When Columbian readers and newsroom staff picked the top stories of 2015, affordable housing was at or near the top of their lists.
In fact, finding a suitable, affordable home could be the biggest problem for local families who make near the average income for the area. That problem has implications for all of us as we seek to better our community.
The problem came directly at us from the end of the 20th century, when a housing bubble grew, then burst. Distressed homeowners turned back to the rental market; a sudden glut of foreclosed homes and a lousy job picture slowed home construction to nearly nothing. The economy gradually recovered, and people began moving here again, but the housing sector lagged.
By last year, a housing shortage was apparent. In December, the U.S. Census Bureau released data showing that the median rent in Vancouver had jumped 21 percent between 2007 and 2014, to $955 per month. But incomes had increased only 11 percent.
ApartmentList.com reported in August that Vancouver’s rents are growing faster than anywhere else in the nation. An average two-bedroom apartment in Vancouver rented for $1,050 a month last summer, up 15.4 percent from the previous year. Yet the vacancy rate was less than 2 percent, giving landlords incentive to raise rents.
No wonder that more than half of the county’s 58,000 tenants are considered burdened by housing, putting them in a danger zone where a medical bill or unexpected car repair can wreak havoc on the family finances.
For those who would buy a home, the finances are even more difficult. A survey last month by RealtyTrac says people who earn an average wage are better off renting in Clark County. In November, the median sales price for a house in Clark County was $274,000, up 7.5 percent from a year earlier. To afford that, a family would need around $80,000 in gross income per year, assuming $1,500 a month in non-housing expenses. Yet the median in Vancouver was only $50,379 in 2014, according to Census estimates.
There won’t be an easy solution. But there are a few things that can be done.
Already, several apartment projects are underway by nonprofit groups, including three complexes planned in the lower-income Fourth Plain Boulevard corridor. One will serve low-income seniors; another will offer homes to people with mental health challenges. The third would target low-income people with a wide range of disabilities.
The private sector will play the biggest role in developing housing, but there is a role for government in making sure that suitable land is available, development fees are appropriate and permitting processes are as streamlined as possible.
The best solution of all, of course, would be for incomes to grow. Tribune News Service reported last week that after years of stagnation, there is some optimism nationally for 2016. Unemployment is low, layoffs are few, and statistics are beginning to indicate “We’re at a turning point,” in the words of one economist.
Let’s hope so. A community where newcomers and young families can’t afford to live is a community that won’t be able to thrive.
