Effects of Rising Housing Costs in Pierce County
September 28, 2021
One of our greatest regional economic advantages is our relatively low cost of living. However, the rapid escalation in the cost of housing threatens access to shelter for some of our most vulnerable residents. It also poses a challenge to future economic development and recruitment as well as our ability to leverage the gains made in wage growth.
Looking at recent home sales data, we find that the majority of homes in Pierce County are now selling for more than half a million dollars. To put that into context, just over five years ago, most homes were selling for less than half of that.
This is just a snapshot – while we’re omitting the cost of rental housing, sales of multi-family, new home construction, and displacement data, we know that each of these other facets adds weight to the importance of this issue.