Census estimates show number of Whatcom County million-dollar homes doubles since 2019
The number of million-dollar homes in Whatcom County more than doubled in the past two years, according to U.S. Census estimates released last week.
The 2021 American Community Survey estimates released Thursday, Sept. 15, by the U.S. Census Bureau showed there were 4,198 owner-occupied homes in Whatcom County valued at $1 million or more, including 744 worth at least $2 million.
Value is the respondent’s estimate of how much the property (house and lot) would sell for if it were for sale.
Both numbers were more than double 2019 estimates of 1,930 homes with a value of at least $1 million and 348 with a value of at least $2 million.
Census estimates were not released in 2020 due to difficulties caused by the COVID-19 pandemic.
Less than half (49.2%) of Whatcom County owner-occupied homes are valued at less than $500,000, The Bellingham Herald’s analysis of Census estimates showed. That’s a significant drop from two years ago, when 72.2% were valued at less than $500,000.
The Herald’s analysis showed that 43.3% of Whatcom owner-occupied homes were valued between $500,000 and $999,999 in 2021, while 7.5% were valued at $1 million or more. Those percentages are up from 24.4% and 0.5% in 2019.
Overall, the 2021 estimates showed Whatcom County’s median home value at $506,000 for 55,806 owner-occupied homes — a 27% increase from the $398,300 median value for 57,155 owner-occupied homes in 2019 estimates.
Whatcom rent prices also increase
With home values rising, the number of people living in owner-occupied homes decreased and renter-occupied residents increased. The Herald’s analysis of Census estimates found two-thirds of Whatcom County residents were living in owner-occupied homes in 2019, but that percentage dropped to 63.8% in 2021.
And, not surprisingly, rent also got more expensive. The median gross rent price increased nearly 20%, jumping from $1,134 in 2019 to $1,347 in 2021, Census estimates showed.
The Herald found that the number of people playing less than $1,000 a month in rent dropped 41%, as only 20.2% of the county’s 35,371 rental units were going for less than $1,000 a month in 2021. Meanwhile, nearly two-thirds (65.2%) of Whatcom’s rental units were charging between $1,000 and $1,999 per month and 14.5% were $2,000 per month or more last year.
Rent is now taking a larger chunk out of rental household budgets, as nearly two-thirds (66.9%) of rental households are paying rent that is 25% or more of their household income, The Herald found, including 44.7% who are spending more than 35% on rent. Two years earlier, only 59.6% of rental households were paying at least 25% of their household income toward rent.
Other housing data highlights
▪ Census estimates also showed there are fewer vacant housing units in Whatcom County, with 9.5% of the 101,865 total housing units in 2021 were unoccupied, down from 10.5% of the 9,210 units in 2019. While homeowner vacancy rates climbed from 0.7% of homeowner inventory in 2019 to 1% in 2021, renter vacancy rates dropped from 3.8% in 2019 to 2%. For comparison, 10.3% of the total housing units in the U.S. were estimated to be vacant in 2021, with the homeowner vacancy rate at 0.9% and rental vacancy rate 5.2%.
▪ The number of large housing complexes within Whatcom County saw a relatively large increase in the past two years, according to Census estimates. While the number of single-unit, detached housing structures remained relatively constant, the number of housing structures with 10 or more units increased 14.6%. Housing units in structures with between 10 and 19 units now make up 5.5% of Whatcom County’s 101,865 housing units, while those in buildings with 20 or more units make up 10.4%. Those numbers are up from 4.4% and 9.8% in 2019.
▪ Whatcom County’s average household size decreased for both homeowners and renters, though more significantly among renters, which dropped from an average of 2.36 people in 2019 to 2.22, Census data showed. Homeowner household size, meanwhile, saw a more moderate drop from 2.61 people to 2.56 in 2021.
▪ The number of owner-occupied housing units with a mortgage dipped from 64.9% in 2019 to 62.5% in 2021.
