PSRC has recently published two new housing resources.
The new Regional Housing Strategy Monitoring Report provides a snapshot of key housing measures in the region, as well as longer-term trends and case studies.
Data in the report shows the region’s progress on the housing crisis since the strategy was adopted earlier this year.
The typical rent rose 60% from $1,462 in July 2014 to $2,346 in July 2022. While rents decreased for a period during the first year of the pandemic, they have since recovered and climbed steadily over the last year.
Home prices significantly outpaced rent increases during this same time. The typical home value more than doubled, growing 135% from $332,500 in July 2014 to $781,600 in July 2022.
The report’s findings are centered around general affordability measures, supply, stability and subsidy. A key takeaway from the data is that, although more is being done to address housing access and affordability than in past decades, historic investments and changes are needed to see significant improvements in the housing crisis.
Regional Housing Strategy monitoring will help to shape and focus regional housing assistance and local work.
PSRC also recently published the 2022 Housing Element Guide to help local cities develop effective housing elements for their comprehensive plans that address housing choices and affordability.
The updated draft guide builds on the 2015 PSRC Housing Element Guide and includes updated and new information on new requirements in the Growth Management Act, regional policy direction in VISION 2050, and incorporates lessons learned and best practices from the last major periodic updates.
Feedback on the draft guidance can be sent to Laura Benjamin, Principal Planner, at lbenjamin@psrc.org.
Both of these resources are intended to support local housing work and to advance VISION 2050’s goal to preserve, improve and expand the region’s housing stock to provide a range of affordable, accessible, healthy and safe housing choices to every resident. The region continues to promote fair and equal access to housing for all people.