Household numbers to rise as median household incomes to rise by 11.3 percent

This article is part of a larger series that will break up the data provided in the study into smaller sections, putting their impact into context of the multiple forces at work when it comes to the Franklin County housing market. For context, this story reviews the demographics of the Franklin County population. Future articles will breakdown the numbers in this story further for understanding.

The Franklin County Comprehensive Housing Needs Analysis study came to the conclusion that over 600 units of housing, either from rental, senior or market-owned will be needed through 2025 to both handle current market pressure and withstand future trends. The county’s current vacancy rate for rental properties is between 2.3 and 3.6. Acceptable rates for optimum market performance are at five percent. These numbers also indicated that there is little to no availability of rental properties for anyone in the county to move into immediately, whether from out of the county or those perhaps wishing to move out of their parents’ homes.

The county’s senior housing vacancy rate is at a healthy market level, between six and seven percent, however many in the county are at an age to which they can enter senior housing but have not, yet.

Read the full article in the June 22 edition of the papers.