One of the slides from the presentation by Patrick Bowen, showing the number of needed housing units in each county as a percentage of the existing housing units. (Kentucky Lantern photo by Liam Niemeyer).
LOUISVILLE — A leader of a national real estate research firm says if no action is taken over the next five years on Kentucky’s housing shortage, more Kentuckians could be forced to live in substandard housing, live with family or friends in crowded spaces, deal with severe housing costs or become homeless.
Patrick Bowen, the president of Ohio-based Bowen National Research which conducts housing market research across the country, presented findings Wednesday at an affordable housing conference. Bowen’s report is part of a housing gap study commissioned by the Kentucky Housing Corp., the state’s independent public corporation that invests in housing projects. It compared Kentucky’s current housing needs to projected needs in five years.
Kentucky currently needs about 206,000 housing units, including rentals and homes for sale. Without a push to build or repair more housing, that number is projected to increase by more than 80,000 by 2029 to 287,000-plus housing units, driven significantly by the need for lower-income rentals and higher-income homes for sale…