The housing market has been rapidly changing in our City for the same reason we all love to call Snohomish home: beautiful surroundings, robust economy, great schools, a vibrant and tight-knit community, a bustling historic district, and an easy commute to the area’s major employers. The following is a snap-shot of just how things have changed:
- The average home sales price in Snohomish in 2021 was $628,000 according to the Alliance for Housing Affordability, a 50% increase in just two years compared to the 2019 average home sales price of $417,194.
- The average rent in the City of Snohomish is $1,452/month for a 1-bedroom apartment and $1,570/month for a 2-bedroom apartment.
- The household income required to afford (not cost burdened; not spending more than 30% of gross income on rent) to rent in Snohomish is $63,520/year for 1-bedroom, $77,600/year for 2-bedrooms.
- The estimated household income of at least 40% of Snohomish residents is less than $50,000/year.
Independent of the affordability issue, there are simply not enough apartments for rent in the City currently. For example, on Aug. 21, 2022, only five apartments were up for lease in the city. Three were 2-bedroom units and two were for 1-bedroom units.