We talk a lot about making housing more affordable in Missoula. In my middle-class neighborhood, the home we purchased in 1999 for $160,000 sits within a few houses of what had been a “dilapidated,” same-size home.
Recently the home was renovated and put on the market for $385,000. In addition to the cost of the house, the buyer(s) will have to replace a very dilapidated fence and landscape a large yard. I’ve figured for the past year or two that my home might sell for $285,000.
The price on the recently renovated home strikes me as quite inflated and I wonder how much greed figures into the problem of housing affordability in Missoula. If that home sells for the inflated price, the prices of all the homes in the neighborhood will rise, thus deepening the problem of housing affordability.
My hope is that, as our community continues to try to address issues of housing affordability, we will discuss all factors, including greed, for it may be quite rampant amongst particular segments of our community.