The Spokane Association of REALTORS remains concerned that low inventories are pricing Spokane OUT of Spokane.
Here are the facts:
- Home ownership rates continue to fall with the bulk of new construction aimed at building renatals
- The national average for home ownership is 67% and rising. While in Spokane, that number has now fallen to around 58%
- The Spokane Region is among the top places to move in the country with expected growth of 48,000 more people by the year 2030.
- Many new home buyers are migrating from larger West coast markets adding 8-to-14,000 new residents annually
- The Spokane area’s housing shortage is severe, with a 94% reduction in available homes for sale since 2010.
- A lack of inventory has escalated the median home price in Spokane County 66.8% since 2015 with a median home increase from $179,000 (2015) to over 380,000 (June 2021)
- From 2010 to 2019 the Spokane Region under built approximately 32,000 housing units to meet demand.
- A lack of inventory has led to thousands of families renting who cannot find a place to buy.
- The biggest lack of inventory lies in entry level or workforce housing.
- From personal health to family stress, to student performance in school, to increased levels of homelessness, Spokane’s lack of housing has triggered a severe impact on the health of our citizens –especially among families of color and families with children.
- Spokane has high levels of cost-burdened families spending more of their income on shelter than most similar cities in the state and the US.
We believe Spokane needs more housing at ALL levels. Now. Or else the crisis promises to continue.
READ the Summit report here
Spokane Regional Housing Needs Summit 2021 White Paper