The availability of safe, affordable, age friendly, and quality housing plays a critical role in economic growth and quality of life. Without it, residents may experience housing instability, financial hardship, health issues, and limited economic mobility. Moreover, these challenges experienced by individuals and families also impact businesses as they face difficulty in recruiting and retaining employees. As West Central Indiana seeks to reverse its trend of population decline, the region must have adequate housing to meet the demands of current and prospective residents at their various stages of life and income levels.
Instead, the West Central region has an aging housing stock, a mismatch of supply and demand, and very little new construction. While these challenges predated COVID-19, the pandemic has only exacerbated issues around availability and affordability of housing. The median listing price for homes has jumped more than 20 percent over the last two years, and rents have increased accordingly, stretching tight budgets, and putting homeownership out of reach for more and more residents or would-be residents.
Key findings of this analysis are:
Opportunities
With these findings come several opportunities to:
This housing analysis is intended to develop and present a clear understanding, grounded in data, of West Central Indiana’s housing market and inform conversations among local leaders about what might be done to begin remedying identified issues. Rather than offering one solution or set of recommendations, it presents a menu of possible options to spark creativity and action that, when coordinated strategically, will make a difference for the region.
Events
Housing ANALYSIS Q&A
Who should attend: Anyone interested in housing or a better understanding of Thrive’s Housing Analysis.
The availability of safe, affordable, and quality housing plays a critical role in economic growth and quality of life. Without it, residents may experience housing instability, financial hardship, health issues, and limited economic mobility. Moreover, these challenges experienced by individuals and families also impact businesses as they face difficulty in recruiting and retaining employees. As West Central Indiana seeks to reverse its trend of population decline, the region must have adequate housing to meet the demands of current and prospective residents at their various stages of life and income levels.
Thrive would like to invite you and anyone interested in housing to come and explore our Housing Analysis in greater detail as we create the next steps to advance housing throughout the West Central Indiana region.
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Housing 101 for Regionalist
High performance housing strategies are ones that achieve the right mix of housing and strike just the right balance between the quantified local housing needs and the market-related tools that are available. The Housing Optimization Market Empowerment (H.O.M.E.) Method™ views housing through a regional lens (citywide, countywide, multi-county) and using a top-down, bottom-up approach, creates a customized housing production system based upon a community’s housing market potential. Housing Optimization happens when communities seek to build enough of the housing that buyers seek to buy and renters seek to rent, at the price points they can afford. Market Empowerment happens when communities know what they want, are willing to do what it takes to make it happen and refuse to settle for less. This workshop is designed to provide community leaders with a home-field advantage when it comes to addressing housing issues. A trendy topic, housing policy is often considered within a limiting geographic scope and/or without proper quality of life context. Tips, tools, and guidance for how to address housing needs through a regional approach and broader-based strategy will be shared.
Promised Growth.
Dedicated Quality of Life.
Dedicated Care.
