Addressing Snohomish County’s Affordability Crisis

Snohomish County is facing a growing housing affordability crisis, with median home prices exceeding $700,000 and housing supply failing to meet demand. Too many households are cost-burdened, spending over 30% of their income on housing, while regulatory barriers, new state mandates, slow permitting processes, and restrictive zoning policies continue to drive up housing costs. REGION PAC is committed to advocating for candidates and policies that will create a more equitable and accessible housing in Snohomish County and ensure home ownership remains part of the American Dream.

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What is Affordable Housing?

Affordable housing, at its core, refers to housing that costs no more than 30% of a household’s gross income. This ensures that families and individuals can meet their basic needs, like food, transportation, and healthcare, without being overburdened by housing costs.

Source: NLC.org

Apartment complex buildings in Washington. Photo credit to 123RF.com

The Challenge: Rising Costs, Limited Options

Snohomish County faces a severe housing affordability crisis, impacting a significant portion of our community. The data paints a clear picture:

  • Growing Homelessness: In 2020, 1,132 individuals in Snohomish County were unsheltered or in transitional housing. This number has likely risen due to the pandemic.
  • Cost-Burdened Households: Over 33% of households spend more than 30% of their income on housing expenses, making them cost-burdened.
  • Unaffordable Rentals: Nearly half of all households cannot afford a two-bedroom apartment at fair market rent without becoming cost-burdened.
  • Projected Housing Shortage: By 2040, Snohomish County needs 127,215 additional housing units—about 6,300 new units annually—to prevent cost-burdened households.
  • Low-Income Households: One-third of households earn 60% or less of the Area Median Income (AMI), requiring government or nonprofit support for housing.
  • High Fair Market Rent: In 2020, the Fair Market Rent for a two-bedroom apartment was $2,099, requiring an annual income of $83,960—equivalent to a $40.37 hourly wage.
  • Minimum Wage Inadequacy: Three full-time minimum-wage jobs are necessary to afford a two-bedroom apartment.
  • Declining Low-Rent Housing: Between 2011 and 2017, low-rent housing declined by up to 67%, with new construction failing to address the deficit.

Source: Snohomish County