Renting in Thurston County
- The “fair market rent” for a two-bedroom apartment is $1,070.
- A person working full-time would need to earn $20.60 an hour to afford the rent.
- A person would need to work 87 hours each week at minimum wage to afford the rent.
Buying in Thurston County
- The average sales price of a three-bedroom home is $244,643.
- A person working full-time would need to earn $29.29 an hour to afford the mortgage.
- A person would need to work 124 hours each week at minimum wage to afford the mortgage.
- Fair market rent is not the same as average rent. Learn more below.
- Assumes down-payment is 3.5% of sales price, interest rate is 3.5% on purchase price, taxes is 1.25% of sales price, insurance is 0.25% of sales price, private mortgage insurance is 0.77% of sales price.
- Assumes an affordable housing cost is 30% of gross income.
- U.S. Dept. of Housing and Urban Development. “Fair Market Rents in Thurston County for FY 2017.” Link.
- Thurston Regional Planning Council. “The Profile: Housing.” Link.
- Steffen, et al. (2015). “Worst Case Housing Needs: 2015 Report to Congress.” US Department of Housing and Urban Development. Link.
- Haurin, D. R. (2016). “The Affordability of Owner-Occupied Housing in the United States: Economic Perspectives.” Research Institute on Housing America. Link.
- Desmond, M. (2016). Evicted: Poverty and Profit in the American City. New York, NY: Crown Publishers.
- Katz, et al. (2003). “Rethinking Local Affordable Housing Strategies: Lessons from 70 Years of Policy and Practice.” The Brookings Institution and The Urban Institute. Link.
- McKernan, et al. (2016). “Thriving Residents, Thriving Cities: Family Financial Security Matters for Cities.” The Urban Institute. Link.
Planning and Development
- The White House. (2016). “Housing Development Toolkit.” Link.
- Brennan, et al. (2017). “Housing as an asset class: Opportunities for systems change to enhance social equity and inclusion.” Urban Institute. Link.