If you’ve been waiting on the sidelines because of high mortgage rates or rising prices, it might be time to take another look. According to First American, home affordability is improving in 39 of the top 50 U.S. markets—marking the fifth consecutive month that buying a home has become just a little bit easier.
Let’s break down what this means in real numbers and why it could be great news if you’re considering a move in Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, or Bonney Lake.
Monthly Payments Are Dropping
One of the biggest indicators of this positive shift can be seen in monthly mortgage payments. Data from Redfin shows that payments on a median-priced home are now about $283 lower than they were just a few months ago.
That’s nearly $3,400 in annual savings—money that can go toward home upgrades, family expenses, or simply more financial breathing room.
While it may not completely change the affordability equation overnight, even a few hundred dollars a month can make a major difference. For many buyers, that’s the gap between “stretching the budget” and “buying comfortably.”
It can also open up new possibilities in your home search. Redfin notes:
“A borrower with a $3,000 monthly budget can now afford a $468,000 home, about $22,000 more than in June.”
That extra flexibility could help you find your dream home in one of the South Sound’s thriving communities—whether that’s a charming craftsman in Burien, a lakefront retreat in Lake Tapps, or a new build in Bonney Lake.
What’s Fueling the Improvement?
Two main trends are driving this welcome change:
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Mortgage rates have dropped from their earlier peaks this year.
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Home price growth has slowed in many markets, especially around areas like Tacoma, Auburn, and Puyallup.
These factors are helping buyers regain some of the leverage they lost in previous years. According to Andy Walden, Head of Mortgage and Housing Market Research at ICE Mortgage Technology:
“The recent pullback in rates has created a tailwind for both homebuyers and existing borrowers. We’re seeing affordability at a 2.5-year high . . .”
For first-time buyers, this could be the moment when your “someday” home becomes attainable. And for move-up buyers, it might mean finally upgrading to that larger space in Sumner, SeaTac, or Normandy Park without the same financial strain.
The Bottom Line
If you’ve been thinking about buying but paused because it didn’t feel possible, now’s the time to revisit your numbers. Lower rates and slower price growth could make homeownership in the South Sound more attainable than it’s been in years.
Curious how today’s market shifts could affect your buying power? Explore the latest local market insights and tools on Your Real Estate Story to see what’s possible for you today.
