A new report from the Department of Commerce reveals that while the cost of building affordable housing in Washington has decreased slightly, it remains high overall. The median cost per unit in 2023 was $301,744, down from $316,097 in 2022, but still above pre-2022 levels. Fewer projects received funding, with only 21 multifamily projects built in 2023 compared to 32 the previous year. Additionally, the number of housing units per project has declined, with a median of 56 units last year, down from 99 in 2022.
Continue to full article