Renter / BUYER
Why does it make sense to rent or buy DADUs?
According to [Source: apartments.com], here’s the average “Apartment” rent in Bellevue Washington in August 2024.
| APARTMENT TYPE | AVERAGE RENT | AVERAGE SQ FT |
|---|---|---|
| Studio | $2,176/mo | 518 Sq Ft |
| 1 Bedroom | $2,444/mo | 729 Sq Ft |
| 2 Bedroom | $2,976/mo | 1,035 Sq Ft |
| 3 Bedroom | $3,979/mo | 1,316 Sq Ft |
DADUs: A Great Affordable Housing Solution
The median sale price of a home in Bellevue was $1.5M in August of 2024 [Source: House Prices & Trends | Redfin]
If someone buys a median-priced home in Bellevue at today’s 30-year fixed rate (in the mid to high 6% range), the buyer will pay around $11,000 per month* for principal, interest, property taxes and homeowners insurance. This translates to a required household income of around $450,000.
Alternatively, a 3-bedroom apartment at $4,000/month rent would require the renter to have an annual household income of around $160,000.
If the DADU is built for sale in Bellevue WA, the potential sale price (depending on the selected DADU package) will most likely range anywhere from $400,000 to $850,000+. This equates to the buyer needing an annual household income of around $106,000 to $185,000 [Sources: realtor.com and bankrate.com, with a 20% down payment scenario].
That’s why DADUs can be a great solution for affordable housing.
Do we have more people needing to rent or buy in the Puget Sound region?
The Puget Sound area offers a combination of urban amenities and natural beauty, which appeals to many renters looking for a balanced lifestyle. The local economy, driven by tech and other industries, also provides ample job opportunities, further attracting new residents.
With climate change influencing migration patterns, the Puget Sound region’s relatively mild climate and lower risk of extreme weather events make it an attractive destination. Factors such as increasing temperatures, rising sea levels, and more frequent natural disasters in other areas are prompting people to seek more stable environments. [Source: WA.GOV]
What's the Next Step?
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