Last year, the population of King County grew 48,600, or 2.3%. The housing stock grew 14,700, or 1.6%. The gap, 0.7%, is a rough measure of our failure to create enough housing.
This is the sixth straight year when population growth exceeded housing creation in King County. Snohomish and Pierce appeared more balanced until 2014, but now face heightened housing pressures as displacement of King County workers from expensive local housing markets grows.
The gap between population and housing growth is an increase in household size. Over this decade, 11.5% more King County residents have squeezed into 8.3% more housing units. That might not seem so large, but it’s about 27,000 missing homes. Those on the margins of the housing market live with parents longer or take on more roommates. Some are homeless. The housing shortage also manifests in rationing via higher rents and rising home prices.
The other safety valve to the housing shortage has been the displacement of King County families to neighboring counties, and particularly to the South Snohomish suburbs. The role of Pierce and Snohomish Counties in the regional housing market goes beyond more housing units. Specifically, they provide much of the new single-family housing growth in the region. Seattle is 21% of the region’s housing stock, but just 2% of added single family housing since 2010 is in Seattle. Distant developments on the edges of the urban growth area have helped to fill a second housing gap, a deficit of housing for families in King County. But in recent years both Pierce and Snohomish are increasingly unable to keep up with demand. [Read more…]