Issue link: http://digital.nexsitepublishing.com/i/1496538
With the big economic questions out of the way, Gardner laser- focused on the regional housing market. The biggest issue in King and Snohomish counties is the continued shortage of affordable housing to meet the needs of the growing population. Demand for housing is high. There are currently 542,140 owner households in King County, with an expected 41,169 additional households to be formed over the next five years. In Snohomish County, there are presently 211,445, with an additional 15,539 coming. Housing stock is not keeping up. Gardener pointed to a significant demographic shift in the Seattle Metro Area. Millennials now comprise one-quarter of the region's population—half of the 1.6 million millennials in Washington state—suggesting they will likely be an important driver of the local housing market. If they're able to enter the market, that is. With high prices and limited inventory, that may present a challenge. Policymakers and stakeholders will need to shore up housing supply to ensure that housing is accessible and affordable to meet the fundamental needs of younger households. Gardener concluded that zoning reform is the best way to increase housing stock to meet demand. Homebuilders will need to continue to put pressure on elected officials to change zoning laws and allow for more affordable housing options such as "missing middle"—duplexes, triplexes, and quads. With a big push on housing happening across the state and in Olympia, there has never been a better time to advocate for homebuilding. Need to know where the housing market is going? Get involved in the Sales & Marketing Council at mbaks.com/smc 45 SPRING 2023 | master BUILDER