The proof is in. The Bureau of Labor Statistics has recently released a report recently that shows that Seattle’s incomes are increasing rapidly. In fact they are rising at twice the national average. (see chart)
Of course everyone acknowledges this is affecting the purchase price of real estate, as well as rentals. And that is true. But it also has a compounding effect on other issues. More people with higher skill levels are relocating here in hopes of better income and jobs. Employee benefits are increasing for companies in order to be competitive. And more people are being asked to work longer hours because hiring is expensive for businesses, even if they can find qualified employees.
Don’t get me wrong, increased income is good, it’s even great! But Seattle and the surrounding area needs to be aware of the unintended consequences that comes with it. And be ready to address them in creative, realistic, and effective ways.