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Beyond food and fuel, housing costs in Seattle are astronomical, with median home prices approaching $800,000 within the city and exceeding a million dollars in surrounding areas. Such figures make homeownership unaffordable for many, especially when combined with rising mortgage interest rates. The resulting financial pressure leaves many residents struggling to keep up.
Rent costs are also steep, and with interest rates high, even renting is becoming a significant expense. This has led to a slowdown in the local housing market, with fewer properties selling and many potential buyers priced out of the market.