Thrive West Central, the economic development organization for west central Indiana, has released an analysis of the housing market in the seven-county region and it paints a grim picture. The organization says the region has “an aging housing stock, a mismatch of supply and demand, and very little new construction.”
Thrive says it conducted the data-driven analysis to develop and present a picture of west central Indiana’s housing market, and to prompt change.
The report analyzed the housing status in Clay, Montgomery, Parke, Putnam, Sullivan, Vermillion, and Vigo counties.
“Many of our communities recognize housing is an issue, but this analysis provides them with comprehensive data to promote meaningful conversation and informed decision-making,” said Thrive Executive Director Ryan Keller. “This sets the stage for developing long-term implementation strategies and public-private partnerships.”
Keller says the availability of safe, affordable, and quality housing plays a critical role in economic growth and quality of life.
Thrive says the housing situation is not only a challenge for existing residents, but is also a challenge for businesses to recruit and retain 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,” said the executive summary.
The report shows there not enough quality housing in west central Indiana to meet a conservative estimate of future demand, but the region is also currently significantly oversupplied in the lower half of the market.
It says “a significant portion” of existing housing in the lower end of the market is in poor condition and in need of repair or replacement.
While the report highlights the problems, Thrive says it also wants the study to launch conversations and action to make improvements.
Click here to view the report.