MISSOULA, Mont. — In a subdivision near the northern edge of town, a number of apartments and duplexes have popped up in the past three years.
DJ Smith, president of the Montana Association of Realtors, said this is part of a larger effort that includes new zoning laws to help provide affordable housing to Montanans who find themselves being priced out of the market. .
“It’s becoming increasingly difficult for Montanans to find affordable housing that meets their needs,” he said.
one Influx of out-of-state residents Relocation to the Big Sky State has caused demand to soar, while labor shortages have limited housing supply. The result is not just more condos and duplexes, but a hot issue in Senate races that could ultimately determine who controls the chamber.
While some Democrats are fighting hard in tight races across the country, no incumbent has a harder time getting re-elected than Democratic Sen. Jon Tester, who needs to win against Trump. 16 percentage points 2020.
political forecaster cook political report Recently, the election results have shifted from undecided to leaning Republican, and recent polls from AARP It turned out that Shea was ahead by 8 points, just within the margin of error.
Tester has made housing a cornerstone of his campaign, specifically how to help Montanans who are plagued by high housing prices as more people move to the state, driving up home prices.
“We’re seeing a lot of people come to this state, wealthy people, and they want to try to buy our state and change it to cost,” Tester said during a debate hosted by the Montana Broadcasters Association on June 9. Come and see.
Republican candidate Tim Sheehy is a former Navy SEAL who founded an aerial firefighting company in Montana. He blames high housing costs on inflation, which he blames on laws supported by President Joe Biden and voted into law by Tester.
“The biggest challenge for our company growing is convincing people to come to Montana and afford these crazy housing costs,” Shea said during the debate. “This is a direct result of the Biden administration’s policies.
A new home for sale on September 4, 2024 in Missoula, Montana, a city where home prices have risen significantly in recent years.
CNBC
Inflation and housing costs are top concerns across the country, but few places are worse off than Montana when it comes to affordability. national association of realtors Montana named least affordable state For home buyers. House prices in the state Growth of 66% over the past four yearsaccording to the U.S. Federal Housing Industry Price Index – faster than The national growth rate is 50%.
Smith said some Montanans are no longer able to afford the neighborhoods where they grew up because those who moved to the state have sold their homes in more expensive parts of the country and are able to buy with cash.
According to Montana, the median household income is $67,631 U.S. Census Bureau. That means the median home price in Missoula is $568,377, according to Missoula data Missoula Realtors Organization, The cost is high for the average Montanan, but it’s attractive for those who want to leave higher-cost states for Montana’s mountains, national parks and ample space .
“People in Colorado and California would sell their homes for over a million dollars and buy a lot of equity in Montana,” Smith said. “That resulted in record numbers. 30% of our family Purchased with cash last year.
Prices are also affected, said Andrew Weigand, a Missoula builder and owner of Butler Creek Development. The state has a labor shortage. Subcontractors such as plumbers and electricians are in short supply, so costs are higher, he said.
“If you have three or four subcontractors available instead of 30 or 40, you’re not going to be as competitive in the market as the rest of the country,” he said.
Weigand said he fears the problem will only get worse because many subcontractors are aging and there are fewer people to replace them.
“A lot of our industries are aging. They’ve been doing it for 20 (or) 30 years and they’re thinking about retiring,” he said. “There’s not a lot of … young professionals or young people interested in doing these jobs to fill that need.”
Tester has introduced several proposals aimed at helping Montanans who have difficulty purchasing a home. These include grants to expand housing and help with home repairs. He also proposed tax credits Incentivize mobile home park owners to sell their properties to the Montana Residents Alliance rather than to developers who could use the land to build more expensive homes.
While Sheehy blamed inflation for high house prices, during the June 9 debate he called for an expansion of the state’s trade program to help address a shortage of contractors needed to build homes..
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