Why People Are Flocking To This City In Washington State To Retire

Forbes

Remote workers and retirees alike have flocked to scenic Spokane, driving up home prices. But the city is working through its growing pains.  Read the full story on Forbes: https://www.forbes.com/sites/emilymason/2024/05/11/this-pandemic-boom-town-is-also-a-surprisingly-wonderful-place-to-retire/?sh=120d170d7697  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00 Here's your Forbes Daily Briefing for Tuesday, May 14.

00:05 Today on Forbes, this pandemic boomtown is also a surprisingly wonderful place to retire.

00:13 Bruce Munn Holland spent 32 years working for the U.S. Army Corps of Engineers, mostly

00:18 in Alaska, where he met his wife, Carrie.

00:21 His last posting was in St. Louis, managing the cleanup of a suburban waste site contaminated

00:26 with radioactive materials from the Manhattan Project era.

00:30 In early 2021, shortly after his retirement from the Corps, Bruce, now 71 years old, and

00:36 Carrie, now 55, hooked up their side hustle, a cobalt blue 1969 Citroen van retrofitted

00:44 in Europe to serve gourmet coffee, to their truck and drove 1,870 miles northwest over

00:50 five days to Spokane, Washington.

00:53 They had picked the city for its natural beauty, reasonable costs, proximity to two of their

00:58 three adult children, and coffee consciousness.

01:01 Carrie says, quote, "Knowing that coffee was already a big deal in the Northwest, it was

01:06 a business that we knew would travel."

01:09 These days, the Munn Hollands position their Surge Coffee Company van in downtown Spokane

01:15 by the 100-acre Riverfront Park, which was the site of the 1974 World's Fair, and its

01:20 sporting and other events.

01:23 They dispense batch brews, mochas, and chai lattes at $6 to $8 a cup and do about $70,000

01:29 a year in sales, donating all of their tips to charities, including local and international

01:34 Christian relief agencies.

01:36 Bruce says, quote, "I've always used 'repurposed' as opposed to 'retired,' because there's always

01:42 something to do."

01:44 The Munn Hollands are planning to add a second van serving ice cream from a local dairy and

01:48 to eventually hire a professional manager, so, as Carrie puts it, quote, "we can finally

01:54 go to Italy."

01:56 In recent years, lots of folks have been hitting the trail to this eastern Washington enclave,

02:00 20 miles west of Idaho, in search of an outdoorsy and affordable lifestyle.

02:06 The U.S. Census Bureau estimates that between 2010 and July 2023, the population of Spokane

02:11 County grew 17% to 551,455, while the city of Spokane, the county seat, saw an 11% increase

02:20 to 231,000.

02:23 It hasn't all gone smoothly.

02:25 Spokane's housing supply was already running short when the COVID pandemic and work from

02:29 home unleashed a new wave of arrivals.

02:32 A 2021 study by the Spokane Association of Realtors found residential rental vacancies

02:38 had fallen to 1%, and starter homes were getting as many as 30 offers, with young locals being

02:43 priced out of the market.

02:46 That year, the mayor declared a housing emergency.

02:49 Between the time the Munn Hollands decided on Spokane in 2017 and were ready to move

02:54 in 2021, prices rose so fast and the housing supply got so tight that they moved into a

02:59 condo in South Perry, a once run-down city neighborhood that now boasts trendy restaurants

03:04 and shops.

03:05 For the Munn Hollands, it was a temporary solution.

03:08 They've also bought two wooded acres just 10 minutes out of town and are building a

03:12 home using lots of Washington state wood.

03:16 Three years after the mayor declared the housing emergency, Spokane is still grappling with

03:19 the housing shortage.

03:22 Median home prices in the county have risen by two-thirds since 2019 and now hover around

03:26 the national median of $394,000.

03:30 But that's still less than half the $879,000 median in Seattle, a prime source, along with

03:36 pricey California, of migrant flow.

03:39 The fact that its housing prices are still comparatively reasonable is one reason Spokane

03:44 earned a spot on Forbes' "Best Places to Retire in 2024" list, which emphasizes quality

03:49 living at an affordable price.

03:52 Other factors that helped it make the list include good air quality, a low risk of natural

03:57 hazards, plenty of primary care doctors, and no state income tax, except on certain capital

04:02 gains in excess of $250,000 a year.

04:06 Downsides include a higher-than-average crime rate, a state estate tax, cold winters, and

04:12 only a so-so economy.

04:15 As for lifestyle, the city is very bikeable, and the area offers extensive hiking trails

04:20 and seven public golf courses.

04:22 Ski slopes are an hour away.

04:24 Moreover, as the largest city in what's known as the "Inland Northwest," which includes

04:29 eastern Washington and Oregon and northern Idaho, Spokane tends to punch above its population

04:34 weight when it comes to concerts, restaurants, and sporting events.

04:38 Spokane hosted both men's and women's college basketball games during March Madness, and

04:42 the men's team at Gonzaga, the biggest local private university, has made it to the Sweet

04:47 16 of the NCAA tournament for nine years running.

04:50 The Podium, a $53 million indoor sports facility, opened in 2021 adjacent to Riverfront Park.

04:57 It's designed to accommodate professional volleyball, basketball, wrestling, and track

05:01 events.

05:02 As for the housing shortage and so-called "met economy," local leaders are working

05:06 on it.

05:07 The city has adopted new regulations to allow more units and eliminate parking requirements

05:12 in residential areas.

05:14 The idea is to allow more housing to be built in existing neighborhoods.

05:18 For full coverage, and to see the full "Best Places to Retire in 2024" list, check out

05:23 Emily Mason's piece on Forbes.com.

05:27 This is Kieran Meadows from Forbes.

05:29 Thanks for tuning in.

05:31 [MUSIC]

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