A new report from the Kentucky Chamber Center for Policy and Research teamed up with the Home Builders Association to highlight how housing impacts Kentuckians across the state.
In the new report, both agencies found how critical it was for Kentuckians to have safe housing year-round, with metrics including economic growth, homelessness and workforce growth being primary factors in studying the importance of housing for those in the Commonwealth.
“State and local leaders across Kentucky are actively working to position Kentucky for growth,” said Charles Aull, the report’s author and Executive Director of the Kentucky Chamber Center for Policy and Research in a statement. “As this work continues and finds success, overcoming housing challenges must be a top priority. As the report argues, sustainable growth means more housing and more home building in all corners of the Commonwealth.”
Some key factors in the study include:
- 66.2% of community leaders report housing challenges limit economic growth and opportunity for their respective communities, with 90% highlighting how difficult it would be for their communities to meet housing demands if there were a major economic development announcement.
- Statewide housing shortages are now estimated to be as high as 206,000 homes, with the gap growing year over year between house prices and household incomes.
- To accelerate workforce growth and development, Kentucky would also need to build as many as 529,000 homes by 2050 to keep the current pace in the state.
- As many as 3/4 of all Kentucky community leaders surveyed said they would support new housing developments if they were near to where they lived.
“The Commonwealth already faces significant challenges with an aging housing stock, limited housing availability, and prices that are far higher than what most Kentucky families can comfortably afford,” the report said. “These factors are straining household budgets and local communities and causing some to question the state’s economic future. As state and local leaders position the Commonwealth for accelerated economic and workforce growth through policy reforms and strategic investments, these challenges could become greater unless bold action is taken.”
This article appears in Jul 3-16, 2024.