Building Industry Association of Central Ohio Housing Need Assessment
Central Ohio's housing market is in need of additional supply, as is evident by the rapidly escalating prices for homes and apartments. What’s been less clear is the extent to which we may be underbuilding, in which communities and price points, and how the situation may play out over the coming decades.
This new Housing Need Assessment report from the Building Industry Association of Central Ohio and the BIA Foundation quantifies the significance of the shortfall by estimating the need for new residential housing based on projected job growth through 2050.
The findings are worrisome. Central Ohio must build more than 14,000 housing units per year to accommodate an estimated 500,000 new jobs and 1 million new residents by 2050. But we are currently building about 8,000 housing units per year, meaning there is a shortfall of about 6,000 units, or 43%.
This housing gap and its effects on affordability are not unique to any particular counties or municipalities. The report concludes that, while the problem is certainly more acute in some places, the increases in home prices and rental rates have far outpaced income growth within all geographic areas of study.
Lest the underbuilding be attributed solely to national economic trends, the report examines permitting activity in the peer markets of Charlotte, Nashville and Austin, concluding homes and apartments are being built at a much faster rate in those regions to accommodate their own rapid growth projections. If Central Ohio aims to be competitive as an appealing place to live and do business, we must have affordably priced housing available to support residents.
In the links below you’ll find a detailed Housing Need Assessment conducted by Vogt Strategic Insights for the BIA of Central Ohio, with support from Columbus REALTORS and Columbus 2020. The report is meant to arm decision-makers with information that is critical to understanding the challenges our region faces, while spurring discussions around potential solutions to the underlying issues around zoning, land availability, regulatory guidelines, construction costs and availability of skilled workers.
We trust you’ll find this special report to be insightful and actionable. We welcome your input and invite questions, comments and discussions.