Report: Only 20% of Seattle renters could afford monthly mortgage payment

According to a Zillow report released Tuesday, only 20.3% of Seattle-area renters could afford the monthly mortgage payment on a home selling for the median price.

To calculate the monthly payments, the study assumed a 3.5% down payment, the minimum for a Federal Housing Administration-insured mortgage. It also assumed a mortgage rate of 3%, a mortgage insurance premium of 0.7%, and metro-level estimates of insurance and property taxes.

The study follows a proposal from President Joe Biden…

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