The national picture
- For households that own a home, housing is typically the largest share of their assets. One analysis of the Federal Reserve's 2019 Survey of Consumer Finances found that homeowners held a typical 61 percent of total assets in housing (Economic Policy Institute).
- The share falls as wealth rises. A Redfin analysis published in March 2025 found real estate made up about 46 percent of net worth for the bottom half of U.S. households and about 12 percent for the top 1 percent.
- Housing wealth grew during the pandemic years. The Federal Reserve's 2022 survey reported that for families who own their primary residence, housing wealth rose substantially between 2019 and 2022 as house prices far outpaced inflation.
Why there is no single local number
The Federal Reserve survey does not publish a figure for the Seattle area. What we can do is compare what homes cost with what households earn, nationally and in the cities we serve.
Prices and incomes: national and local
| Area | Median household income | Median home value | Home value ÷ income |
|---|---|---|---|
| United States | $80,734 | $332,700 | 4.1 |
| Snoqualmie | $214,107 | $977,200 | 4.6 |
| Maple Valley | $152,885 | $724,700 | 4.7 |
| Sammamish | $239,690 | $1,407,300 | 5.9 |
| North Bend | $175,109 | $1,048,600 | 6.0 |
| Issaquah | $154,669 | $963,000 | 6.2 |
| Renton | $100,432 | $672,600 | 6.7 |
| Redmond | $162,560 | $1,167,800 | 7.2 |
| Bellevue | $165,576 | $1,340,300 | 8.1 |
Source: U.S. Census Bureau QuickFacts, American Community Survey 5-year estimates, 2020-2024. Home value is the owner-reported median value of owner-occupied housing units, not a sale price. Ratio is median home value divided by median household income.
For scale: dividing median home value by median household income gives about 4.1 for the United States. Using the same Census measure, the ratio is about 4.6 in Snoqualmie, 4.7 in Maple Valley, 5.9 in Sammamish, 6.0 in North Bend, 6.2 in Issaquah, 6.7 in Renton, 7.2 in Redmond and 8.1 in Bellevue. Home value is the owner-reported estimate, not a sale price, so treat these as rough comparisons.
Equity gains in our market
- Using Northwest MLS data for King County (via InfoSparks), the average of the monthly median sales prices for residential homes rose from about $671,000 in 2019 to about $895,000 in 2022, a gain of roughly 34 percent. For condominiums, it rose from about $405,000 to about $498,000, roughly 23 percent. Measured from the end of 2019 to the 2022 peak, the gain was larger: residential homes went from $675,000 in December 2019 to $1,000,000 in May 2022 (about 48 percent), and condominiums from $405,000 to $549,950 in March 2022 (about 36 percent). Prices have since come down from those peaks.
- Prices have softened recently. See our post on how local home values are doing.
Why this matters
When a large share of your wealth is in one asset, in one place, the value of that asset matters a great deal to your plans. Many homeowners find that a home with a lot of equity gives them choices, such as selling, downsizing or borrowing, and also concentrates risk. Reviewing how much of your wealth is tied up in your home is a reasonable part of retirement and estate planning.
Related reading: As I'm Looking at Retirement, How Do I Access the Equity in My Home?
Sources
- Economic Policy Institute, from the Federal Reserve Survey of Consumer Finances 2019: epi.org/chart/kyle-and-adewale-figure-a-americans-homeowners-hold-most-of-their-assets-in-their-primary-residence-this-is-especially-true-for-black-and-brown-households
- Redfin, March 2025: businesswire.com/news/home/20250311763660/en/Americas-Wealthiest-1-Could-Buy-99-of-Americas-Homes
- Federal Reserve Survey of Consumer Finances 2022, as reported by Anadolu Agency: aa.com.tr/en/americas/americans-net-worth-soar-record-37-during-2019-2022-fed/3026392
- Census Bureau QuickFacts, American Community Survey 5-year estimates, 2020-2024: census.gov/quickfacts
- Northwest MLS via InfoSparks, King County median sales price, 2019 to 2022 (annual averages of monthly medians)
From Our Own Experience
We are noticing a trend that many people in our area are looking at homes where they can eventually settle in retirement while keeping their Seattle-area residences. Unlike many metropolitan areas, Seattle has been blessed with success over the last 30+ years largely due to the tech industry. As people decide to leave (or are laid off) the area, they are looking to cash in on their equity and redeploy it.
Thinking about selling in the Seattle Area?
Kelly Azzarello Real Estate | Compass
Email: kelly@kellyazzarello.com
Phone: (425) 830-6457
Web: www.kellyazzarello.com
Instagram: instagram.com/kellyazzarello
YouTube: youtube.com/kellyazzarellorealestate
This post is general information about real estate topics. It is not legal, tax or financial advice, and it does not replace a professional inspection. Rules and practices differ by situation and change over time. Check current requirements and talk with a licensed professional, such as an inspector, contractor, attorney or CPA, about your own property.
