Achieving homeownership is no small feat. Over the past decade, Spokane’s Housing Affordability Index for first-time homebuyers has dropped by nearly 50 points, underscoring a growing divide between income levels and housing prices.

Spokane’s housing affordability challenges mirror broader statewide and national trends—but local solutions matter. As of April, Spokane’s median home price had climbed to $430,000, while wages have not kept pace, according to data from the Spokane Association of Realtors. As a result, the region’s housing affordability index isn’t showing significant signs of improvement, leaving many working families behind, Spokane Trends data shows.

As home prices rise faster than wages, families who would have historically been ready to buy a home are increasingly forced to continue renting—further driving up demand and, in turn, rental prices.  

Addressing this issue requires a multifaceted approach including supporting regulatory reform, incentivizing inclusive development, and fostering collaboration between governments, nonprofits, and the private sector. But it also requires intentional leadership from within the industry—builders, lenders, and developers who are willing to prioritize impact alongside profit.

For many, homeownership has shifted from being a realistic milestone to a distant goal, out of reach under current market conditions. 

That’s why increasing access to affordable homeownership is more important than ever. But what does “affordable” actually mean—and how can the housing industry make it a priority? 

According to the Department of Housing and Urban Development, housing is considered affordable when a household spends no more than 30% of its income on total housing costs, and that standard is typically applied to those earning the Area Median Income. 

But access to affordable homeownership doesn’t just benefit individuals. It strengthens the broader economy. Owning a home builds financial stability through equity. It offers a predictable monthly mortgage instead of rising rent. And it provides the foundation for families to grow, pursue education, and contribute more fully to their communities. 

Addressing the housing crisis will take more than a single policy or the work of one organization. It requires collective action, innovative thinking, and collaboration across sectors. 

Solutions rooted in community

Across the Northwest, some homebuilders are taking an integrated approach to tackling housing affordability. Here at Hayden Homes, a Pacific Northwest-based privately-owned homebuilder, we’re hoping to set an example of a company leveraging its scale and community focus to create meaningful solutions. With over 27,000 homes built in secondary and underserved markets since 1989, Hayden Homes is driven to build a strong community where everyone can lead a fulfilled life. 

The Hayden Homes brand family—which includes Hayden Homes communities, Simplicity by Hayden Homes, and Wise Size Homes—is designed to serve a wide range of price points and needs. While our standard developments offer high-quality homes built for value-conscious buyers, Simplicity by Hayden Homes expands access by offering personalized homes on independently-owned land. 

These efforts are further amplified through First Story, Hayden Homes’ flagship nonprofit, that functions as an innovative affordable homeownership model in the Northwest. 

A First Story case study

Founded in 1998 as a grassroots giving initiative by Hayden Homes team members, First Story is a fully independent 501(c)(3) nonprofit with a mission to break down the barriers to homeownership for families earning at or below 80% of AMI—all without any government subsidies.

At the core of First Story’s model is a home loan program that offers qualified families a zero-down, zero-interest, 30-year mortgage on a brand-new or fully-remodeled Hayden Home. These homes are indistinguishable from market-rate homes—same construction quality, finishes, and curb appeal—and are located within existing Hayden Homes communities, ensuring economic inclusivity rather than isolation.

Each First Story home is move-in ready, complete with appliances, landscaping, and essential furnishings like washers and dryers. This minimizes upfront costs for buyers and reinforces the program’s “hand up, not a handout” philosophy.

The impact is significant:

• 123 families have become homeowners through First Story.
• 100% of recipients earn less than 80% of AMI.
• 100% are first-time homebuyers.
• 80% are the first in their families to own a home.
• 23% identify as minority households.
• 25% include a family member with a disability.

These outcomes demonstrate the power of combining private sector resources with nonprofit ingenuity. The success of the First Story model is sustained not only through its founding partnership with Hayden Homes, but also through in-kind donations from subcontractors, suppliers, and philanthropic supporters who believe in the long-term value of affordable homeownership. 

Moving forward: A broader responsibility

Programs like First Story offer a blueprint. They show that it's possible to deliver high-quality homes to families who need them most, without compromising standards or creating stigma. And in doing so, they strengthen not only individual families but the communities they call home.