead of Seattle, with a ratio of 5.9, that ranked as the 33rd-least affordable city.