The Everett City Council recently convened to address the ongoing housing affordability crisis, with expert Chris Collier revealing that the average home price has skyrocketed to around $822,000. This surge in prices is primarily due to a lack of available homes, which has made homeownership increasingly elusive for many families. Collier noted that the upcoming minimum wage increase to $20 per hour for large companies could create further complications, potentially raising housing prices as demand increases. Despite some growth in mid-density housing and condominiums, the gap between home prices and household incomes remains stark, with many families unable to afford the average home. As a result, rent prices have surged by 71%, forcing more individuals into the rental market.

Collier predicts continued rent increases as more residents seek affordable housing options. Council members, including Paula Rhyne, urged immediate action to transform discussions into tangible solutions for housing shortages. Proposed solutions included incentivizing the construction of more units and utilizing vacant lots to alleviate the growing inventory crisis.