Over the past decade, increases in home rental and home purchase prices have made it challenging for working Missoulians to afford homes. 69% of Missoula renters earning less than $35,000 per year are cost burdened, paying more than 30% of their income towards housing. That means in Missoula, a single renter earning less than $17 an hour is struggling to pay their rent.
Tightened standards for mortgage loans and high home prices have made it impossible for many people to buy homes, causing more people to remain renters. A household must earn over $70,000 a year to purchase a median priced home at $270,000. The current median family income in Missoula is $66,000.
To make sure people can get decent housing at a reasonable cost, we need to take action. HCD is working with diverse stakeholders in the community to develop comprehensive city-wide housing policy that will help Missoulian's find a place to call home. To learn more about where we are in the process, you can view a recent update to city council.
In December of 2017 Mayor Engen invited a diverse group of citizen stakeholders to inform HCDin the development of a guiding framework and broad based strategies to address housing supply and attainability.
HCD is currently moving into Phase II of housing policy work. This phase will be defined by the creation of Technical Working Groups, to distill the broad direction provided by the HPSC into specific policy recommendations. This work will take place between August and December of 2018.
TWG Membership (Forthcoming)