There is now an even greater need for housing in the region over the next five years, according to the latest assessment from Housing North.
Their Housing Needs Assessment projected more than 31,000 rental and for sale housing units will be needed through 2027.
Housing North first conducted something similar to their Housing Needs Assessment in 2019 with their Target Market Analysis. That study looked at the region’s housing needs from 2020 to 2024. Now, nearly five years later, the Executive Director for Housing North Yarrow Brown said the housing situation has gotten even worse.
“Last [study] we were looking at about 15,000 units [needed] across the income spectrum, and It’s just about doubled,” Brown admitted.
The housing shortage has impacted both renters and buyers across the board, but especially those seeking more affordable options. Brown says the region is pricing out potential homeowners and renters of both the middle and working class.
“We are losing a lot of younger people in our region and seeing a lot of older people moving in,” Brown acknowledged. “The study really did show [housing is] an economic problem because if we’re losing the working class, we’re going to start seeing a real impact on our economy.”
Part of housing North’s 600-page report is a chart that shows the County’s they serve and what job’s can afford to rent or buy a place in those area’s. People who work jobs in the retail or food industry and even teaching assistants can’t afford to live in any of the 10 counties Housing North serves, that’s something they hope to change.
“We really want to use this data to help inform really important policy changes, but also explain to people who still don’t maybe believe that housing is an issue here, that it really is,” Brown said.
Brown says although they won’t solve the housing shortage in the next five years, they say the Housing Needs Assessment is a good guide and gives local governments information on how they can start moving in the right direction.
