The Seattle area is a hot real estate market. according to ZilloThe average home price in the Emerald City is currently $884,828, up 4.3% from the same period last year.
As home prices surge, the conundrum facing the region’s seniors becomes more difficult to solve: If they need to downsize, they may not be able to move into a home within their price range, let alone get a mortgage at a rate that’s easily absorbed on a fixed income .
But a Seattle-area nonprofit is looking to help more seniors renovate their homes to safely age into old age. The state property tax relief program recently raised its maximum income threshold, allowing more Puget Sound region seniors to qualify.
Rebuilding the Southern Voice TogetherThe company “provides free repair services to low-income homeowners,” according to a report in Tacoma, south of Seattle. seattle times. “Projects range from minor repairs like installing handrails to major repairs on porches and roofs.” But while the organization is seeing an influx of potential customers, costs are increasing, said project director Rachel Lehr.
The organization only helps about 150 applicants each year, but often sees as many as 250 to 300 applicants during that time.
The COVID-19 pandemic boosted the organization’s funding sources for a while, but it also came with supply chain shortages that led to significant increases in material costs. Lehr told The Times that the average cost of a project increased from $3,000 to $4,000, “probably double that amount.”
The Times noted: “Overall construction costs in the Seattle area have stabilized last year but are still 40% higher than before the pandemic.”
But the region also faces different problems. People aging in housing that may not be suitable for housing are not applying for adequate relief, creating a counter-incentive for similar organizations in the area to work together.
“It’s unclear why applications for some home repair programs are lagging, but a variety of factors may be at play,” the Times reported. “Soaring housing costs are forcing many people with lower incomes to Leaving Seattle and entering surrounding communities, nonprofits can have trouble reaching people with limited internet access, and seniors are sometimes reluctant to ask for help.
While some of these organizations are working to get the word out more widely throughout the Seattle area, more help may be available to a broader range of seniors in the area thanks to recent revisions to the property tax relief program.
“A long-term property tax relief program for older homeowners and people with disabilities is now open to higher-income people following recent changes in state law, making more Washingtonians eligible,” the Times reported Monday. “For example, In King County, the change increases the program’s income limit by 44% this year, so homeowners earning $84,000 or less can now qualify.
The Times reported that there were “significant numbers” of applicants seeking tax assistance. Rising costs hit workers and retirees indiscriminately, and affect renters and homeowners alike.
“People are looking for ways to reduce costs,” said Christina Clem, a company spokesperson. AARP Washington. The local chapter of the influential high-level lobbying group is working to expand property tax exemptions and “has encouraged tens of thousands of members to apply,” according to the Times.
Clem told the outlet that despite being homeowners in a sought-after area, many face affordability challenges associated with additional obligations.
“Even if your house is paid off, if you can’t pay the property taxes, that’s a problem,” she said.