APPLETON, WI (WTAQ-WLUK) – A new study shows the housing shortage in Wisconsin is expected to get worse over the next decade.
The study by Forward Analytics says the state needs to build at least 140,000 housing units to keep up with those entering their working ages.
The city of Appleton is already finding ways to help fight the housing shortage in Wisconsin. Park Central will be one of the city’s newest apartment buildings downtown.
Corey Vanevenhoven, director of leasing and development, says it will consist of 39 residential units.
“It’s going to meet the need for a lot of people that want to live in the area.”
According to Forward Analytics, there are a few factors contributing to the shortage, such as a lack of land to build on.
“There isn’t a ton of space available, so there’s a lot of redevelopments taking place in the area,” said Vanevenhoven.
Plus a large portion of baby boomers retiring.
Director of Forward Analytics, Dale Knapp, says he expects them to stay in their homes for another 15 years or more.
“To solve all of our workforce problems and housing problems, we’re looking at needing to build somewhere in the range of 200,000 to 230,000 new housing units by 2030.”
Those numbers are for the state. For the city, Kara Homan, director of community and economic development, says Appleton conducted a similar study.
“It’s my understanding we have about 400 units either recently brought online or in queue with hopefully more to come.”
In the same 10-year period, the city needs about 3,000 new units.
“Accommodating housing in a downtown is really filling that niche for what the workforce, as well as recent retirees and soon-to-be retirees, are looking for,” said Homan.
According to the 2016 market analysis done for the city, 52% of those surveyed said they would consider living downtown.
Now, the housing unit demand for downtown ranges from 750 to 800 units between 2020 and 2030.
“They’re looking for an active lifestyle; they’re looking for things to do during the day, after hours,” said Homan.
Affordable housing will also be more challenging for young adults. Living in downtown areas can cost a bit more, which is why Vanevenhoven is also focusing on areas outside the downtown area.
“We’re working on Marathon Flats in Neenah, which will be a conversion of an office building into 55 and older independent living units,” said Vanevenhoven.
After the year 2030, some of the homes of older baby boomers will come back on the market. That number is expected to grow after 2040.
Click here to view Forward Analytics’ full study on the housing shortage.
