BDASI Housing Report 2021 - Page 18

FLOYD COUNTY & MUNICIPALITY HOUSING SUMMARY

Floyd County , similar to Clark County , has seen growth over the last 10 years ; 5 % growth in Floyd County to be exact . While Clark County is growing rapidly with the expansion of River Ridge , Floyd County sits in a crossroads to this point . Floyd County is poised for exponential growth , if and only if , they can provide more diversity in regard to housing stock . In Floyd County , the median value of owner-occupied housing units currently sits at $ 171,400 . While this certainly is not a bad thing , having homes valued at higher prices creates a tremendous squeeze on fiscally challenged first-time homebuyers or financially locked retired couples looking to “ downsize ” in this area . Floyd County has a tremendous population of under 18 year olds making up almost 25 % of their entire population . This statistic hits directly on the previous point , if Floyd County enables growth strategically in which they target the “ firsttime homebuyer ” and “ downsizers ,” they can easily welcome in new residents and retain a majority of their existing residents .
The City of New Albany is the largest municipality in Floyd County . While New Albany has not seen quite the growth that the County has seen over the last 10 years , New Albany is still a growing community . New Albany has many different elements to take into account versus the County and their needs . With that said , New Albany has done a great job over the last 10 years at diversifying their housing stock . They have a fantastic blend of multi-family condos , townhomes , and apartments . Since their owner-occupied rate currently sits at 55 %, there should be a push for more single-family housing stock in the near future , as mid-60 % is the goal in most communities . The biggest challenge facing the City of New Albany for the years to come will be the constant push-pull of attracting new residents versus maintaining and strategically growing the sparse development land within the City limits . While managing the narrow lot availability , it is even more critical for the City of New Albany to narrow down their specified housing inventories and enable growth for the areas in which they are currently short of the mark .
Both New Albany and Floyd County have done a tremendous job of emphasizing the rehabilitation and beautification of their existing housing stock . This is a critical piece in attracting new residents , neighbors , and prospective home buyers . As competition continues to take place within our five-county jurisdiction , the City of New Albany and Floyd County must strategically grow and fill the voids where necessary . The BDASI will continue to support strategic initiatives leaders of Floyd County and the City of New Albany put forward .
16 BUILDING & DEVELOPMENT ASSOCIATION OF SOUTHERN INDIANA