JACKSON, Wyo. — Housing is far out of reach for many on a Teton County income, according to results from a Housing Needs Assessment shared at yesterday’s Joint Information Meeting.
Representatives from Teton County, Idaho were also present at the meeting.
The assessment, conducted by WSW Consulting, looked at Teton County, Idaho, Teton County, Wyoming, and Northern Lincoln County, Wyoming surveyed local employers, employees and households to gauge a better understanding of the factors that have contributed to the housing crisis the region sees itself in today. 260 community members participated in the survey.
The aim of the assessment was to frame needs and goals, attract capital, educate the community and understand market conditions.
In its findings, WSW Consulting explained that a large component feeding the beast that is this housing crisis, is an imbalance of jobs and housing. In the Teton Region, jobs are growing faster than the housing supply. 91% of businesses are understaffed which is up from 65% prior to COVID. This has been exacerbated by the current market conditions.
“Across all three counties in the Teton Region jobs increased about 2.8 percent per year and housing units increased 1.2 percent per year. Jobs are growing faster than the housing supply. Basically, since 2015 there’s a housing shortfall of 1,700 units for people working in the area,” said Wendy Sullivan of WSW Consulting.
In the past, Teton County has relied on local employees being able to find homes in neighboring counties such as Teton Valley and Northern Lincoln County. However, the assessment found that this “relief” valve is quickly disappearing. The cost of commuting now makes up for lower rents paid elsewhere and long commutes are hurting employers’ ability to retain employees.
“When our landlord sold their house in Jackson we decided to buy in Alpine…if I can find a good-paying [job] in Alpine, I’ll never go to Jackson again,” said an employee in a comment on the survey.
The assessment also found that housing is further out of reach for people making their living locally. From 2015 to 2021 home sale prices increased 11 to 16 percent per year and rental rates increased around 8 percent per year. Meanwhile, wages only increased 5 to 7 percent.
“Someone who could buy something six years ago would now need twice the income to purchase it now,” said Sullivan.
In fact, today, a Teton County resident who makes the average wage of $60,000 per year, would need eight times that income to afford the median sold home in 2021.
While businesses have increased wages in all the counties compared to what they had been in the prior year, these wages do not compensate for the increase in rental rates and home sale prices.
In the past three years, 2,000 renters, which accounts for 46% of the population, have been forced to move two times on average. One participant commented in the Employer Survey and explained how much of a burden this is for local businesses.
“We are facing potentially losing over half of our employees due to losing their rental housing. Each one of them is frantically seeking long-term rentals. The rentals they are currently in are being turned into VRBO’s,” said an Idaho employer.
“Can’t afford to live here-Pinedale may be an option to remain a teacher in WY,” said an individual in the Employee/ Household Survey comments.
At the end of the meeting Willa Williford, an affordable housing expert said that regional collaboration will be crucial to help alleviate this crisis.
“I’d like to celebrate this community, you have done a tremendous amount [to help improve this issue]. The innovation and ingenuity are very impressive. But more is needed,” said Williford.
“We’re all about growing funding and capacity, but it takes a lot of financial resources to close those gaps. So those dollar numbers are large and we will be working on the specifics of those in the action process,” said Williford. “This [assessment] helps us be targeted in what we need to build.”
The findings of the assessment concluded that in the next five years, over 5,300 units are needed to catch up and keep up with market shortfalls. The majority of these units are needed at price points the market will not produce without assistance. WSW Consultants concluded that as the capital gap has grown, more local resources are needed to create housing that aligns with local wages.
