We explore the impact of Amazon’s decision on the Puget Sound region
After a long competition and months of suspense, local online retail giant Amazon announced the selection of Long Island City, New York and Crystal City, Virginia. The decision by one of Seattle’s top employers to open two large second headquarters naturally has many residents asking what the implications are for our local housing.
Washington State offers unique perks
Our state doesn’t have a state income tax, unlike both of Amazon’s new locations, so employees who have a choice may decide to come to or remain in Seattle.
The cost of housing in HQ2 cities is comparable to Seattle
Furthermore, if future Amazon employees are looking for a deal on a new home, they won’t find it in New York City or the DC Metro Area. Both have equally expensive and competitive housing markets.
Housing Costs in the HQs
Amazon employees working in Seattle may not find a deal by moving
into one of the two office outposts in the Northeast.
Amazon is still growing here
Just because they have two new locations doesn’t mean the pace of growth in Seattle will slow. Amazon has thousands (8,200, to be exact) of job openings in their Seattle offices.
All signs point to this decision having a minimal, if any, impact on the Seattle housing market in the coming years. The local economy is still strong— in fact, we were recently named the third fastest growing economy in the country— meaning that our residents are well insulated from the decisions of any of our region’s biggest employers.
No matter what company you work for, our team is here to help you explore your home financing options. Contact us today to discuss your next home loan.