Boone County housing study results show affordability is most pressing issue
BOONE COUNTY, Mo. (KMIZ)
A 2024 housing study released Thursday by Boone County and the City of Columbia show the local market is plagued with high prices.
The study examines current housing trends, demands and disparities throughout Boone County. Residents also gave feedback at multiple meetings earlier this year.
According to the over 300-page document, the biggest issue for the city and county's housing stock centers on affordability.
"The most pressing issue is the lack of affordable housing across all income levels, particularly for low-income families, young adults and first-time homebuyers," the study states. It goes on to mention rent increases, rising construction costs and an overall shortage of homes are all contributing factors.
The median household income in Boone County in 2023 was $63,020, which was below both the state and national numbers. It is expected to increase to $73,501 by 2028.
The county has a poverty rate of 15.26% which the study states is higher than the state's rate of 12.72%.
Meanwhile, the study shows the median home value in Boone County is estimated at $296,787 in 2024 with an expected 21% increase in the next five years.
The median gross rent in Boone County is around $1,079 per month, which is higher than the state average.
To afford a 2-bedroom rental at fair market price on minimum wage, the study shows people in Boone County would need to be working 2.2 jobs. It shows Cole County and Callaway County both present more affordable options.
Recommendations include specific steps in the areas of development, preservation, empowerment and sustainability.
According to the study, development includes paving the way for new home building by using methods such as streamlining the review process, creating a local housing trust fund and using these study results to guide housing future development.
Preservation includes making sure affordable housing remains affordable and in good condition by using methods such as creating a housing inventory and participating in programs aimed at repairing and improving homes.
Empowerment includes making sure everyone has the opportunity to have a home in Boone County by creating rent-to-own programs, expanding homeowner education and using existing resources.
Sustainability includes making sure progress can happen by creating a land bank, conducting cost-benefit analyses and building more energy-efficient homes.
This all comes as Boone County's Master Plan projects around 37,000 new housing units will be needed in the county by 2050. The study says that feedback shows people prefer to focus this growth within existing city boundaries.
The study results will be presented at a housing summit on Oct. 24 at Memorial Baptist Church.
Check back for updates.
