Spokane County has reached an all time high for their home prices. The cost of a median priced home has increased by 26.3% since the previous March to almost $430,000. These prices have done nothing to change the fact that 8 in 10 families simply cannot afford any of the homes in Spokane. The reason for this spike in price can be attributed to the high demand for housing out weighing the supply that is being built.
Prices this high often lead to a bottleneck of people in the Rental Industry. Potential homebuyers are being shut out by the steep asking prices of these homes, and are choosing to remain in their rental units and not move on to homeownership. Now, we have a situation where all the people on the step ladder of homeownership are staying on their rungs, and not moving forward. Those at the bottom of that ladder do not even have an apartment unit to move into to now.