The demand for housing continues to outpace supply
With inventory down 25 percent, home values and rents both increasing, and more people moving to the region, the Master Builders Association of King and Snohomish Counties said the local housing market is struggling with a housing affordability crisis.
“Despite efforts to add more housing, including a rise in apartment home construction in the region, the demand for housing has significantly outpaced supply,” Master Builders Association executive director Shannon Affholter said in a press release. “Lack of buildable land and other barriers to new home construction have contributed significantly to escalating housing costs and a housing supply shortage in King and Snohomish counties. Unfortunately, this is making it harder for families and workers to find attainable housing near job centers.”
The Master Builders Association of King and Snohomish Counties earlier this week prepared an issue brief providing suggestions as to how the Puget Sound region can make housing more accessible. Suggested solutions include addressing regulatory barriers that limit supply and increase the cost of housing, focusing policy action on buildable land supply, and incentivizing more housing opportunities near job centers, just to name a few.
“The housing affordability crisis only appears to be getting worse,” Affholter said. “We must advance solutions to address our lack of affordable and attainable housing and improve our region’s quality of life.”
The full issue brief, which includes all of the Master Builders Association’s suggested solutions, is available on the Master Builders Association of King and Snohomish Counties’ website.