According to the most current census data, Spokane County is seeing tremendous growth, but the availability of homes is falling behind the pace.
“Boomtown” is more than a catchphrase or an abstract concept; the numbers demonstrate that this is exactly what is taking place in Spokane County right now.
Once every ten years, the United States Census Bureau conducts a nationwide survey to collect information about communities all around the country. The findings give light on how communities change over time, which is of particular interest.
According to Census Bureau data released in 2020, Spokane is one of the country’s fastest-growing and most housing-scarce cities.
Population growth is on the rise.
The population of Spokane County has increased by 68,000 people since the last census, which took place in 2010. The population was 471,221 at the time of the census, and by 2020, it would have reached the half-million mark, with 539,339 people.
Many counties in Washington State have seen significant growth over the last ten years. Spokane County maintained its position as Washington’s fourth-largest county, after only Snohomish, Pierce, and King counties.
Earnings are on the rise.
The median household income increased by almost $16,000 over the past year. In 2010, the median household income was $41,146; by 2020, it will have increased to $50,306.
During the same period in which incomes climbed, the number of people living in poverty increased as well. By 2020, 17 percent of the population will be classified as impoverished.
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The cost of living
The cost of living has been steadily rising in recent years. Renters in Spokane County spend an average of more than $300 more per month than homeowners.
When I moved into my current apartment in 2010, the average rent was $685 per month; by 2020, it will have increased to $913 per month. As we’ve seen, rent has risen at a significantly quicker rate in the last two years. It’s important to understand that these are averages; many renters paid hundreds of dollars more than these figures indicate.
Homebuyers are well aware of the difficulties associated with the process of purchasing a home. Local real estate agents refer to “housing units” as a generic phrase. This could be a house, apartment, mobile home, group of rooms, or a single room, whether it is occupied or abandoned.
In the last decade, the number of housing units in Spokane County has increased by 10%, according to the Census Bureau. In 2010, there were a total of 201,967 housing units available. In 2020, there will be 223,079 people.
Although it is encouraging that more homes have been developed in the county, the population has increased by more than 15%, exceeding the amount of available housing.
As previously said, this is only a piece of the census data; there is much more information available, such as how Spokane is diversifying its economy. Find out more about the census by searching for local data in your area on the US Census Bureau’s website, which you may access through your browser.