According to Niche.com, the northeast Seattle neighborhood of Wedgwood is currently the best place to buy a house in the Seattle area, as of 2017. Here’s what you should know about it.
The Best Seattle Neighborhoods for Home Buyers
In the fall of 2017, the neighborhood of Wedgwood was ranked as one of the best places in Seattle to buy a home. These rankings were compiled by Niche, a company that offers rankings and reviews of schools and neighborhoods across the country. They use both public and proprietary data, along with feedback from actual residents, to determine their rankings.
The best places to buy a house in Seattle were determined by a variety of factors including home values, the rate of homeownership, property taxes, and other real estate trends. Niche also used data provided by Zillow, the U.S. Census Bureau, and other sources.
All of these criteria were given a certain weight, in order to determine the rankings for best places to live and buy a house in Seattle.
Here are four of the most heavily weighted criteria:
- Home value to income ratio. This is a comparison between the median home value in the Seattle area and the median household income among residents. A lower ratio is considered better, because it indicates a higher level of affordability for home buyers.
- Public schools grade. The company uses its own “K-12 Overall Grade”for every public school that serves the Seattle area, weighted by the number of students it serves.
- Monthly housing costs. This is the median monthly housing cost for homeowners in the Seattle area, and in the Wedgwood neighborhood in particular, based on U.S. Census Bureau data.
- Cost of living. This grade was calculated based on the consumer price index and access to affordable housing within each area that was studied.
Based on all of this analysis, they determined that Wedgwood is one of the best neighborhoods for home buyers in the Seattle area. Westlake and Matthews Beach rounded out the top three.
Of course, this is just a data-based analysis of the best places to buy a home in Seattle. Wedgwood might look good on paper, based on these particular criteria. But is it right for you? Here are a few things you should know about this particular neighborhood.
Wedgwood at a Glance
Located in the northeast part of Seattle, Washington, Wedgwood is a predominantly middle-class residential neighborhood. It’s located about two miles north of the University of Washington, and about six miles northeast of downtown Seattle.
While it’s located close to Seattle proper, the neighborhood of Wedgwood might seem miles away from the bustle of city life. It is a very walkable neighborhood with a small-town feel, according to local residents. Of course, the Wedgwood neighborhood is still part of Seattle, which means it too has experiencing soaring home prices over the last few years.
You’ll need a pretty substantial home-buying budget to buy a house in the Wedgwood neighborhood. According to the real estate information company Zillow, the median home value in Wedgwood rose to nearly $782,000 in October 2017. That was an increase of 15% from the same month a year before.
While home prices across the Seattle area are expected to slow down a bit over the coming months, they will almost certainly continue rising through the end of 2017 and into 2018. So if you’re thinking about buying a home in the Wedgwood neighborhood of Seattle, you might consider making your purchase sooner rather than later, to avoid higher housing costs.