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.
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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
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