At the October DIG meeting, Eric Cockley, Director of City Planning and Robert Hewitt, Franklin County Director of Planning, presented the key findings of the Housing Study conducted county wide in 2023 by Points Consulting. Some noteworthy objectives of the study were to a) identify the current housing supply and demand issues; b) study trend lines to help manage the estimated growth; c) determine who is currently impacted by our housing situation and d) to see where the opportunities exist for the different types of housing needed for years to come. It's clear that the housing study in Franklin County has revealed several important insights regarding the challenges and opportunities for housing in the area. Here's a breakdown of the key points:
1. **Location and Growth**: Franklin County is situated between two rapidly growing counties, Shelby County#1 and Scott County#3. Despite its strategic location, Franklin County is not keeping up with the growth trends seen in its neighboring counties. One contributing factor appears to be a lack of confidence in local zoning regulations, licensure, and code enforcement, which may be driving many housing developers to focus on areas viewed as friendlier to investment and growth.
2. **Housing Market Gaps**: The study found that the housing market in Frankfort is currently skewed towards economy-level multi-family complexes and single-family units. However, there is a shortage of condominiums and higher-amenity complexes, as well as middle-density (mixed-use) areas. This presents an opportunity for growth, especially if planning and zoning processes are adjusted to accommodate such development when private developers show interest.
3. **Housing Affordability**: The study highlights significant challenges related to housing affordability in both the city and the county as follows:
a) A total of 1,304 homeowners in Franklin County are deemed “cost-burdened,” meaning they spend from 30% up to 50% of their income to pay for housing.
b) A total of 574 homeowners are “severely cost-burdened,” meaning they spend 50% or more of their income on housing. That means a total of 11% of households in the community run the risk of losing their home at any given time due to spending a significant portion of their income on housing.
c) This figure skyrockets when evaluating rentals in the community, with 37% of those households considered “cost burdened.” For example, 4,089 households are paying 30-50% of their income towards housing, and 3,915 are paying 50% or more in rent (severely cost-burdened).
4. **Economic Growth**: The findings provide strong rationale for supporting economic growth opportunities that create high paying jobs such as manufacturing jobs and help lift people from a “cost burdened” status.
5. **Future Planning**: The housing study should serve as a valuable resource for future planning and decision-making. It provides solid reasons for supporting economic growth initiatives and making changes to planning and zoning processes to create a more sustainable housing environment in the community.
In response to these findings, elected officials, planners, and stakeholders need to consider a multi-faceted approach that includes zoning reforms, incentives for developers, and strategies to increase the supply of housing. Addressing the housing supply and affordability challenges are essential not only for the well-being of residents but also for the overall economic health and growth of Franklin County. To view the detailed results of the study, including in-depth analysis of local demographics, lifestyle maps and possible growth opportunities, see the PDF file attached.
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