Improving Housing and Home Ownership in New Albany

IMPROVING HOUSING AND HOME OWNERSHIP IN NEW ALBANY 

The City of New Albany is currently analyzing how best to improve housing options for everyone in New Albany. Recently, the City completed a housing study to learn more about the current housing stock in New Albany, as well as future projections and needs. The data showed a clear need for all types of housing in New Albany, including affordable housing and market-rate housing.

HOUSING STUDY PAINTS CLEAR PICTURE OF NEED

New Albany has a higher percentage of renters (43% of the population) than our neighbors (average 26% renter households). This data indicates that there is a clear need for additional, affordable homes for residents. Additionally, our historic housing stock throughout the city is older and could use some updates for safety and efficiency. The median age of structures within the City of New Albany is higher than that of both Floyd County and the state of Indiana.

The shortage of adequate housing is becoming a problem for our growth and safety. The need is clear, but the supply is not there to meet the demand. The mean selling price of single-family homes over the past five years has increased by 74.2%, and since 2015, New Albany has experienced a 28.1% increase in the total number of home sales.

The data shows that people are actively buying homes in New Albany, but the stock cannot keep up with the demand. The housing study demonstrates a large need for additional, affordable homes to be constructed in New Albany.

THE BUSINESS OF RESIDENCY

Cities across America are competing for residents. Over the past decade, the City of New Albany has focused to improve quality of life for all residents. We have invested to create a state-of-the-art parks system, the Ohio River Greenway and New Albany Shoreline expansion, and we have improved schools, sidewalks, and roadways.

People want to live in New Albany – they want to be near great parks, great schools, and great amenities – and now, we need to develop additional paths to residency and home ownership in New Albany.

Over 900 units are currently under construction throughout the city, from additional apartments to single-family homes and townhomes. Now, the City is currently planning to use American Rescue Plan funds to help foster additional growth, home ownership, and improving housing available for residents in New Albany.