Paul Benezra

Seattle's required income is ↓~6% yearly, putting it among the most improved major metros, even as affordability still requires careful planning locally.
A buyer with a mortgage needs income near $219K to keep monthly housing costs within 30% of income for a median-priced Seattle home.
By Mid-Q2, mortgage rates moved into the mid-6% range, so Seattle buyers locking today may not see recent affordability improvement right away.
An economist called Seattle's gradual affordability gains encouraging, saying buyers should watch closely as listings and negotiation room have improved recently locally.
A listings platform expects Seattle affordability to improve slightly through the remainder of the year, though economic shocks could interrupt that path.

Seattle Buyers Need Nearly $219K

FHA financing can work for condos when the community is already approved, or when a specific unit receives individual approval through lender paperwork.
Buyers can search approved condo options by state, city, zip code, county, or building name using a federal lookup tool before touring homes.
If a building is not approved, the lender may request approval for one unit if occupancy, unit count, and property-type rules fit.
Buyer qualifications still matter: credit profile, down payment, debt-to-income ratio, employment history, and primary-residence use all affect FHA condo eligibility for financing approval.
FHA condo loans can offer lower entry costs, but buyers should weigh mortgage insurance, approval timing, and other mortgage options carefully before choosing.