Part 8/12:
The high cost of living, exacerbated by expensive transportation, housing, and taxes, is severely impacting residents' quality of life. Housing affordability is a pressing issue; median home prices in Seattle soar past one million dollars, making homeownership out of reach for many. With interest rates bouncing from around 2.75% to over 8%, mortgage costs have shot up, reducing home buyer demand by nearly 35%.
In contrast, states like West Virginia, Louisiana, and Oklahoma have experienced only marginal drops in real estate demand, thanks to more affordable housing. Meanwhile, high taxes on essentials, including gasoline—Washington recently topped the nation for the highest gas prices—further strain household budgets.