Study: Lexington needs over 22K housing units by 2025

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Affordable Housing
Courtesy: MGN Online

LEXINGTON, Ky. (WTVQ) – A study commissioned by the Fayette Urban County Government, the Lexington Downtown Development Authority, and a group of Lexington stakeholders says that the city will need over 22,000 housing units in the next ten years to meet demand.

The Fayette Housing Demand Study identifies demand in the county to ensure Lexington’s housing market matches the needs of current and future residents.

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The study stresses the importance of affordable housing as a key for the county’s continued growth, and the attraction and retention of new residents.

Forecasted growth in Lexington calls for 22,780 new housing units by 2025, including 15,160 unity of single-family housing, 7,300 in multi-family buildings, with the remainder as rental housing.

The study also found an unmet gap of 6,000 affordable rental units, and further identified the likely loss of 4,000 currently affordable rental units due to rent acceleration.