By CINDY CUMMINGS
Missoula is a great place to live and work, and it’s one of Montana’s favorite cities for a day out too. But house prices are rising here at an alarming rate. It was revealed last year that the median price of a home here lies at $255,000, which was 6.8% higher than the year before – and as the Missoula Current reports, the lack of housing supply which is behind this could take a very long time to address. But a small contribution to the solution is at hand thanks to the new housing development near Montana Street, which has now received the last round of funding it needs to progress to the next level of construction. Here’s the low-down on the latest in this ongoing development – and what the new homes will mean for the city once they’re completed.
The history
Originally, the new homes which will be springing up just off Montana Street in the west of the city were destined for the area around the Bakken oil fields, and they were supposed to be for oil workers there. But a whole host of issues cropped up: linking the area to the city’s pipes was an issue, and there were concerns about how people would access the development. And, of course, Montana oil’s industry suffered a decline around the same time – meaning that there was suddenly much less demand for homes.
As a result, the Missoula Redevelopment Agency – which is responsible for urban renewal – made the decision to award the developers, Homeword, almost $100,000 from the public purse to fund a move. The houses, which are known as “small houses”, are already constructed from pre-fabricated materials. Now, all that’s needed is a final push – and then the homes can get settled on to new land, and residents can move in.
Size and scope
Looking to the future, however, it’s clear that this project is likely to deliver positive news as time goes on. Given the deliberately affordable nature of the properties, buying a home is likely to become a little bit easier for the area’s residents. KPAX reports that the cost of the buildings is expected to be between $89,000 and $100,000, although other reports indicate it could be slightly higher.
The demographic make-up of the new housing zone is not set in stone, and it’s likely there’ll be a range of new residents. First-time buyers may well begin to form the bulk of the community, given the expected relatively low prices. But seniors may also want to live in the area, so finding out how a home equity mortgage works could be a useful thing to do.
In recent years, it’s become clear that Missoula is undergoing a serious housing problem – caused, in part, by lack of supply. But that’s about to get a little easier thanks to this “small houses” development, which will provide much-needed affordable housing for local residents. And now that the final funding round has been approved, there should be no more delays getting the project off the ground – meaning the end is in sight.