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40 <br />C. Housing <br />Tukwila and King County Rental- Occupied Housing Unit, 1990 -2010 <br />70% <br />60% <br />50% .. <br />40% .. <br />30% <br />20% <br />10% <br />Source: City of Tukwila's Strategic Pla n. <br />61% <br />g V000,00/00„PII li0. <br />57% <br />58% <br />41% <br />1990 <br />40% <br />2000 <br />47% <br />King County <br />2010 <br />The percentage of Tukwila's residents who choose to rent is higher than the rate in the County and <br />other south King County cities. Nationwide more Americans are choosing to rent homes than buy'. <br />Tukwila's population is still very mobile, with nearly 24% of households relocating within one year. <br />Compared to South King County overall, Tukwila housing is relatively affordable, particularly for <br />purchasing a home. However, renting is far more affordable across income categories rather than <br />purchasing a home. Just under half of Tukwila homes are affordable to purchase for residents earning at <br />least the median income, while less than a quarter of homes are affordable for residents earning less <br />than 80% of the median household income. Nearly all of Tukwila rental units are affordable for residents <br />earning at least the median household income, while 63.2% of rental units are affordable for residents <br />earning under 80% of the median household income. <br />111. Land Value <br />Tukwila's land values continue to increase, with land near major transportation corridors having the <br />highest values. Tukwila's commercial land values are comparable with other south King County areas. <br />Tukwila's land prices continue to be lower than most areas of Seattle and Bellevue. The total King <br />County assessed value for the City in 2012 was $4.6 billion, up nearly 40% since 2003, when the total <br />King County assessed value was $3.3 billion. This increase likely reflects major new projects in the City <br />such as the Westfield Southcenter Mall Expansion and Southcenter Square development. <br />1 http: / /www.marketwatch.com/ story/ more - people- choosing -to- rent - not - buy- their - home - 2011 -02 -08 <br />4 Economic Development Background Memo <br />