Washington “goes big” on housing in 2023

Some interesting bullet points from the governor office:

* Rents have increased due to low vacancy rates. Every $100 increase in rent is associated with a 9% increase in homelessness.

* In Washington, 40% of households are paying more than 35% of their income in rent.

* Between 2019 and 2020, the median home price in Washington increased 13.7%

* As of 2021, the state had a housing deficit of 81,400 units

* Preliminary population data suggests an additional one million additional housing units will be needed by 2040 to keep up with population growth. That requires building 50,000 units a year.