People flock to Spokane, Washington, to find cheaper housing and open spaces and escape the more prominent cities' rigors. Spokane offers new horizons for those coming from Portland, San Fransico, Los Angeles, and Seattle.
Yet, this mass influx of people is increasing the housing market by 60% in the last two years alone for the locals, which will only drive them out and increase prices even more.
With inflation on the rise, it will soon make Spokane, Washington, a destination to leave even if it is cheaper than Seattle. Here are a few critical stats about how inflation and housing are growing in Spokane right now:
- The Median Sold Home Price: $400,000.
- Average Monthly Grocery Bill: $191.40–$400.20
- Average Gas Price: $4.27
While Spokane checks many boxes compared to Seattle, Los Angeles, and Portland, it still doesn't match up over time, with the median household income of just under $69,000 a year.
All that to say, for the average person in Spokane, these prices will go up, and income won't likely match those increases, especially as more people come in from places where they are always making more than the Spokane Median.
So, if you are thinking about moving to Spokane, Washington, you better think twice. If the prices keep going up, it will hurt your pocketbook. And if we hit a recession, we will be stuck with high prices and a hurting economy.
If you consider moving to Spokane, what are the positives and negatives of your potential move? How might they change with understanding how inflation is hitting the city?
Thank you for reading this article. Please note that I am not a financial adviser or realtor. Any information provided in this article is speculation for entertainment purposes and encourages you to take further action for research and do what you can here in Washington state.