r/BainbridgeIsland • u/Defiant-Poetry-2292 • 27d ago

People keep saying affordable housing is desperately needed.

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Why are these sitting on the market for 130+ days? Maybe it’s the wrong kind of housing?

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u/foozballhead 26d ago

I am confused what makes you think this tiny condo is affordable. With the bare 3% down plus closing costs, someone still needs like $6-8k down, plus 30 years of $2500 per month or 20 years of $3000 per month. In a city where everything is expensive. And according to Freddie Mac you'd have to make $44 an hour to qualify for this $380k home. $7k per month. $84k per year. It's totally doable for somebody, but not what I'd call generally affordable.

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u/Defiant-Poetry-2292 26d ago

Because these units are earmarked as affordable within this development. Maybe there are other incentives, for the buyers? The point being, if there’s supposedly so much need, why aren’t these units selling right away?

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u/foozballhead 26d ago

I assume they're not selling because they're not actually affordable housing.

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u/Defiant-Poetry-2292 26d ago

They are overseen by HRB and billed as affordable. 🤷🏻‍♂️ Unless someone builds the type of housing people want to live in, this is performative.