The Grant County Economic Growth Council, in collaboration with Gas City, Grant County, City of Marion and Town of Upland, recently commissioned a comprehensive housing study aimed at providing valuable insights into the local housing market.
Recognizing the critical role of adequate housing in economic development, this study aims to provide crucial information to housing developers seeking to invest in the region.
Chuck Binkerd, Executive Director of the Growth Council, is actively engaging with housing developers, highlighting the significance of the findings to attract resources and investment to the county.
The study reveals that, from a consumer market perspective, between 340 and 450 new rental and for-sale housing units can be leased or sold in Grant County annually over each of the next five years. The demand comprises various household types, with families accounting for 33 percent, empty nesters/retirees for 30 percent and younger singles/couples for 36 percent.
County and municipal officials welcome conversations with housing developers, including discussions regarding public-private partnerships. Multiple communities in Grant County are also pursuing funding for housing infrastructure through READI 2.0 and Indiana’s Residential Housing Infrastructure Assistance Program.
Looking ahead, Grant County has the ability to absorb the following annually over each of the next five years:
40-50 units of workforce multifamily rental ($870 average rent)
140-180 units of market-rate multifamily rental ($1,525 average rent)
30-40 units of market-rate condos for-sale ($279,000 average sale price)
40-50 units of market-rate townhouses/duplexes for-sale ($281,000 average sale price)
70-110 units of market-rate single-family detached for-sale ($303,000 average sale price)
Notably, the market potential is composed of households with the following income characteristics: 46 percent in the market-rate category (above 100 percent AMI), 17 percent workforce housing (60-100 percent AMI) and the remaining 37 percent affordable housing (60 percent AMI or below).
“This study underscores the immense potential for housing development in Grant County,” Binkerd said. “By aligning with the market demand identified in the study, our communities can partner with the private sector to foster sustainable economic growth and enhance the quality of life for our residents.”
Copyright © 2024 Chronicle-Tribune