Meeting began at 8:15 AM
Ended 9:10 AM
All Commissioners were present.
Presentation of Housing Demand Analysis for Southeastern Minnesota- Goodhue County
- Presentation was done via Zoom presented by Joe Hollman, Director of Research at Maxfield Research and Consulting.
- A great deal of statistical information was presented. This writer is focusing on Goodhue County and the key findings.
- The 2020 census for Goodhue County was 47,582 with 19,499 households. A solid population growth is projected across the region, with the largest growth in the age group of 75 + years from 2025 to 2035, with the workforce projected to increase by only 1.4%
- Housing is needed to support the workforce growth and retention.
- Senior Housing:1,103 units in Goodhue County. With the aging population projected to grow by 38%, housing options will be needed.
- Home -owner cost burdened are those that spend 30 to 50 % of their income on their homes is projected to increase by 8 %
- Renter households who are cost burdened will increase by 19 %, and severely cost burdened, those spending more than 50 % of income will increase by 44 %.
- Housing affordability based on income:
- Resale of homes in Goodhue county is 320k only 49 % can afford this.
- New construction is 400 k. Only 40% can afford this.
- Renters of FMR units cost $877.00 per month. Only 52% can afford this.
- New construction units cost $1,300 per month. Only 32% can afford this
Key Findings:
- Housing needs across the spectrum… Affordability pressures are significant.
- The growing need for ownership and rental opportunities should be priced to target the local workforce.
- Housing products targeted to older adults and seniors are needed.
- Ways to keep housing costs down should be explored.
- Discussion was held and questions were asked to clarify some of the data.
- Commissioner Brad Anderson asked very thoughtful questions about how the Commissioners can move forward with ideas regarding their role in the process and how to best consider the decisions they make with the future in mind.
