Barren Inc has partnered with the Bowen International Research firm to complete a Housing Market Analysis for Barren County.
The approach for the analysis involved areas throughout Barren County and included the cities of Cave City, Glasgow, and Park City. The report provides Population & Household Characteristics, Economic Characteristics and Trends, Housing Supply Analysis including multifamily rental housing, non-conventional rentals, for-sale housing, senior care housing and development pipeline.
The Analysis addresses one of the main priorities as outlined in the City of Glasgow Strategic plan. Recommendations outlined in the strategic plan addressed include:
- Conducting an audit of existing housing inventory
- Identify abandoned, blighted, or dilapidated properties
- Evaluate demographic data to advise on what type and price range of housing is needed
- Identify possible incentives to encourage redevelopment of aging housing and other properties
“The information from the Housing Needs Analysis will enable the community to understand the greatest housing needs.” said Maureen Carpenter, President & CEO of Barren Inc. “The report provides an outline of various strategies related to policies, priorities, and incentives that will encourage and direct the development of different housing product types.”
Bowen International Research, established in 2010, employs over 25 people, all highly trained and experienced in real estate research and analysis. Bowen completes more than 500 studies each year for a variety of real estate development activities.
“Housing is critical to our economic development efforts” stated David Peterson, Chairman of the Economic Authority. “This report will help us to understand the big picture as we look at our holistic approach to growing the area.”
By accomplishing the study’s objectives, government officials, area stakeholders, and area employers can better understand the County’s evolving housing market, establish housing priorities, modify, or expand local housing policies and enhance and/or expand the County’s housing market to meet current and future demand.
The housing analysis demonstrates the opportunities that exist to address pent up demand for both market-rate rental units and for sale housing, primarily in the $150,000 - $300,000 range as well as future growth through 2026. The study also identified a growth in the demand for assisted living and nursing homes. For a copy of the full report visit https://www.barreninc.com/news--publications.html.
About the Barren County Economic Authority:
Established in 1984, the Barren County Economic Authority is the lead economic development organization in Barren County to attract new business and industry, retain and support existing business expansion and support infrastructure development that meets the needs of business and industry and advance the overall well-being of the community.
BCEA Investors in Economic Development: Champion: T.J. Regional Health Visionary: American Engineers, Inc. Advocates: Edmonton State Bank, German American Bank, Green Mechanical Construction, Inc., and Kelley Construction Inc. Supporters: Alliance Corporation, ATM Media Solutions, South Central Bank, The Murphy Construction Group, The Peoples Bank, and US Bank Contributor: Gray Construction/Gray Ohio Valley