Report finds Lexington will need 22,000 additional housing units in next 10 years

Commissioned by Fayette County Housing Demand

LEXINGTON, Ky. (March 16, 2017) — A new report released today says that Lexington needs an additional 22,000 housing units in the next 10 years.

The Fayette County Housing Demand study was commissioned by the Fayette Urban County Government, the Lexington Downtown Development Authority and a group of Lexington stakeholders including the Building Industry Association of Central Kentucky.

Study details:

• 2016 Fayette County Housing Demand Study identifies mid-term (10- year) housing demand in the county to ensure Lexington’s housing market matches the needs of current and future residents.
• Affordable housing options are key for the county’s continued growth and to attract and keep new residents.
• Forecasted growth calls for 22,780 new housing units by 2025 including 15,160 units of single-family housing, 7,300 in multi-family buildings with the remainder as rental housing.
• Found an unmet gap of 6,000 affordable rental units and further identified likely loss of 4,000 currently affordable rental units due to rent acceleration