During the course of study on housing in the State of Washington, it felt more like a road trip. What caught our attention is the migration of the foreign born residents in the state. Much has been written by many experts regarding the cost of living, lack of housing inventory, tax increases, climate change, and rising health care costs to name a few. But these "influencers", if you will, had escaped us.
Over the course of the last 19 years, the foreign born migration into the State of Washington had dramatically been on the rise. King County’s population since 2010, which includes Seattle-Tacoma-Bellevue MSA, has reportedly grown by about 250,000. Nearly half of this growth is by persons born in another country. This has lead among other reasons to the rising costs of home prices and the lack of supply. Yes, technology, employment and wages have been key drivers too, but so has the location for migration acceptance and other opportunities the area affords.
Our never ending task is to learn more and better understand the Washington State housing market. We have yet to complete our ‘road trip’. So we will be back to share more of our journey.
Speaking of the Seattle area: check out this latest off-market development opportunity in the Bremerton-Seattle area: