The house is the first of four renovation projects by Tacoma/Pierce County Habitat for Humanity that will fund 11 new affordable homes when they are sold. It’s like nothing this local Habitat group has done before.
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“It’s a transformational gift,” said Elliot Stockstad, chief development officer at Tacoma/Pierce County Habitat for Humanity.
On her Instagram account, Anne Jones with Windermere said it was "one of the more memorable days" of her career to be able to announce the partnership.
"Seeing what Habitat for Humanity is doing to revitalize the Wedge District and knowing that the proceeds from the sale of these homes will support the ongoing mission of Habitat is very gratifying..." MultiCare Health System CEO Bill Robertson said in a statement.
The need for affordable housing in undeniable. Earlier this year, Zillow reported the top four fastest appreciating rental neighborhoods are Tacoma's Central, South End, Eastside, and the West End. A median house in Pierce County now costs approximately $350,000. Rising costs can be attributed to not only transplants, but people being priced out of King and Snohomish County.
Stockstad said the area is still more affordable than Seattle, but they are seeing similar problems, including “skyrocketing rent,” rising home prices, and a lack of inventory.
“We’re seeing that statistically and anecdotally, with people coming through the doors at Habitat,” he said, adding the housing boom is happening even faster than experts predicted it would.
Habitat for Humanity offers homeownership opportunities to those unable to purchase a home through conventional financing. To qualify, families must contribute 200 hours on the construction of the home or someone else's home. Habitat families earn between 30 to 80 percent of the area's median income. According to the latest census data, the median household income in Pierce County is $61,468.
Habitat for Humanity recently finished a 30-home development that will house dozens of families.
Habitat is already working on renovations of the second home, which is just a few doors down from the charming home on M Street. The two other craftsman homes are just around the corner.
An open house is scheduled from 1-4 p.m. this Saturday and Sunday.