The Columbus area needs to double home construction to meet demand over the next decade, which will accelerate with Intel, according to a new report.
"This confirmed our fears, that this problem would compound," said Jon Melchi, executive director of the builders' association."We need to continue to build more units because we’re seeing more continued growth throughout the region."Vogt Strategic Insights based its new forecast largely on job growth, which drives demand for housing. The researchers estimated that the 10-county Greater Columbus region will add 145,000 to 202,000 jobs over the next decade .
Home prices have already risen far faster than household income in Greater Columbus. The BIA study found that central Ohio home prices have risen about 10% a year over the past five years, while incomes have risen 2% to 3% a year., full-time workers in Ohio need to earn at least $17.05 an hour to afford a decent two-bedroom apartment in the state, and workers in Columbus and nearby Union County need to make at least $3 more per hour.
On the other end, researchers also forecast a shortage of higher-end homes. The report concluded that about 42,000 single-family homes will be needed for households earning more than $150,000 a year.
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