Wendy Smith with the KHC says a study it commissioned found that Kentucky's housing supply was more than 204,000 units below where it needed to be in 2024. And "if construction levels stay on trend, given our economic growth, given our household trends in migration, out migration, that's expected to grow to 287,000 units by 2029."
Smith says Kentucky's housing construction rate has never fully recovered from the Great Recession 17 years ago, despite growing populations. And a number of market dynamics—ranging from rising material costs to pricing outpacing income—are creating a number of unsustainable trends.
"Kentuckians are spending too much of their monthly income on housing costs. We have lower homeownership rates, too little workforce housing, increased household instability, as evidenced by evictions, and then more homeless Kentuckians," Smith reported.
The housing data were shared as part of the first meeting of the housing task force this year in Frankfort following a legislative session that saw relatively little action on the issue.