It seems like every other day, there's a new article or podcast about the booming real estate market in and around Spokane. The market value of single-family homes in the city was actually just over $400,000,000 as of September 2018. That's more than 6x what it was worth just three months earlier. Experts predict this trend will continue, causing many to ask, "Why are so many people moving to Spokane?"
In this article, you'll discover the key reasons why so many people are making the move and what it means for you as a potential homebuyer.
1. Job Opportunities
If you're looking for a new job, Spokane is one of the best cities you could choose. With so many companies launching new offices and expanding to new locations there, the city is bursting at the seams. According to the State of Washington's Department of Labor and Industries, the unemployment rate is currently at a fifty-year low with more than 20,000 jobs available now compared to more than 15,000 that were vacant a year earlier. With a cost of living that's 30% lower than the national average, it's no wonder that more and more people are choosing to make the move.
Additionally, with dozens of higher-education institutions, including multiple four-year colleges and universities, Spokane offers an education that's both entertaining and profitable. More than 75,000 students attended classes at the city's colleges and universities in 2018, and the number of full-time students has increased by 10% in the last year alone. If you have a degree in computer science, you can easily find a job in one of the city's top tech firms, like Amazon, Microsoft, or HP.
If you're looking for a new career, there's no question that Spokane is the place to be. Just make sure to be ready to move when the time comes.
2. The People
Spokane's population is more than 360,000 strong, and it continues to grow rapidly. According to the city's 2018 Comprehensive Annual Report, the population increased by 9% since 2016, and it's expected to hit 401,000 by the end of this year. As the city's population continues to swell, so does its diversity. In 2018, the city welcomed its largest group of immigrants – 41,600 new residents – in decades. According to the State Department of Commerce, over 80% of the city's population is now made up of people of color. That's a shift from just 10% in 2016.
With the cost of living in Spokane so low, it's no wonder why so many have chosen to make the city their new home. According to the American Community Survey, the average household income in Spokane is $78,791 per year, which is 50% higher than the national average.
If you are looking for a new place to live, there's no question that Spokane is the place to be. Just make sure to be ready to move when the time comes.
3. The Lifestyle
The city is filled with everything a person could need or want, and it's all within easy reach. With a mix of urban neighborhoods and small townships, commuters have the best of both worlds. According to the City of Spokane's website, residents can easily get to work, school, and entertainment venues from the city.
Those who have chosen to make the city their new home, or are considering doing so, often point to the relaxed lifestyle and mild climates as the main draws. Spokane has a very high rate of residential mobility with nearly 64,000 people moving to the city every year. If you're looking for a new lifestyle, there's no question that Spokane is the place to be. Just make sure to be ready to move when the time comes.
4. The Real Estate
One of the main reasons that so many are flocking to Spokane is the city's real estate market. Along with job opportunities and vibrant social life, the real estate market in Spokane is attractive and lucrative. The median home value in the city is currently $260,000, which is about 3x what it was worth just a year earlier. While new homes are on the rise, so are existing homes, as demand outstrips supply.
If you are looking to purchase a home, there's no question that Spokane has a desirable real estate market. Just make sure to be ready to move when the time comes.
5. The Schools
Another reason why so many are moving to Spokane is the city's highly regarded schools. If you're a parent who's considering a move, the city's public schools are likely to top of your mind. According to Niche, Spokane has the seventh highest-rated school system in the country, and it's one of the top ten safest cities as well. If you have children, this is undoubtedly a significant draw.
Additionally, about 85% of Spokane's students attend one of the city's ten high schools, meaning that they can participate in sports and other extracurricular activities. If you are looking for a place to raise your children, Spokane is a beautiful city with more than its fair share of attractions. Just make sure to be ready to move when the time comes.
6. The Weather
Spokane has one of the most desirable climates in the country. According to the Washington State Department of Ecology, Spokane has more than 300 days of sunshine per year and extremely mild temperatures. While it can get very hot during the summer months, the heat rarely becomes excessive.
If you are a person who prefers their own company yet craves sunshine, this is definitely the place to be. The climate is extremely pleasant and easy to live with.
Spokane has a very high number of days where the temperature reaches 75 degrees or above. In fact, the city gets the most sunshine in the country during the summer months. If you are a person who enjoys being outside yet needed some air-conditioning in the summer, this is the place to be.
7. The Surrounding Area
The seven other Washington cities, all within 150 miles of Spokane, have seen comparable growth. The cost of living in Spokane is one of the lowest in the country, and it's not hard to see why. The area around the city is filled with vineyards, rolling hills, and beautiful orchards. If you are looking for a place that is both affordable and has a good quality of life, Spokane is the place to be.
Additionally, the city's location gives it access to some of the most beautiful and largest lakes in North America. There are plenty of hiking and camping opportunities available, as well as the chance to hunt, fish, and swim with the wildlife.
Spokane is located almost directly north of the country's capital city of Washington, D.C., which means it has easy access to major roadways and daily flights to and from major airports. If you are looking for a new place to live, convenient access to a major city, top-notch schools, and pleasant weather are all reasons why so many people are choosing to move to Spokane.
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