Today's indicator is a photo of a sign that we saw in the Bozeman Daily Chronicle. It was of a young guy in a winter coat holding this cardboard sign that read "PLEASE sell me a home" in all capital letters. Which made us wonder: What is happening in Bozeman? And who is this guy?
Meet Sean Hawksford. He owns his own construction company and has lived in Bozeman for 10 years. He's not from Bozeman, although his wife is, so he gets some local credit for having married a local. And this idea of being a local is important right now because of what's going on with the housing market: People from coastal cities with much higher median incomes are increasingly able to do their jobs from anywhere. So they're taking their higher incomes and buying homes in cheaper markets like Bozeman. It's a trend that's driving housing prices up and causing housing stock to vanish in many markets. Bottom line: if you are a Bozeman local — even a well-to-do local like Sean — buying a house may just be financially impossible.
On The Indicator, we talk to Sean and the CEO of Redfin, Glenn Kelman, to explain why Bozeman housing prices have soared.
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