A group of elected officials and candidates from across the ideological spectrum gathered with local real estate agents and others on Tuesday in Missoula for a three-hour discussion on how to solve the affordable housing crisis.
Hosted by the Missoula Organization of Realtors, the education forum was designed to examine Missoula’s current housing market with a focus on how to increase the creation of housing, overcome impediments to creating housing and prioritize efforts.
The Missoula market has been in an undersupply of available homes for sale since 2012, according to Brint Wahlberg, a local real estate agent and the chair of the MOR’s housing report committee. The median home sales price in August in the Missoula urban area was nearly $523,000, which is a 16.2% increase over the median home sales price of $450,000 for all of 2021.
Housing prices have been skyrocketing in Missoula for the last decade, far beyond wage increases.
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Wahlberg noted that with a 5% down payment, a median family income of $153,000 per year would be needed to purchase and afford a median-priced home without paying over 30% of income