ARE COTTAGES THE NEXT BIG THING?

Oh great, a one-bedroom loft for $300K. Let's break this down:

Income Required after 10% down:

$86,400 per year
Hourly wage for one full-time
and one half-time worker: $27.70

Typical jobs for this kind of place:

• 1 full-time assistant bank manager ($43,000) and 1 full-time public health nurse ($43,500) or
• 1 full-time firefighter ($55,000) and 1 full-time bookkeeper or dental assistant ($31,000)

The average household income in Seattle for 2007 was $53,294, so you can see the potential challenge right? But, if you have the above sample income, want to live in a one-bedroom cottage outside the downtown area, and presumably have no children, read on:

Five new cottages in West Seattle are unlike just about any other new houses on the market in the city.

Each has a compact main floor that fits a living and dining area, a U-shaped kitchen, a cozy bedroom and a powder room, with the main bedroom and a full bath in a loft above. The five cottages and an existing old house on the site have small, private yards that border on a shared central courtyard. A row of six parking stalls along the side of the site replaces private garages.

And they're all on the market for around $300,000, with the larger, older house listed for just under $400,000.

Click here for more.