Spokane has a housing problem, and experts tell us the city’s Centers and Corridors strategy has never worked in over 20 years. Adding that this restrictive local public policy has resulted in a severe lack of homes.
Among the key findings our experts report:
The Spokane area’s housing supply 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 $300,000 (2020). ($395,000 July 2021)
- From 2010 to 2019 the Spokane Region under built approximately 32,000 housing units to meet demand.
- This has resulted in lost economic opportunity – $6-billion dollars in wages and employment since 2010, $1.1-billion dollars in immediate and ongoing tax revenues.
- A lack of inventory has led to thousands of families renting who cannot find a place to buy.
- Vacancies in regional rentals remains at a dangerous level of around 1%. (.5% as of June 2021)
- 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.