ECoNA update for Feb. 6

A new study released by the Economic Collaborative of Northern Arizona recently shows that Flagstaff is in the midst of a workforce housing crisis.

That is not a statement I write lightly, or with the intention of being sensationalistic.  

The report, compiled by Werwath Associates, paints a very troubling picture about attainable workforce housing in the city:

• Population in the city had grown at a rapid clip since 2010, and housing stock has not been able to keep up.
• Home prices, which took a knock during the Great Recession a decade ago, have rebounded and the median price is now $350,000.
• Inability to purchase a home puts pressure on rental rates, which are $200 to $400 higher than what the federal government considers “fair market value.”

A new Workforce Housing Group will be using the highly comprehensive report as they tackle finding public, private and nonprofit partnerships and solutions that can alleviate the situation.

We’ll be tackling several of the issues raised by the report – and some of the possible solutions based upon best practices in other communities – in future e-newsletters.

In the meantime, I invite you to download the report, which has serious ramifications for residents, our employers, and our economic vitality.

Sincerely,

John Stigmon

ECoNA President & CEO