Next steps after Boone County housing study to be discussed at housing summit next week

BOONE COUNTY, Mo. (KMIZ)

A 2024 housing study released Thursday by Boone County and the City of Columbia shows 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 across all income levels.

"It's not just about low-income families," said Boone County Community Services Deputy Director Kristin Cummins. "We're thinking about middle-income families, too, that are struggling ... they're smaller families or they are first-time home buyers."

The study shows 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.

"The cost of housing is just so high that it's limiting folks from being able to purchase a house and even just be within that range of not being cost-burden, whether that's rent or their mortgage payments," Cummins said.

Recommendations for the county now 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.

Cummins said the county does not yet have a specific timeline for when any recommendations will be put in place.

"We know that it's a really complex issue and there's a lot of moving pieces," Cummins said. "I think, really kind of diving into the findings of the study and the recommendations and outlining what are some low-hanging fruit, as well as some things that need to be addressed long-term."

The study was done in partnership with the City of Columbia, and Cummins said its findings and next steps will be discussed in-depth at a housing summit on Oct. 24.

"Probably some of the most tangible things that we can do next is really breaking down the study and seeing how we can work together to make change in our community," Cummins said.

Columbia's Housing and Neighborhood Services Director Becky Thompson said it is helpful to have all of this information now in one place.

"I think having all of this information in one place to digest is going to be just a good resource for all of us to be able to have and to be reading the same thing and then just to be able to have those conversations together, both with community members and with the county," Thompson said.

Cummins said her office wants this to be a community-led process.

"The study wasn't just created to sit on a shelf," Cummins said. "It is going to be used with the workers for the Boone County Upward Mobility Action Plan."

The housing summit is taking place Oct. 24 at Memorial Baptist Church located at 1634 Paris Road. The main session will take place from 8:30 a.m. to 5 p.m., with a recap session taking place that evening from 6-7:30 p.m.

Any community members interested in attending the day session will need to register by Friday.

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 said feedback shows people prefer to focus this growth within existing city boundaries.