Report Finds Lexington Will Need 22,000 Additional Housing Units In Next 10 Years

Mar 20, 2017

This week on The Business Side Alan Lytle and Lane Report Executive Editor Mark Green discuss a new report showing Lexington will need to build 22,000 homes over the next decade.  It's just the latest rosy picture coming from the housing industry.

Credit pixabay.com

The Fayette County Housing Demand study was commissioned by the Fayette Urban County Government, the Lexington Downtown Development Authority and a group of Lexington stakeholders including the Building Industry Association of Central Kentucky.

Study details:

  • 2016 Fayette County Housing Demand Study identifies mid-term (10- year) housing demand in the county to ensure Lexington’s housing market matches the needs of current and future residents.
  • Affordable housing options are key for the county’s continued growth and to attract and keep new residents.
  • Forecasted growth calls for 22,780 new housing units by 2025 including 15,160 units of single-family housing, 7,300 in multi-family buildings with the remainder as rental housing.
  • Found an unmet gap of 6,000 affordable rental units and further identified likely loss of 4,000 currently affordable rental units due to rent acceleration