Housing crisis strains resources to keep up with rising rents
The fact that local rental rates and home prices are dramatically on the rise isn’t news to anyone, but the level of struggles for low-income families and the agencies that house them is sobering to many people. Three new homes are added to the regional housing stock, according to a report by the Puget Sound Regional Council, which also notes that seven jobs are also being added to the economy during that same hour, increasing demand faster than the housing supply. The median home price for the Seattle-Tacoma-Bellevue metro area has almost doubled since 2012 to $492,000, with most of those increases hitting the greater Seattle market that then forces those families to seek more affordable housing options in Tacoma.
This article appeared in Tacoma Weekly