Dayton, Ohio—The Miami Valley Non-profit Housing Collaborative has released a comprehensive assessment of housing needs in Dayton and Montgomery County. The Collaborative hopes the Assessment helps inform federal, state and local spending on housing as well as housing policy.
The Collaborative hired Columbus-based Bowen National Research to conduct a Housing and Community Needs Assessment for Dayton and Montgomery County. Bowen conducts real estate market analysis on a variety of housing and commercial development alternatives throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam, ranging from site-specific market feasibility studies to community-wide needs assessments.
Bowen’s report provides government entities, area housing professionals, and other interested stakeholders with a base of knowledge to make informed strategic decisions on housing priorities and plans. The Housing and Community Needs Assessment includes a demographic analysis, economic trend analysis, housing supply analysis and a housing market condition analysis. The housing analysis includes multifamily rental housing, non-conventional rentals, and for-sale housing, as well as a review of the development pipeline. Bowen contacted local stakeholders for input, including housing authority representatives, government officials, economic development professionals realtor associations, neighborhood organizations, rental property managers, real estate agents, social service providers and local housing developers.
Highlights of the Housing and Community Needs Assessment include:
Despite the ongoing decline in overall demographic trends, the markethas a large portion of its households that are housing cost burdened (paying in excess of30% of their income toward housing costs), with 37,187 (42.5%) renter households and 25,139 (18.4%) of owner households living in such housing situations.
Mirroring national trends, both Dayton and the balance of Montgomery County are expected to experience notable growth among aging millennials (ages 35 to 44) and seniors (ages 65 and older) between 2021 and 2026. This expected growth will drive the demand for more maintenance-free housing such as apartments and condominiums, amenity-rich projects and product that enable seniors to downsize and millennials to raise growing families.
The preservation of and addition to the affordable rental housing market will be critical to the health of the local housing market.
With just 203 vacant units among the entire surveyed inventory of apartments in Montgomery County, there are limited choices available to households seeking a multifamily rental. As a result, many area residents must seek alternatives such as renting a unit that is beyond their financial means, living in substandard housing, or forced to move outside the county.
The available for-sale supply represents availability rates of 0.6% in the PSA (Dayton) and 0.4% in the SSA(Balance of County), both well below the normally healthy rates of 2.0% to 3.0%.
Overall, there is a housing need for over 3,800 additional rental units in the City over the next five years.
The Miami Valley Non-profit Housing Collaborative is a group of organizations dedicated to working together and with partners to achieve the most impactful housing development and rehab planning, programs and policies for the Dayton area. Member organizations have a combined 200+ years of experience creating and implementing housing solutions, and serving people with middle and low incomes; people with disabilities; families and individuals; veterans; housing for the re-entry population; children and seniors; and the homeless. All member organizations have strategic programs focused on housing construction and/or rehab, including development of new and rehabbed single-family homes and multi-family apartment communities, home repairs, and weatherization programs. In addition to these programs, member organizations also manage related housing programs, including rental assistance, case management, outreach to the homeless, first-time homebuyer education, down-payment assistance, foreclosure prevention and reverse mortgage counseling, among others. Collaborative members includeCounty Corp, Greater Dayton Premiere Management, Habitat for Humanity of Greater Dayton, Miami Valley Community Action Partnership, Miami Valley Housing Opportunities, Rebuilding Together Dayton and St. Mary Development Corporation.