Marysville ranks lowest in region for mortgage burden

Homeowners in Marsyville need to put just 16.2 percent of their household income to their mortgage, the lowest in the greater Seattle area market, according to a new report. (File photo)

Homeowners in Marsyville need to put just 16.2 percent of their household income to their mortgage, the lowest in the greater Seattle area market, according to a new report. (File photo)

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.

Talk to us

More in Herald Business Journal

Commercial Aircraft Interiors General Manager James Barnett stands in a warehouse aisle of 777 overhead bins at the company's new building on Monday, May 20, 2019 in Arlington, Wash. (Andy Bronson / The Herald)
12 Snohomish County aero firms get $19M for job protection

The Aviation Manufacturing Jobs Protection grants could save 2,280 Washington jobs for up to six months.

FILE - The logo for Boeing appears on a screen above a trading post on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Despite the pandemic's damage to air travel, Boeing says it's optimistic about long-term demand for airplanes. Boeing said Tuesday, Sept. 14, 2021 that it expects the aerospace market to be worth $9 trillion over the next decade. That includes planes for airlines and military uses and other aerospace products and services. (AP Photo/Richard Drew, file)
Pandemic hasn’t dimmed Boeing’s rosy prediction for planes

The company is bullishly predicting a $9 trillion market over the next decade.

Bufeng Gao, owner of Qin Xi'an Noodles, receives a check from the Edmonds Chamber Foundation's Wish Fund outside of her restaurant that was burned in a fire on Thursday, Sept. 16, 2021 in Edmonds, Wa. (Olivia Vanni / The Herald)
After arson burns Edmonds plaza, 14 businesses need help

Plum Tree Plaza — a cultural hub for Asian Americans — burned in a three-alarm fire early Sept. 11.

Hand drawn vector illustration of bottle of red wine and two glasses. Abstract cartoon style isolated.
You voted: The best wine list in Snohomish County

Even during a pandemic, folks still have their favorites.

Boeing sells land for $200M in plan to shrink holdings

Boeing has sold 310 acres of undeveloped land next to its Frederickson manufacturing plant.

Washington August jobless rate was 5.1%; 16,800 jobs added

August’s rate was the same as July’s rate, and increased even as COVID-19 cases surge.

Boeing moving 150 jobs from Washington and California to Texas

The affected jobs are in the company’s global parts distribution unit.

Genna Martin / The Herald
David Barney, owner of Barney's Pastrami on Evergreen, has changed the last names of the dozens of celebrities who's photos hang on the wall of his restaurant to Barney.  The newly named celebrities include Humphrey Barney, Uma Barney, Marilyn Barney, Olivia Newton-Barney and Stevie Ray Barney.  
Photo taken 11252014
Where’s Barney? His pastrami shop has served its last hoagie

Even the Evergreen Way deli’s landlord is looking for him. David Barney has vanished.

Tasty and healthy asian food - spicy ramen with wheat noodle, meat, eggs and onion in white pot with chopsticks. Vector illustration of traditional korean cuisine for menu, recipe books or printing
You voted: The best Vietnamese food in Snohomish County

Even during a pandemic, folks still have their favorites.

School-age lead Emilee Swenson pulls kids around in a wagon at Tomorrow’s Hope child care center on Tuesday, Sept. 7, 2021 in Everett, Washington. A shortage of child care workers prompted HopeWorks, a nonprofit, to expand its job training programs. Typically, the programs help people with little or no work experience find a job. The new job training program is for people interested in becoming child care workers. (Andy Bronson / The Herald)
HopeWorks to offer career training for child care workers

The Everett nonprofit hopes to train workers as child care centers struggle to hire staff.

‘Fulfillment center’ proposed along Bothell Everett Highway

Amazon denies that it’s involved in the project. But permitting documents include the company name.

A drawing of the giant Funko Pop! balloon depicting Baby Yoda, which will wind through the streets of New York during this year’s Macy’s Thanksgiving Day Parade. (Funko) 20210912
It’s OK to Pop! this balloon: Funko to join the Macy’s parade

Funko’s incarnation of Baby Yoda will float by in this year’s Thanksgiving Day event.