Public Media Campaign
BIAW “Cut the Costs” campaign reveals the hidden costs of housing by Janelle Guthrie Communications Director
Nearly every day, news outlets run stories on Washington’s rising home prices, blaming everything from lumber prices to bidding wars. Rarely do these stories reveal the true drivers—decades of land restrictions, red tape and regulatory delays on Washington’s housing supply. So, BIAW is delivering this message directly to those who need to hear it the most: Millennial homebuyers, eager to buy a home, but priced out due Washington’s home shortage. 225,000+ new homes needed A recent study revealed Washington needs at least 225,000 new homes to meet demand. According to the Master Builders of King and Snohomish Counties, King County has 0.38 months supply of inventory (down from 0.93 months of inventory a year ago). But it’s not just a Seattle thing. According to the Spokane Association of REALTORS, Spokane has a meager 10-day supply as of December 2021. 75% of Washington households priced-out In Washington state, the median new home price is $522,023, requiring a minimum income of $112,295 just to qualify for a mortgage. At that price point, more than 72% of Washington’s roughly 3 million households are priced out already. And for every $1,000 in added costs, 2,524 more households are unable to qualify for a new mortgage. A simple message BIAW has a simple message to potential homeowners: We need to cut the costs of homes across Washington by reducing barriers and building new homes. When there are more people wanting to buy homes than there are homes to buy, people pay more and prices skyrocket. 8
building insight
Innovate, alleviate, accelerate Washington needs to innovate when it comes to land use policy. The housing restrictions in place over the last 30 years have driven us into this crisis and innovation can get us out. State and local governments need to alleviate well-intended, but poorly conceived regulations, impact fees and other costs associated with homebuilding and home ownership. State and local governments also need to accelerate permitting timelines that are delaying projects by 6.5 months on average. The National Association of Home Builders estimated all these costs combined add more than $124,000 to the bottom line of a home in Washington. It’s time to cut the costs. A multi-pronged approach BIAW is launching a digital advertising campaign to help millennials understand what is really preventing them from affording a home. We’ll expand upon the advertising campaign and leverage partnerships with local associations and others to increase our reach. Then we’ll be exploring innovative ways to help our audiences engage with our messaging on social media. Our goal is to help our audience understand the barriers to home ownership so they can make informed decisions in the future. For more information about the Cut the Costs campaign, visit CutTheCosts.com or contact BIAW Communication Director Janelle Guthrie at (360) 352-7800 ext.152 or janelleg@biaw.com.
