Housing in Washington has grown less affordable since last summer, according to Washington’s Housing Affordability Index for the first quarter of 2024. 

The report says that about 78% of Benton and Franklin county residents cannot afford conventional homes.

The report, produced by the Building Industry Association of Washington, or BIAW, examined median income level by county, median home prices and income necessary to buy median-priced homes.

Median home prices have continued to increase statewide, from $430,000 in June 2023 to $586,100 in March 2024—a 36% increase.

In Benton County, the median home sales price is $429,500, according to the report. In Franklin County, it is $405,425.

The median statewide household income used in the study is $90,325. About 16.2% of the state’s population makes the $165,100 in household annual income necessary to afford to buy a median-priced home. That means more than 83% of households are priced out of home ownership.

In the Tri-Cities, the median annual income is less with Benton County’s at $83,788 and Franklin County’s at $77,877, according to the report. 

Housing affordability varies from county to county, the index noted. However, the report shows more rural counties have median home sales prices that allow more than 40% of households to afford a home.

King County had the most expensive median-priced homes at $775,000. At that price, 27% of King County households could afford to buy, according to the index. 

Garfield County had the least expensive median-priced home at $230,000. Nearly 40% of households in that county could afford a home at that price.

“While market factors certainly affect affordability, what the Housing Affordability Index shows is that Washington needs more buildable lands and density to meet the state’s needs and reduce market pressure,” said BIAW Executive Vice President Greg Lane in a statement. “It also demonstrates a need to reduce unnecessary building costs like costly building codes and exorbitant impact fees.”

The index suggested three regulatory reforms to address housing affordability:

• Retool the Growth Management Act, which mandates counties’ planning for housing.
• Reexamine building codes that don’t impact the safety and wellness of the occupants.
• Improve processes between government agencies and home developers to create a predictable building environment, which results in shorter construction timelines and buyer costs.