The Affordable Housing Task Force (AHTF) was created by City Council resolution on May 9, 2017, and its fifteen initial members, all citizen volunteers, were appointed by action of the City Council on June 20, 2017. It was instructed to make recommendations for specific actions, programs and strategies the City of Bainbridge Island (City) and the City Council. Housing prices on Bainbridge Island have continued to climb, and affordability has worsened since the end of the Great Recession. Data from Kitsap County shows that in 2017 the median price of single family homes reached an all-time high of $825,000, a full 24% higher than the peak of the housing bubble in 2007. According to Realogic/Sotheby’s International Realty, buyer activity is elevated due to the Puget Sound region’s strong job market. Prices have continued to climb in 2018. In May 2018, the median single family home price was $875,000, and nearly half (44%) sold for over $1 million. Single family residences account for about 80% of all housing units, in a very low density land use patte rn that occupies almost 91% of the island’s land use area. Median condo prices are over $500,000. Average rental rates are approaching $2000 a month, and rental vacancy rates are 1.5%, well below the 5% rate more typical of well functioning rental markets. In addition to high housing costs, the increasing property tax burden due to state, county and local taxes makes housing even less affordable, particularly for seniors on a fixed income.
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Edited By | Tabassum Rahmani |