Housing supply and affordability issues affect every community in Washington. As the state’s  economy continues to rebound from the Great Recession, the resulting growth in populations and low housing vacancy rates have produced a tight housing market in which existing  inventory is priced at a premium.‘ Low and middle-income households feel this market pressure the most and have the fewest number of housing options in the private market. Low-income households are increasingly more vulnerable to homelessness.

Prospective homeowners are also impacted by the lack of affordable housing. In 2017, the statewide median sales price for a home in Washington reached $337,700, 6.6 percent higher than in 2016. This represents an all-time high for statewide house prices and the highest median home price ever recorded in Washington.8 The Runstad Center for Real Estate Research at The University of Washington asserts that a low supply of existing homes listed for sale is likely a leading factor promoting rapid house price growth throughout the state.