In Northern Kentucky, thousands of people can barely afford a $300 monthly rent. Wealthier residents can’t afford the larger apartments they want. Most people in the area need small rental apartments, which are also in short supply.
There is a housing shortage for all of them and the community leaders want to hear from you about it. Three meetings are planned.
The data was collected for a housing report released last year by the Northern Kentucky Area Development District, part of a statewide network of county planning and development organizations. The report includes a massive amount of data from all eight Kentucky counties in the region: Boone, Campbell, Carroll, Gallatin, Grant, Kenton, Owen and Pendleton.
According to the report, Boone, Kenton and Campbell counties are short about 65,000 affordable and income-fair housing units.
Given the expected growth over the next ten years, an additional 6,054 new homes will need to be built in the three counties by the end of 2028 to maintain the current housing shortage.
Less affordable housing means fewer workers. Fewer workers could discourage new businesses from locating in the area and could cause already established businesses to fail, the report said.
The Enquirer analyzed trends in Boone, Kenton and Campbell counties. Although some data points were scattered throughout each county, we can report some general findings.
To read the full housing study, click here.
The poorest households have almost no rental options
In Boone, Kenton and Campbell counties, there are hundreds or thousands of households earning less than $15,000 a year. Northern Kentuckians whose income falls into this category can afford, at most, $313 a month in rent.
There are only nine affordable one-bedroom rental units in this price range.
Affordability is calculated at around 25% of household income. Normally it is calculated at 30% of income, but the report took into account the additional cost of utilities.
Here you can see how many rental apartments are needed for the poorest people in each county:
The wealthiest people want bigger houses. There is a shortage.
In all three districts, the housing shortage among the wealthiest households is worsening again.
Data shows that households with annual incomes of $200,000 or more want larger homes with at least four bedrooms.
This is what the requirement looks like:
Smaller apartments are in high demand, but there are not enough of them
In Northern Kentucky, households have been shrinking over the past 50 years, creating a market for smaller homes.
While there is an oversupply of larger apartments in some income classes, there are not enough affordable smaller apartments available for most people.
This is the largest housing shortage in Boone, Kenton and Campbell counties.
Here’s how many one- and two-bedroom rental apartments are needed in each county for households with annual incomes of less than $75,000:
The housing shortage could worsen if not …
The population of Northern Kentucky is expected to continue growing through 2033.
During this period, Boone County is expected to add over 8,100 new households. Kenton County will add 3,500. Campbell County will likely add another 1,200.
Not all of these households will need a new home, the report says. For example, people move, die, inherit homes and have different housing needs over time.
Under these circumstances, the three districts will need a total of 6,054 new housing units over the next five years to prevent the housing shortage from worsening.
It should be noted that this is the total number of new homes needed to address the current housing shortage and does not meet the existing need.
Here’s a breakdown of how many rental and condo units need to be built in each of the districts to avert a housing crisis:
So there isn’t enough affordable housing for everyone else. What now?
The NKADD housing report includes nearly 300 pages of data and maps that provide an overview of Northern Kentucky’s housing shortage, but also proposes micro and macro solutions.
Here are some measures the report says could help alleviate Northern Kentucky’s housing shortage:
- Reserve public land for affordable housing.
- Offer tax credits to people earning less than 60% of the area median income (under certain conditions).
- Offer tax reductions or exemptions to encourage the construction of affordable housing.
- Allow additional dwelling units (such as an apartment above a garage or in a basement) by law.
- Allow inclusive zoning and development incentives. (For example, a developer building an apartment complex and offering 10% of the units at affordable prices rather than market rate would receive a development incentive, such as flexible zoning or design standards.)
How to participate in the meetings
The housing report sought feedback from the public, but community leaders want to continue to hear from people about their experiences with the housing market in Northern Kentucky.
The next meetings are as follows:
• Aug. 22, 6:00-7:30 p.m., at the Independence Senior and Community Center, 2001 Jack Woods Parkway in Independence.
• Aug. 27, 4-6 p.m., at Erlanger Baptist Church, 116 Commonwealth Ave. in Erlanger.
• September 5, 5:00-6:30 p.m., at the Pendleton County Public Library, 801 Robbins Ave. in Falmouth.
Jolene Almendarez covers Northern Kentucky issues. You can email her at [email protected] and follow her in threads at @jalmendarez57.
