GOSHEN — Amid growing demand for homes – a sign of a stronger economy – Elkhart County is also facing a shortage in affordable housing.
Officials from the Elkhart County Board of Realtors met with local government officials and others involved in the home-buying process Thursday to talk about the issues impacting the housing market here.
The problem with lacking affordable housing in cities is that it limits potential growth as would-be homeowners look elsewhere, said Laura Coyne, community redevelopment program coordinator for Elkhart County.
It becomes an issue for cities like Elkhart, hoping to lure more young professionals via its 500 Families initiative.
“The chamber (of commerce) of Elkhart would say their concern is that (they) can’t guarantee housing to those 500 young professionals they are hoping to attract,” she said.
According to a 2015 study conducted by Indiana University’s Kelley School of Business, the state’s existing home market continued to go up in 2015. House prices continue to climb and the state’s foreclosure rate is still falling.
Buyer demand was so strong that 9,348 homes were purchased across Indiana in June this year, up from 9,080 in June 2015, which was the state’s second largest one-month sales tally in the previous 12 years. In Elkhart County, 206 homes were sold in June 2015 while 203 were sold in June this year.