BY MARK MCGEE
mmcgee@bedfordcountypopst.com
Shelbyville housing-needs data (Submitted photo)
How many homes will be built in Shelbyville and Bedford County in the next five years? How much will they cost to buy or rent?
The Shelbyville-Bedford Partnership Board of Directors – Carroll O’Brien, Chad Graham, Christy Womack, David Coffey, Gary Fayard, Scott Johnson, and Jody Lambert – commissioned a study by the Next Move Group to develop estimates and recommendations for new homes needed over the next five years.
“Access to quality housing in thriving communities enhances the overall standard of living and fosters upward mobility for the middle class,” Shane Hooper, president and CEO of the Partnership said. “New housing options cater to the diverse needs of the middle class, offering affordable and desirable living spaces.
“Housing growth is a fundamental consideration for retail recruitment. Communities with new housing attract retail opportunities. A healthy retail base generates sales tax revenue.”
The Next Move Group is a site selection and economic development firm which focuses on creating economic growth for small to mid-size companies, communities and non-profits.
Some of the data points used were:
* Population growth rate (five-year)
* Average household income demographics and projections (five-year)
* Percentage of income spent on housing (community specific)
* Housing demand forecast (five-year)
* Current and projected mortgage rates
* Rental vs. Ownership Percentage by Household (state and community specific)
* Current housing stock
Based on the data points and several resources, public and private, this is what the study determines as projected housing needs for Shelbyville and Bedford County:
Eleven new homes priced between $150,000 and $200,000 and six new homes with rent under $1,500 per month per year are projected as needed.
*There will be 17 new households per year which make an average household income of $62,500 in Bedford County over the next five years.
* In the United States, on average, households earning $62,500 own homes 65 percent of the time and rent 35 percent of the time.
- There are currently three homes on the market priced between $150,000 and $200,000 in Bedford County.
- There are currently two homes/rental units for rent in Bedford County for $1,500 or less.
There will be a need of 43 new homes priced between $200,000 and $300,000 for sale and 18 new homes for rent between $1,600 and $2,000.
*There will be 61 new households per year which make an average household income of $87,500 in Bedford County over the next five years.
*In the United States, on average, households earning $87,500 own homes 70% of the time and rent 30% of the time.
*There are currently 19 homes on the market priced between $200,000 and $300,000 in Bedford County.
*There are currently 18 homes/rental units for rent in Bedford County between $1,600 – $2,000.
There is a need for 90 new homes per year for sale between $300,000 and $450,000 and 26 new homes for rent between $2,000 and $3,000.
*There will be 116 new households per year which make an average household income of $125,000 in Bedford County over the next 5 years.
*In the United States, on average, households earning $125,000 own homes 78% of the time and rent 22% of the time
*There are currently 40 homes on the market priced between $300,000 and $450,000 in Bedford County
*There is currently 1 home/rental unit for rent in Bedford County between $2,000- $3,000 per month.
There will be need for 58 new homes priced between $450,000 and $650,000 and 10 new homes for rent between $3,000 and $4,000 per month.
*There will be 68 new households per year which make an average household income of $175,000 in Bedford County over the next 5 years
* In the United States, on average, households earning $175,000 own homes 85% of the time and rent 15% of the time
*There are currently 26 homes on the market priced between $450,000 and $650,000 in Bedford County
*There are currently no homes for rent in Bedford County between $3,000 – $4,000 per month.
There will be a need for 12 new homes priced $650,000 or more and one new home with rent of $4,000 or more.
*There will be 13 new households per year which make an average household income of $250,000 in Bedford County.
* In the United States, on average, households earning $250,000 own homes 89% of the time and rent 11% of the time.
* There are currently 31 homes on the market priced over $500,000 in Bedford County.
* There are currently no homes/rental units for rent in Bedford County at $4,000, or more, per month.
“New housing invigorates communities by accommodating population growth and changing demographics, ensuring that residents have access to suitable living options,” Hooper said. “It revitalizes neighborhoods, attracting investment, businesses, and amenities, thereby enhancing overall quality of life.
“Moreover, new housing developments contribute to economic vitality, generating employment opportunities and increasing property values, which can support local government services and infrastructure.”
