Read that sentence again. We’re in a housing crisis like never before.
Home prices in Spokane rose 30% over the past year alone, but the driving forces behind housing affordability started years ago.
It’s past time to take action, and that work begins by getting a clear understanding of what’s driving the crisis. Here are the top five reasons we’re in such bad shape.
1. Population Growth
Between 2010 and 2021, Spokane County’s population grew by 56,000 people, or around 14 people per day. That’s A LOT & it’s still growing!
And data from the U.S. Census Bureau illustrates what many policymakers and homebuilders already know: Spokane is one of the cities leading the nation for population growth and the need for housing units.
The pace shows no sign of slowing. Spokane County’s population growth is expected to grow by nearly 50,000 people over the next decade, according to the state’s Office of Financial Management’s medium growth projections.
2. Not Enough Housing
3. Shortage of Skilled Workers
4. Resistance to Change Zoning
5. Out-of-Market Buyers
Read next week’s article for more & What we can do to help ensure Spokane is an affordable place to live... & grow!
For more information visit SHBA or Building For the Future.
www.SHBA.com
(509) 532-4990
5813 E 4th Ave, Suite 201
Spokane Valley, WA
The Spokane Home Builders Association is a member-driven organization that works to elevate professionalism in the residential construction industry, provide innovative resources and information to our members and engage in informative, effective advocacy on construction issues to create affordable housing options for the community. We promote, protect and educate the housing industry and our community.
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