Why the Seattle Housing Market is Safer in a Recession

Earlier this year, Business Week's Prashant Gopalspecial-care nursery for premature infants and an
wrote and article titled "Some Cities Will Be Saferinnovative postpartum follow-up program.
In A Recession." I'm going to summarize thisSwedish Medical Center
article and share my thoughts on why theySwedish Medical Center isthe Northwest's largest,
named Seattle as one of these cities.most comprehensive health care facility. Its
As you can imagine, cities with a strong presenceflagship campus, located on Seattle's First Hill, is a
in health care, education, law, energy, and theregional referral center for several major
government will do better in a downturn thanspecialties. Swedish's Ballard campus is a
those without. Why, because all of these itemsfull-service, acute-care facility offering high-quality
are considered by most of us as a necessity.medical and surgical services to the surrounding
Government leaders are working to avoid acommunity.
depression-or at least a late-1970s-levelUniversity of Washington Medical Center
recession-but if things get really bad, some placesMany consumer guides cite University of
will suffer more: states such as California, Florida,Washington Medical Center (UWMC) as one of the
and Nevada that are buried under a growing massbest hospitals in the country - one of the top 10,
of foreclosures, cities like New York and Chicagoaccording to U.S. News & World Report's
that have large numbers of financial sector jobs,annual guide.Located on the UW campus, the
and manufacturing towns like Detroit that are450-bed medical center provides comprehensive
already suffering from weak sales of cars andprimary and specialty care.
other durable goods.Valley Medical Center
Other local economies, those dominated by stableValley Medical Cente rprovides a broad range of
industries, could be relatively well cushioned. In thishealth care services to the individuals who live and
article, Business Week looked at places wherework in South King County. The emergency
large portions of the population worked indepartment, designated a level III trauma center,
anti-cyclical industries such as government, healthis one of the busiest in the state, with
care, education, agriculture, and legal services.crisis-intervention counselors available around the
College Cushionclock.
Colleges don't necessarily flourish in bad times, butVirginia Mason Medical Center
they don't go out of business either. People tendVirginia Mason Medical Center consists of a
to go back to school to learn marketable skillsdowntown Seattle clinic and hospital, and a
when unemployment is high, but alumni donationssystem of 7 medical clinics throughout western
and state grants do tend to dwindle duringWashington, which offer comprehensive and
recessions. Major cities with multiple collegepersonalized health care services. VirginiaMason
campuses benefit from this situation. Seattle, hashas been a regional leader since 1920, and is
multiple college campuses such as the Universityconsistently rankedamong the finest medical
of Washington, Seattle University, Seattle Pacificfacilities in the United States.
University, City University and others.Wow, that's a lot of health care and a lot of
Health Carestable jobs.
Even doctors and nurses feel the pinch in aGrocery Cushion
recession because people without jobs orFarms and grocery stores tend to be relatively
insurance tend to put off medical visits until it'sstable because even though people might not be
absolutely necessary. But medical care is inable to afford restaurant food, they still need to
demand in good times and bad. Seattle has manyeat. There are 206 stores in the Seattle Division
hospitals in the area, including:of the grocer Safeway. QFC and Albertson's add
Children's Hospital & Regional Medical Centeras many to that total. And, despite scaling back
Children's Hospital and Medical Center is thenew store openings after a third-quarter profit
premier pediatric referral center in the Pacificdrop, Whole Foods Market is still going ahead with
Northwest, with national prominence for its clinicalplans for two more Seattle-area stores, making
expertise and affiliation with the University ofthe total number in the Seattle area seven.
Washington School of Medicine.Major Port Cushion
Harborview Medical CenterSeattle, is a major port and will continue to
As the region's only Level 1 trauma center,benefit from robust international trade as long as
Harborview's expert emergency andthe dollar is weak.
operating-room staff are available 24 hours a day.Seattle at a glance
The University of Washington Burn Center atShare of jobs in strong industries: 37.6%
Harborview is nationally renowned for itsNumber of workers: 331,186
advances in burn-care techniques.Metro area unemployment rate: 5%
Northwest HospitalAgriculture jobs: 0.34%
Northwest Hospital is a nonprofit hospital located inProfessional, Scientific, and Technical jobs (legal,
North Seattle. The Northwest Hospital Childbirthaccounting etc.): 12.24%
Center was the first in Seattle to provide labor,Education jobs: 10.02%
delivery, recovery and postpartum care in a singleHealth-care jobs: 11.49%
room.Public Administration (Government) jobs: 3.48%
Overlake Hospital Medical CenterIf you live in Seattle, you are in a great place to
Overlake Hospital Medical Center is a nonprofit,buy your first home. Prices have come down,
non-tax-supported community hospital offering amortgage interest rates are at historic lows, and
full range of advanced medical services. Overlakesellers are willing to pay for most if not all of your
features the only level III trauma center on theclosing costs.
greater Eastside, a childbirth center with