Real Estate In Washington – The Lone Shining Jewel During The Terrible Recession
Washington was pretty much the only major area which did not see a fall or stagnation in real estate prices after the great recession. In fact, the prices of Washington rose by a steady 4.1% when almost all states were recording all time lows. The average home price also rose by 8.1% at the end of 2010. Even though Washington’s median is twice the median of the entire nation, affordability in the area is very high. In fact, 79% homes were affordable to families meeting the area’s average income. Further, Washington is also one of the very few places where buying a property falls to be cheaper than renting one. A major reason for the strong performance of the Washington Real Estate is the sheer number of employment opportunities available in the area. This can be witnessed in the fact that Washington recorded one of the lowest rates of unemployment in the country at the end of 2010.
Federal Government Helps In Stability Of Real Estate Prices In Washington
Another major contributor to the real estate demand and prices is the federal government which is also the area’s biggest biggest employer. Since federal government jobs are less prone to be affected by recessions, there was hardly any fall in average income prices during 2008 – 2010. Since Washington also has political importance in the States, there are numerous legal and lobbying firms present here. Foreign companies also prefer to have their base in Washington itself. Washington is also one of the states which witnesses the highest numbers of immigrants from other states. This ensures that there is never a shortage of demand for real estate. The median home prices in Washington are expected to rise by about 3.04%. Similarly, the appreciation rates in Washington are expected to grow by 5.32%. As a result, it has been forecasted that Washington should outperform the rest of the country in real estate.