BDASI Housing Report 2021 - Page 27

SCOTT COUNTY & MUNICIPALITY HOUSING SUMMARY

Scott County is the hidden gem of our 5-County Jurisdiction , Scott County is conveniently located with just a short 30 minute commute from Downtown Louisville , Kentucky . Scott County has seen a small decrease in population over the last 10 years , losing just over 300 people for a 1.3 % decrease . As stated previously in this report , the motivating force of movement out of the county is the mass migration further south due to the plentiful employment opportunities at the River Ridge Commerce Center and surrounding areas .
Another factor hurting the migration out of Scott County is the lack of diversity in regard to existing and new housing stock . As you can see from the data of the other four counties in our region the average existing and new home price has risen tremendously over the last 10 years , contrary to Scott County ’ s housing options . On the surface this might seem to be a positive in regard to “ affordable housing ” but in actuality , in order to maintain this “ affordable housing ,” the County and the municipalities have sacrificed lot size and average square footage of these new and existing homes in order to keep those price points down . Due to inflation , construction costs have wavered over $ 170 per square foot for new home construction . Other communities have absorbed those costs within the new home prices and kept lot sizes and the average footprint of the homes consistent ; Scott County and their municipalities however , have sacrificed the lot sizes and footprint of those homes in order to keep housing “ affordable ”.
Simply put , the average cost of a 2,500 square foot home in Scott County in 2010 would have been around $ 187,500 or $ 70 per square foot , however , in today ’ s standards of $ 170 per square foot , the same home would cost $ 425,000 . The push for Scott County and the municipalities has been to maintain the price , but sacrifice the footprint , otherwise instead of attracting the same home , the municipalities and the County have decided to push for a $ 187,500 home at a footprint of 1,100 square foot . The building of smaller homes with similar price points have significantly affected the County and municipal recruiting efforts by not allowing to display a diverse housing stock for those residents looking to call Scott County home .
It is our belief that Scott County has done a great job of pursuing transportation and connectivity projects . Through Community Crossings funding and a significant emphasis from all local governments in Scott County to improve the quality of life and transportation conduits of the community , Scott County now sits in a prime position to welcome in many new residents into the community . The strategic push for Scott County at this point should be to incentivize and collaborate with builders and developers by targeting the River Ridge employees and urban dwellers looking for more land to grow on at an attractive price point .
As stated before , Scott County has been focused on keeping the price tag low at the expense of diversifying the new housing stock in order to retain growing residents and attract new residents . Scott County cannot be in a position in 10 years in which they have exported more people than they imported . The growth that is surrounding Scott County and their municipalities is much too rapid for the community to make a mistake of not opening their arms wide enough to welcome in a diverse group of new residents that can only improve the future of Scott County for years to come .
SUMMER 2021 RESIDENTAIL HOUSING & DATA REPORT 25