SEATTLE -- Almost 29 cents of every dollar Seattleites earn these days is going to pay off their mortgage, according to a new study by Zillow.
It's the 6th highest mortgage affordability rate in the U.S., Zillow says. It's also well above the national average of 17.5 percent and the historical average of 21.2 percent.
Zillow says the rising rates -- Seattle was pegged at just under 24 percent in late 2017 -- is due largely to incomes not keeping up with the rising cost of housing and mortgage interest rates. The highest city was the San Jose, California market where buyers on average spend 53.5 percent of their income on their mortgage.
The housing challenge is considerably worse for lower-income renters who this study finds pay nearly 63 percent of their monthly income toward rent.