18 hours Ago By Moneywise
Thanks to a $48 million investment, Spokane, a city in Washington state, is set to create more jobs, potentially bolstering the area that’s already known as the “best place to retire” in the United States. The U.S.
Department of Commerce awarded the grant to the American Aerospace Materials Manufacturing Tech Hub to develop new domestic supply chains for the production of advanced composite aerostructures that will benefit the commercial and defense markets. Don't miss In a press release, Senator Patty Murray said that “this is great news for Spokane and all of Eastern Washington,” and that this investment is “critical as we work to ensure Washington state continues to lead the way in aerospace innovation and jobs.” With all the buzz around the area, is it worth considering as a place to call home in retirement? Why Spokane is the ‘best place to retire’ Forbes named Spokane one of the best places to retire in 2024 for the third year in a row.
For one, the median home price is 3% less than the national median at $386,000. Since housing can be a large chunk of anyone’s budget, lower housing prices could signal more affordability in an area. While there isn’t a state income tax, Washington does have a state estate tax and an “excise” tax of 7% for any investment gains over $250,000.
Still, you may be able to pay less to Uncle Sam compared to other states. The city, just east of Seattle, also has good air quality and a pretty high ratio of primary care physicians per capital. Those who love the outdoors may also like that Spokane is a fairly walkable and bikeable city.
There’s ample opportunity for visitors and locals alike to explore fly fishing, skiing, birdwatching and various winter sports, too. Read more: Home prices in America could fly through the roof in 2025 — here’s the big reason why and how to take full advantage (with as little as $10) What does the $48 million grant mean for the area? Spokane can use the grant funds to scale their operations and produce critical technologies. The funds will also help to establish a hub to create and test advanced thermoplastic materials.
The creation of this hub and scaling of production means that there will be additional jobs created in the aerospace manufacturing and related industries. Close to 50 organizations in the Spokane area also worked together on the tech hub, including Gonzaga University. Not only will there be new jobs in the short-term, the hub will also help create new career opportunities in related areas for future generations.
It plans on partnering with educational institutions like Community Colleges of Spokane, Machinists Institute and North Idaho College to develop programs in advanced manufacturing. All this to say, the ripple effect of this $48 million grant will be seen in the next few years and beyond. While time will tell, it could mean more real estate development to meet housing needs and plenty of opportunities for workers of all industries and levels.
Additional job opportunities could affect retirees too, especially those who may want to go back to the workforce, even part-time. Increased funding to the area can indirectly impact community programs and other types of infrastructure, having a positive impact on a retiree’s well-being. However, the additional job opportunities could make the city even more popular.
If there isn’t enough infrastructure or a sustainable way to scale it, Spokane could experience some growing pains. Residential areas, for example, could become more crowded. Housing prices could go up, making it less affordable for those at a lower income level.
Currently, not even 15% of employed residents say they can afford to purchase a home, according to the The New York Times . If housing prices increase, so could property taxes, which could put a strain on a retiree’s fixed income. The city’s mayor, Lisa Brown, is working on making progress with plans to increase the amount of affordable housing .
These include single family homes, multi-unit properties and new construction homes. Many are also calling for other solutions like zoning changes in order to build more homes on parcels, or even subdividing homes into separate units. Right now, 81% of the land in Spokane is occupied , with 10% sitting vacant.
With around 23,000 people anticipated to move to Spokane in the next two decades, ideally the city will be able to accommodate new and existing residents. What to read next This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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