The Housing Market in Everett Today
Everett, Washington, located just north of Seattle, offers a diverse housing market with options for renters and buyers alike. In recent years, the city has seen steady growth in its housing inventory, with new apartment complexes and single-family homes being built to meet the increasing demand. The local housing climate is characterized by a mix of established neighborhoods and up-and-coming areas, catering to various lifestyles and budgets.
One notable trend in Everett is the rise of mixed-use developments, particularly in the downtown area. These properties often combine residential units with commercial spaces, creating vibrant, walkable communities. Additionally, many new housing developments in Everett are incorporating green spaces and eco-friendly features, appealing to environmentally conscious residents.
Despite the growth in housing inventory, the demand for homes in Everett remains high, driven by factors such as the city’s proximity to major employment centers, its attractive natural surroundings, and its relatively affordable cost of living compared to nearby Seattle. This high demand has led to a tightening of the housing market, with competitive bidding and rising prices for both renters and buyers.
Renting in Everett: What’s Typical?
For those considering renting in Everett, it’s essential to understand the current market trends and average costs. As of 2023, the average rent for a one-bedroom apartment in Everett is around $1,500 per month, while a two-bedroom apartment typically costs about $1,900 per month. These figures represent a modest increase from the previous year, reflecting the ongoing demand for rental properties in the city.
Popular renter areas in Everett include the downtown core, where many young professionals and couples are drawn to the convenience of living close to work, dining, and entertainment options. The Silver Lake and Cascade View neighborhoods also attract a significant number of renters, particularly families and individuals seeking a more suburban lifestyle while still being close to city amenities.
It’s worth noting that while rent prices in Everett have risen in recent years, the city still offers more affordable options compared to nearby Seattle. For example, renters can find more spacious apartments or even single-family homes for rent in Everett at prices that would be considered entry-level in Seattle. This relative affordability has contributed to the growing popularity of Everett among renters.
Owning a Home in Everett
For those considering buying a home in Everett, the median home price as of 2023 is around $450,000. At this price point, buyers can expect to find a variety of housing options, from cozy starter homes to more spacious properties suitable for growing families. With a 20% down payment and a 30-year fixed-rate mortgage at 3.5% interest, the estimated monthly mortgage payment for a median-priced home in Everett would be approximately $1,600.
In addition to the mortgage payment, homeowners in Everett should also budget for property taxes, insurance, and potential HOA dues. The average property tax rate in Everett is around 1.1%, which translates to an annual property tax of about $4,950 for a median-priced home. Homeowners insurance costs vary depending on the property and coverage levels, but a rough estimate for a median-priced home in Everett would be around $1,000 per year. HOA dues, if applicable, can range from a few hundred to over a thousand dollars per year, depending on the community and amenities offered.
It’s important for potential homebuyers in Everett to carefully consider all the costs associated with ownership, as well as their long-term financial goals and lifestyle preferences. While owning a home can provide a sense of stability and the opportunity to build equity, it also comes with additional responsibilities and expenses compared to renting.
Renters vs. Homeowners: Who Lives Where?
In Everett, the homeownership rate is around 55%, meaning that slightly more than half of the city’s residents own their homes. This rate is somewhat lower than the national average, which hovers around 64%. The lower homeownership rate in Everett can be attributed to various factors, including the city’s younger demographic, the presence of a large student population, and the overall affordability challenges faced by many potential buyers.
Renters in Everett are typically younger individuals, such as students, young professionals, and couples who are not yet ready or able to purchase a home. Many of these renters are drawn to the flexibility and lower upfront costs associated with renting, as well as the opportunity to live in more central locations or newer apartment complexes with modern amenities.
On the other hand, homeowners in Everett tend to be older, more established residents, including families with children and retirees. These homeowners often prioritize the stability, privacy, and potential long-term financial benefits of owning a home. However, it’s important to recognize that there are still significant financial and cultural barriers to homeownership for many residents, particularly those with lower incomes or limited savings for a down payment.
Typical Monthly Rental Costs in Everett
Here’s a breakdown of what renters might expect to pay each month in Everett:
- Rent (1BR): $1,500
- Rent (2BR): $1,900
- Utilities (electricity, gas, water): $150
- Internet: $60
- Renter’s insurance: $20
- Total (1BR): $1,730
- Total (2BR): $2,130
Estimates reflect average rental prices and utility costs for mid-range apartments in Everett.
What’s Driving Costs Up or Down?
Several factors influence the cost of housing in Everett, with supply and demand being the most significant. As the city continues to grow and attract new residents, the demand for housing has outpaced the supply in some areas, leading to increased competition and higher prices. This is particularly true in desirable neighborhoods close to downtown or with easy access to major employers like Boeing and Naval Station Everett.
The local job market also plays a crucial role in shaping housing costs. Everett’s economy is driven by a mix of industries, including aerospace, technology, and healthcare. As these sectors continue to expand and create new jobs, the demand for housing in the city is expected to rise, potentially putting upward pressure on prices.
Zoning regulations and new development trends also impact the cost of housing in Everett. The city has taken steps to encourage higher-density housing and mixed-use developments, particularly in the downtown area, to address the growing demand for affordable and diverse housing options. However, the pace of new construction has not always kept up with the needs of the population, contributing to the ongoing affordability challenges faced by many residents.
FAQs About Housing in Everett
Is Everett affordable to live in?
Compared to nearby Seattle, Everett offers a more affordable cost of living, particularly when it comes to housing. However, the city still faces affordability challenges, with many residents spending a significant portion of their income on rent or mortgage payments.
Why are housing prices changing?
Housing prices in Everett are influenced by factors such as population growth, economic development, and zoning regulations. As the city continues to attract new residents and businesses, the demand for housing has increased, leading to higher prices in some areas.
How does Everett compare to nearby cities?
Everett is generally more affordable than Seattle, with lower median home prices and rent rates. However, it is still more expensive than some smaller cities in the surrounding area, such as Marysville or Lake Stevens.
Making Smart Housing Decisions in Everett
When deciding whether to rent or buy a home in Everett, it’s essential to consider your long-term financial goals, lifestyle preferences, and budget. How Much It Costs to Live in Everett Each Month can provide a helpful starting point for understanding the various expenses associated with living in the city.
For those considering renting, it’s important to factor in not just the monthly rent payment, but also the cost of utilities, renters insurance, and any additional fees or deposits required by the landlord. Renters should also consider the location and amenities of the property, as well as the terms of the lease agreement.
Potential homebuyers in Everett should carefully evaluate their financial readiness, including their credit score, debt-to-income ratio, and savings for a down payment and closing costs. They should also research the long-term costs of homeownership, such as property taxes, insurance, maintenance, and potential HOA fees. Our Cost of Living in Everett: Your Monthly Budget Guide for 2025 can help you plan for these expenses and make an informed decision about whether buying a home is the right choice for you.
Ultimately, the decision to rent or buy a home in Everett depends on your unique circumstances and priorities. By understanding the current housing market trends, average costs, and the factors driving price changes, you can make a more informed and confident choice about your housing situation in this dynamic and growing city.