WEST YELLOWSTONE, February 1, 2024 — The West Yellowstone Foundation is excited to announce a strong collaboration with the Human Resource Development Council, IX, to conduct a comprehensive Housing Needs Assessment (HNA) and develop a Local Housing Strategy for the community of West Yellowstone.
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The Housing Needs Assessment, completed in December 2023, serves as a crucial foundation for the development of a strategic plan that addresses the housing requirements of both current and future residents of West Yellowstone. The report is available in both English and Spanish, reflecting our commitment to inclusivity and accessibility. Visit our website for a copy of the report: Housing Coalition | West Yellowstone Foundation.
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Key insights from the HNA reveal the pressing challenges faced by our community. According to the West Yellowstone, Montana Growth Policy Update 2017, housing affordability and availability were identified as "key issues." Currently, the least expensive market-rate rentals are deemed unaffordable for nearly half of renting households, and over 60% of occupied homes are rented. Monthly payments for a home at the median list price of $768,750 are estimated to exceed $5,000 with a 30-year fixed-rate mortgage at 7.63%, requiring a prospective buyer to earn over $180,000 annually—more than triple the estimated 2021 median owner household income.
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To address these challenges, the West Yellowstone Foundation is forming a Housing Working Group. This group will play a pivotal role in defining a local housing strategy, complete with clear goals and objectives, strategies and policies, financing mechanisms, a timeline for achievement, and responsible parties. Community members passionate about contributing to the development of the strategy are encouraged to join the Working Group. Applications can be submitted at https://forms.gle/wNtAFfPEqvrL9vSL7.
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Once the housing strategy is finalized in the summer of 2024, it will be circulated within the community for feedback before being submitted to the City for approval and adoption.
In a call to action, the West Yellowstone Foundation invites residents and workers of West Yellowstone to participate in a housing-related community priorities survey. The survey, available at https://forms.gle/69aXuKDV6KxsxtDY6 and on our website www.westyellowstonefoundation.org/westyellowstonehousingcoalition. It will guide the Housing Working Group in creating a strategy tailored to the unique needs of West Yellowstone. The survey closes on February 14, 2024.
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The West Yellowstone Foundation is dedicated to fostering a thriving and inclusive community. Together, with the support of HRDC IX and active community participation, we look forward to creating a comprehensive housing strategy that ensures a vibrant and sustainable future for West Yellowstone.
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For media inquiries, please contact:
Carrie Coan
Executive Director
West Yellowstone Foundation
406.646.1152