Politics from the Palouse to Puget Sound

Monday, May 19, 2008

Quote of the Day

When you look at the national housing market, we think the Pullman market is really good.
- Darl Roberts, owner and broker at Associated Brokers, "Local real estate markets stay steady," Moscow-Pullman Daily News, May 19, 2008

It's good if you are currently a home owner or a developer. It's not so good if you are a retiree or a young family with children looking to relocate to Pullman or buy a first home. Statistics from the WSU Center for Real Estate Research show that the median resale price for a home in Whitman County increased 19.2 percent over last year to $211,100. With a 10% down payment, an average amount of monthly debt and a 7% mortgage rate, a buyer would require an annual household income of approximately $75,000 to afford an average priced home in Whitman County.

Until Whitman County loosens land use restrictions, there will never be affordable housing here and the county will never be attractive to high-tech or manufacturing businesses looking to locate here.

1 comment:

Mattwi said...

So in other words, I will never be able to afford an "Average" priced home in this county...

Just an older sub-average home...

The whole concept makes no sense at all since I'm in a cheaper house, I end up paying more in utility bills since the house I can afford has sub-par energy efficiency...


I'm honestly looking at heading back to Canada in a few more years... at least I can get into that $75K bracket working in the home construction business back on Vancouver Island in BC...