HomeMy WebLinkAbout04-17-23 Public Comment - I. Fitzgerald - Housing Affordability Ian Fitzgerald
Gallatin High School
4455 Annie Street
Bozeman, MT 59718
March 8th, 2023
Bozeman City Commission
City Hall, 121 N. Rouse Ave.
Bozeman, MT 59715
Dear Bozeman city commission,
Housing prices have skyrocketed since 2019. People struggle to live here and feed themselves
and or their families. We have a major problem here and if we're going to solve it we need to
look at the facts. According to fred.stlouisfed.org, an economic research and data institution, in
January of 2019 the average listing price per square foot of house was $244 per square foot.
Comparing that to other years, we see a very exaggerated trend of increasing home prices.
January 2020 was listed at $273 per square foot, January 2021 was listed at $526 per square foot,
2022 was listed at $667 per square foot and now January 2023 is listed at $480 per square foot.
The median home price now is $795,000 in Bozeman which is well above middle class earnings.
Census.gov states that the median household income from 2017-2021 was $60,560 per year and
the per capita income was $34,423 in the past 12 months. This is a major problem in our housing
costs compared to median household income. People can't afford to live here because the market
has been inflated so much, not to mention 11.9% of all people in Bozeman live in poverty.
Compare that to San Francisco, California their poverty rate is 11.4% which means we have a
large portion of our population living in poverty because they can't afford to live here.
This is a major problem in our city today. We need to solve this problem swiftly, intelligently,
and diligently. Bozeman real estate group states that in 2021, the number of homes for sale
dropped 60% in one year, inquiries about housing on their website alone jumped 300%.
Bozeman's zoning laws are very strict and the land contractors can build on is extremely
expensive as well as permits which can be very expensive and there is an elongated process of
obtaining such a permit. In combination with these two dilemmas mentioned, in 2020 when the
pandemic grew out of control, lumber mills, quarries, and many other building supply companies
shut down completely and are now struggling to keep up with the demand. This not only affects
permanent residents but also college students and young families as well. Renting prices have
also skyrocketed making it hard for any college student or young family to afford living here.
Here is a viable solution to this problem. First, we need to expand our city limits and have more
land for contractors to build on. Second, we need to zone out a large portion of this land for
residential development. Third, we need to make obtaining a building permit less difficult and
expensive for contractors. This will solve most of the causes of this housing crisis and lower the
prices considerably over a period of time. This may seem very difficult to do, which you would
be right about but long-term people are going to continue moving here and the college will
continue to host a large number of students each year. If we want bozeman to continue to thrive
economically and continue to be the beautiful place we all call home, now is the time to act.
Sincerely,
(X o i -�- -Z e r 1 a