Where does Seattle stand?

In a recent Seattle Post-Intelligencer article, Reporter Aubrey Cohen quotes NAR Economist as saying that
Seattle is undervalued...in comparison to other West Coast Cities.

A friend of mine pointed out that with the King County Median house price being $435,000 how can that be affordable. I started to look a little deeper; I wanted to know if the Median Income would allow for these homes to be considered affordable. Here is what I found out.

The median income for a household in the county was $53,157, and the median income for a family was $66,035. Males had a median income of $45,802 versus $34,321 for females. You can find out more at: Answers.com

Some of you may crunch the numbers and say see at 53K you cannot spend over half your monthly income on a mortgage payment, and I would strongly agree. But simple numbers don't answer some key questions. For example, what is the percentage of households that rent vs. buy? What percent of the homes bought were upgraded homes. (Using the equity the household made over the last 3-5 years to upgrade.) But the question is not just whether the average household can afford a home; it is a question of how
Seattle stacks up to other West Coast cities as far as afford ability and appeal. So let's look at some comparisons.

Again on Answers.com it puts together a list of 100 of the highest income counties. These are rated at a per capita income.

King
County is ranked 51^st at $29, 521. Let's see how

King
County stacks up.

Let's take one county with a lower income per capita. For instance

Alameda
County in the Oakland Area of California is a somewhat desirable place to live.

Alameda
County is 97^th with a per capita income of $26,680. The median home price there is $540,500. Now take

San Diego
County is 253rd with a per capita income of $22,926. The media home price there is $435,000. Hmmmm same as
Seattle, but with a lower affordability factor if you take the per capita income into consideration.

In conclusion, yes
Seattle housing prices are up there, but how they compare as far as West Coast cities, I would suggest that they are very appealing. I think the strong diverse economy and the low unemployment rate lead to a great place to live. Not to mention sports & entertainment as well as outdoor activities that the surrounding area has to offer.