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Home sweet home? Not for everyone

DEVIN WEEKS | Hagadone News Network | UPDATED 3 years, 3 months AGO
by DEVIN WEEKS
Devin Weeks is a third-generation North Idaho resident. She holds an associate degree in journalism from North Idaho College and a bachelor's in communication arts from Lewis-Clark State College Coeur d'Alene. Devin embarked on her journalism career at the Coeur d'Alene Press in 2013. She worked weekends for several years, covering a wide variety of events and issues throughout Kootenai County. Devin now mainly covers K-12 education and the city of Post Falls. She enjoys delivering daily chuckles through the Ghastly Groaner and loves highlighting local people in the Fast Five segment that runs in CoeurVoice. Devin lives in Post Falls with her husband and their three eccentric and very needy cats. | January 21, 2022 1:09 AM

The next generation of would-be Kootenai County residents most likely won't be able to afford to live in Kootenai County.

The combination of a spike in housing costs, a massive influx of people moving to North Idaho and a demand for housing that heavily outweighs the supply means Kootenai County is facing a multi-faceted crisis that will have repercussions for years to come.

"The Kootenai County housing market affects all stakeholders, yet many remain unaware of its direct impact on them and the community as a whole," reads the Housing Availability and Affordability Study for Kootenai County, released Thursday.

"The housing crisis will fundamentally alter the character of the community and the economy of this region if prices and rents continue to increase at their current rates."

The report was developed to provide an understanding of needs so stakeholders in the region can develop policies to meet these needs. It was sponsored by Coeur d’Alene Area Economic Development Corporation, Panhandle Affordable Housing Alliance, Avista Foundation and the University of Idaho’s College of Business and Economics, Vandal Impact Center.

"While we know intuitively and we see what’s happening, having it really researched and analyzed and put to dollars and percents, it really hits home,” said Maggie Lyons, interim executive director of the Panhandle Affordable Housing Alliance. "This is a very big issue. It’s a big hole. Now we can start figuring out solutions to start filling the hole."

One surprise in the report, Lyons said, was the staggering increase in median housing prices. Median housing prices exceed $500,000, having more than doubled in the last four years. Idaho was 10th in the nation for overall housing prices as of Aug. 31, 2021.

"I knew prices had increased, but I was surprised the median and average increase in price was as substantial as the data shows," she said. "I knew it was a lot, but I thought that was pretty substantial."

Findings include what some residents already know, or at least sense:

• Employers can't find housing for employees and many positions are unfilled.

• Businesses might not relocate to Kootenai County because of the high cost of housing.

• Long-term residents are being squeezed out of the county.

• Economic diversification will slow or even reverse.

• Volatility will increase and periodic price bubbles will occur as the supply curve for housing becomes steeper.

• Adult children of residents won't live in the community because they can't afford the costs.

From 2010 to 2020, Idaho experienced a more than 17% growth in population, making it the second-fastest-growing state in the nation. Kootenai County grew almost 24% in that time.

Idaho was the fastest-growing state in the country from 2020 to 2021, when its population experienced a 3% boom.

As of October 2021, only 24% of Kootenai County households could afford to purchase a median-priced home in Coeur d'Alene. Five years ago, 75% of households would have been able to buy a home.

Rent prices are skyrocketing as well. From fall 2018 to 2021, Idaho had the third-fastest growing rent prices, which jumped 35% in that time.

"One of the key takeaways is how quickly housing prices and rents have increased in Kootenai County," University of Idaho associate clinical professor of economics Steve Peterson, one of the study's preparers, said Thursday. "A second takeaway is how much prices have increased in Idaho overall in the last decade and how they are widespread. Prices have been increasing in not just the urban regions, but also in many rural regions as well. High housing costs are sharply increasing the cost of living in Idaho."

Also likely to increase are home mortgage prices. New construction and associated costs continue to increase. The price of land has more than quadrupled.

It's not looking good for residents wanting to buy a house.

"In the absence of affordable housing, nonresident homebuyers and investors will crowd out local buyers and investors," the study reports. "Failure to address the housing issue will increase the proportion of homes and apartments purchased by nonresidents."

Coeur d'Alene City Councilwoman Kiki Miller, who helped spearhead a group with the goal of providing regional housing solutions, said this situation affects everyone, and will continue to affect everyone.

"The regional housing and growth issues partnership has been addressing potential solutions for a year now," she said. "There is a presentation on that work to date, and the results of this housing assessment being presented within the next few months to dozens of companies, organizations and leadership groups. It is the hope that we can unite as a community behind these recommendations, work with private and public entities to implement solutions that can change the trajectory of the housing crisis in Kootenai County."

The study will be available to view on pahaid.org this week.

• • •

Editor's note: Read more about North Idaho's housing market in Sunday's Press.

photo

BILL BULEY/Press

Rainy weather pushed workers inside at this home under construction at 21st and Mullan Avenue in Coeur d'Alene on Thursday.

photo

BILL BULEY/Press

A home being built at Riviera Place in Coeur d'Alene near Atlas Waterfront Park is reflected in a puddle on Thursday.

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