MARYSVILLE — Homeowners in Marysville face the lowest mortgage burden in the greater Seattle area market, according to report from Zillow, the Internet real estate database company.
People on average put just 16.2 percent of their annual household income toward their mortgage in Marysville, according to the report.
That’s the lowest for any city with a population of 65,000 or higher in the Seattle area market, according to Zillow.
“The Bay Area and other expensive West Coast markets get a lot of attention for being unaffordable, but even they have some areas where the share of income spent on housing is relatively low,” said Zillow chief cconomist Svenja Gudell, in a statement.
Still, Marysville’s mortgage burden comes in higher than the national average, which is at 14.6 percent, according to the report.
The lowest mortgage burden in the country is in Detroit, where residents pay on average just 5.9 percent of their annual income for a home.
Seattle residents need to put 21.4 percent of their household income toward their mortgage. The highest rate in the Puget Sound region is Bellevue, where the mortgage burden is 29.6 percent of household income, according to the report.
The report is based on data from 2015. To calculate the mortgage burden, Zillow computed the monthly mortgage payment for the median-valued home in a city using its Home Value Index with the 30-year fixed mortgage interest rate.
Then the company used U.S. Census bureau’s median household income, which is only available for large communities.