Washington State Last In Housing Availability: New Study Warrants More Action To Create Inventory

Written By Gina Madeya

Washington State ranks dead last among 50 states in the ratio of housing units to number of existing households, according to an EcoNorthwest study published by the Washington State Department of Commerce. For every household, the study reports, Washington has roughly a single unit or less of housing. In King County this is 1.05 units of housing per single household, and in Snohomish 1.04. This contrasts with the U.S.’s average ratio of 1.14 units of housing per single household.

Consequently, housing has become less affordable. Households earning 100% AMI (area median income) can only afford a median home in 9 Washington counties, with King County and Snohomish County median home prices over $500,000.

Lowest Number of Housing Units Map

By 2050, the Puget Sound Region is predicted to increase to 6 million people — an average of 55,000 people added per year who will need somewhere to live. Although it’s predicted that median home sales prices will slow due to unmatched wage growth, housing scarcity will remain a problem so long as demand outpaces supply.

That’s why Seattle King County REALTORS® is pushing for more housing inventory. The REALTOR® priority legislation includes incentives and new requirements for local governments to adjust policies to meet consumer demand. This includes H.B. 1157, which increases “missing middle” housing by amending the Growth Management Act (GMA), and S.B. 5024, which improves the financing process for faster condominium construction.

SOURCE: NWREALTOR.com

Gina Madeya

Whether you're thinking of buying or selling your home, being successful in this market takes an experienced, trusted advisor with proven results. Gina has enabled over 200 clients to achieve their real estate goals and looks forward to helping you navigate the current market with clarity and confidence. As a 25 year veteran of corporate America (JPMorgan Chase and Microsoft), Gina puts her vast experience in both people and program management positions to work for you, nimbly balancing both the human and process side of real estate transactions to ensure your success in either buying or selling your home.

Lauded by clients and other agents alike for her impeccable work ethic and integrity, client advocacy, and proactive communication, you can count on Gina to guide you through every step of this complex and very active market with hands on support to deliver an experience and results you deserve. Backed by the most trusted brokerage in the Pacific Northwest, Windermere, Gina considers it a privilege to represent you and pledges her focus, responsiveness, honesty, patience, and never-ending support - she won't be satisfied until you are!

https://www.ginamadeya.com
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