The Seattle area’s housing market is booming. JiroThe average home price in the Emerald City right now $884,828Up 4.3% from the previous year.
The challenges facing the region’s seniors have been compounded by skyrocketing home prices: If they need to downsize, they may not be able to get a home within their budget, much less get a mortgage at an interest rate they can easily afford on a fixed income.
But a Seattle-area nonprofit is trying to help more seniors retrofit their homes to age safely, and a state property tax abatement program recently raised its maximum income threshold to make it more available to more Puget Sound seniors.
Rebuilding the South Sound TogetherThe company, based in Tacoma, south of Seattle, said it offers free repair services to low-income homeowners. report in Seattle Times“Projects range from small repairs, like installing railings, to major repairs to porches and roofs.” But at the same time that the number of potential clients has skyrocketed, costs have increased, according to Program Director Rachel Lahr.
The organization can only help around 150 applicants per year, but regularly sees as many as 250 to 300 applicants in the same period.
The COVID-19 pandemic temporarily boosted the organization’s funding, but it also created supply chain shortages that significantly increased the cost of materials: Lehr told The New York Times that the average cost of a project has risen from $3,000 to $4,000 to “probably double that.”
“Seattle-area construction costs remained stable overall last year, 40% higher “That’s up from before the pandemic,” the Times noted.
But at the same time, other problems are emerging in the area: People living in housing that is not suitable for seniors are not applying for enough relief, putting similar groups in the area in a state of conflict.
“It’s unclear why application rates for the home repair program are low, but several factors could be at play,” the Times reported. “Rising housing costs have driven many low-income residents to leave Seattle and move to outlying areas, nonprofits may have a harder time reaching people with limited internet access, and seniors may be hesitant to ask for help.”
Some of these groups have struggled to get the word out more broadly across the Seattle region, but recent revisions to the property tax relief program could provide additional assistance to a broader segment of the region’s seniors.
“Recent changes to state law extend long-standing property tax breaks for older homeowners and people with disabilities to higher-income earners, making them available to more Washingtonians,” the Washington State Legislature said. The Times reported Monday. “In King County, for example, the changes have increased the program’s income limits by 44 percent this year, making homeowners making up to $84,000 eligible.”
The Times said there has been a “flood” of applicants seeking tax assistance, and rising costs are hitting workers and retirees indiscriminately, affecting both renters and homeowners.
“People are trying to find any way they can to keep costs down,” spokeswoman Christina Klemm said. AARP WashingtonThe local chapter of an influential senior lobbying group has worked to expand the property tax exemption, “encouraging tens of thousands of members to apply,” the Times reported.
Clem told the outlet that many people who own homes in popular areas are facing home buying difficulties linked to the additional duties.
“Even if you pay off your mortgage, if you can’t pay your property taxes, you’re in trouble,” she says.
