Washington State Gets A lot of Oregon and California Retirees.

Washington State is the only West Coast State without a state income tax. This continues to be a shiny, wiggly, lure in the waters of retiring boomers. Anyone retiring with an expected income in excess of $100,000 seems to be fleeing the states of California and Oregon with their aggressive if not even oppressive income tax scheme. Oregon of course is the only one of the three without a sales tax. Lower income people benefit more from a lack of sales tax than they do a lack of income tax. Once you start getting up towards $70,000 however, the table turn and in some case quite quickly.

This certainly explains the success of the Springs Living high-rise on Vancouver's Waterfront. I wrote about that here. Locally in Southwest Washington, especially Clark County, we are experiencing strong growth and a fair sized bit is in the senior citizen community. Clark also is picking up swarms of working adults moving in on a robust job market, slightly more affordable housing, and the proud badge of "We are not Portland." 

Population growth can have a negative effect on real estate prices. We have seen a sharp increase in home values over the last several years but like the market nationwide we have slowed a bit. We still look like a bargain to those moving in from the Puget Sound region and from The SF Bay Area. However we have managed to become more expensive than most of California's counties. Oregonians outside of the Portland Metro Area may face sticker shock as well. 

Recent news has indicated that Vancouver is considering a complete annexation of the entire Vancouver Urban Growth Boundary. This will provide opportunity for higher density development in a larger area that can help mitigate home expenses. It may also allow for even more development of properties like the Springs Living including a more suburban feeling layout for those not interested in the urban high-rise experience.

Seniors looking to stay close to an urban area for medical services will find it hard to beat Vancouver. The city already has two large hospitals one run by Legacy Health the other by Peace Heath that happens to be based in Vancouver. The medical services in Vancouver are excellent and even those looking to be outside of a big city can find lovely and charming real state in places like Ridgefield and Battle Ground that remain a short distance to big city services in Vancouver and Portland.

With massive amounts of new residents swarming in from Portland, Seattle, and to a lesser extent, California, Clark County should remain strong as ever.