Spokane
is facing an unprecedented shortage of homes. By our estimates, we are
25% under-built. For over 10-years, strict housing policies have forced
many builders to focus construction in places other than the City of
Spokane. This lack of supply has driven prices to record levels, making
housing opportunities less affordable, and double-digit rent escalation.
but there are
SOLUTIONS.
Spokane REALTORS® Solutions:
- Relax dimensional standards to encourage the development of small homes and townhomes on small lots.
- Simplify short plat regulations encouraging homeownership on small lots.
- Relax engineering standards for infill development, including city financial support where infrastructure is deficient at infill locations.
- Expedite permit processing for residential development.
- Establish a “housing affordability “ goal for every department in the City of Spokane
- Prioritize surplus City of Spokane properties for housing opportunities
- Consider 99-year leases for development of affordable housing – using the Amazon model
- Discount or eliminate city permit fees and costs for any project that can bring the retail price below $300k – adding a 5 year owner occupancy requirement
- Set aside MFTE increases into a small fund to assist with water/sewer connections on small projects
- Lobby for GMA Expansion
Spokane by the numbers.
home construction challenges
- percentage of newly constructed homes in Spokane/Coeur d’Alene Market:
- 2013: 84%
- 2023: 7%
- available homes for sale 10-year decline:
- July 2013: 2,758 homes for sale
- July 2023: 994 homes for sale
- affordable housing impacts:
- 2019 number of homes under $200k: 52%
- 2023 number of homes under $200k: 5%
- median home price Spokane County:
- July 2018: $235,000
- July 2023: $420,000
- 80% increase in 5 years
home prices
- median home price in Spokane County: $420,000
- salary needed to buy the average home: $120,000
- Percentage of Spokane families that cannot afford the average home: 80%