X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Seattle’s 13.1% increase in home prices has led the nation for 20 months in a row, just ahead of Las Vegas and San Francisco. One of the unfortunate results of record price increases in booming metropolitan areas is the lack of affordable “workforce” housing for individuals.  Seattle and our region provide vivid examples of the affordability gap playing out across the county—while wages for workers in Washington State in 2017 grew at their fastest rate since 2007 (5%), statewide increase in home prices more than doubled that amount.

There are significant short and long-term social costs when people cannot afford to rent (or purchase) housing in the communities where they work. A recent report from a Harvard housing research group succinctly addressed the consequences of an inadequate supply of affordable housing: Good-quality, safe, and affordable housing is fundamental to personal well-being and security. But for millions of US families and individuals, paying today’s high housing costs means sacrificing on food, healthcare, savings, and other essential expenses. Worse still, these cost-burdened households are increasingly concentrated in high-poverty neighborhoods, which further undermine their health, safety, and access to economic opportunity.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.