Communications Director Bailee Butcher
The National Association of Home Builders (NAHB) put our their 2023 Priced Out Estimates, showing how higher home prices and interest rates affect people’s abilities to own a home.
In the Tacoma-Lakewood Metro Area, the median price of a new home is $805,128, meaning you will need a minimum income of $238,470 to even qualify. At this price, over 97 percent of households in Pierce County are already priced out of the market. And for any additional $1,000 added in fees or regulations, another 245 people will no longer qualify for a house.
Unfairly Priced Out
Master Builders Pierce advocates for homeownership for all. Did you know, that the number one way to build generational wealth in the United States is still through homeownership?
Unfortunately, by adding more regulations or delays in the building process, it only prices out those lower and middle economic classes from owning a home. The state of Washington is in a housing crisis. The more housing that is able to be built, the more homes available of all kinds of ownership opportunities and will lower the cost of housing and rent. When there is a lack of supply, the demand is high, and the more it will cost for a home.
We are still recovering from the COVID pandemic that severely impacted timelines through governmental delays, lack of supplies and theft of materials. The last thing needed is increased regulations that get passed onto the homeowner making it increasingly difficult to own a home.