Is There a Housing Shortage in Vancouver and Clark County?
Posted August 1, 2022 in Real Estate Trends
While the latest news in real estate is the increasing interest rates, the bigger and longer-term issue is the housing shortage in Vancouver and Clark County. As explained in a Columbian article this week, there are too few housing units (apartments and homes) for our current population and expected growth. The result is higher prices that make homeownership more difficult.
Simply put, we need more housing units built. How many? At least 2,500 new units per year, according to one study presented to the Vancouver City Council this week—and that is just inside Vancouver’s city limits. In comparison, Vancouver has been seeing an average of 1,600 new units per year. The shortage in the rest of Clark County is even more severe.
Rising interest rates will not make this problem go away. Growth is going to continue, as our community is a desirable place to live and work. Were it not for additional units being created, the growing population—both newcomers and the children of existing residents–would be fighting over a fixed number of homes, and bidding prices higher and higher. If you think we already have enough housing, consider that we have fewer homes per capita than King and Pierce counties.
At Clark County Title, our mission is to help people realize the American dream of homeownership. We welcome the opportunity to help buyers become owners within our community, and to help sellers realize the benefit of their investment. For over 40 years, with interest rates high, low, or in between, we’ve been “doing the paperwork” that allows people to buy and sell their largest investments. Even though we love to see sellers walk away with a big check, the warm, fuzzy moments come when a buyer is able to close on the purchase of a house or condo that will become their new home.
Even with interest rates rising, EVERYONE needs a home. As always, we suggest calling your Realtor and mortgage lender to get their expert advice—they’ll help find a way for you to achieve your real estate goals. Whether your transaction is easy or hard, we would be grateful to work with you and your advisors to get it closed. We offer the best blend of local title company service backed by the strength of national insurance companies, and combine today’s tech solutions with warm, personal service.
Next time you are buying or selling real estate, call or email! Clark County Title wants to be part of your real estate plan!
Don’t forget to wear sunscreen and stay hydrated– from your friends at Clark County Title,