The only house you can afford is the one you live in

I moved to Bellevue in 2008 when I married my spouse, who had purchased a modest SFH in NE Bellevue a few years earlier on his tech worker salary. Working in a less lucrative field, I am keenly aware that I would not be able to afford to live in Bellevue if not for being partnered with someone who works in tech. I also find it incredibly sad that as we add all sorts of low-wage jobs in Bellevue, the only housing we seem to be adding is luxury housing that none of those retail, food, and service workers can afford. Shouldn't our teachers, librarians, police officers, firefighters, and healthcare workers be able to work and live here?

Since 2008, I have watched our house's value fluctuate both down (during the Great Recession) and then steadily up. Our house is one of the most modest in our neighborhood and, especially since adding a child to our family, we have often dreamed of moving into something slightly bigger and more updated. Unfortunately, we would not be able to afford a nicer home in Bellevue unless we were willing to take on significant additional debt. A house in our neighborhood that was valued at less than $800K in 2014 recently sold for over $4.5 million!

It is now rare to see a SFH home in Bellevue listed for sale for under $1 million. Many of the more affordable homes are purchased, torn down, and replaced with large luxury homes. Not all of us work in tech and not all of us make salaries that allow for that type of spending on a home. We need regulation to prevent wealthy investors and corporations from buying up and flipping all of the available houses or renting them out at inflated prices.

We love living in Bellevue but when we are ready to move on to a new home, we may have to look elsewhere to find something we can afford that meets our needs.