First-time home buyers increasingly priced out of Washington housing market
March 1, 2021
With a hot home buyer’s market and ongoing shortage of new construction, home builders are troubled by a growing crisis in housing: People in middle and lower-income brackets are increasingly priced out of the market for home ownership.
“Legislators are considering a number of bills this session that will significantly increase the cost of new homes,” said Tracy Doriot, 2021 president of the Building Industry of Washington. “Many of the bills have worthy goals. However, they also have significant consequences.
“Every $1,000 increase in the cost of building a new home prices more than 2,500 people out of the market in Washington,” he said. “We’re asking legislators to also consider the effects of their policies have on preventing more and more people from attaining the American Dream of home ownership.”