Binghamton, NY The Agency formally released the Broome County Housing Study, an analysis of the supply and demand for single-family housing, market rate rental housing and off-campus student housing in Broome County.
The study was commissioned by The Agency in September 2017. The purpose of the study is to provide comprehensive data on the factors driving demand for new housing; issues related to the inventory and condition of existing housing and to inform the efforts of the Broome County Workforce and Talent Attraction Strategic Plan, a three-year plan to fill job vacancies and improve the skill level of Broome’s workforce.
With the exception of the town of Vestal, which has remained flat, there has been an average population decrease of 3% among the remaining municipalities since 2010. However, the pace of single-family home sales in 2017 was robust. The increasing volume of sales among all consumer groups during the past four years has resulted in low inventory. In addition, there has been an increased demand for market rate rentals, as evidenced by a number of both large and small housing projects planned or currently underway.
“This housing study is an important piece of the economic development puzzle,” said Kevin McLaughlin, executive director of The Agency. “Ensuring that we have an adequate supply of housing in proximity to employment, public transportation and schools is essential to attracting companies and employees to Broome County.”
McLaughlin added that information provided in the study will also help inform Board decisions on housing projects that come before them for Agency benefits. “We see a number of housing projects come before the Board for tax incentives. While we continue to encourage developers to rehabilitate and construct new housing developments, this study will keep us apprised of the most up-to-date data.”
The Agency says it plans to work with the Greater Binghamton Board of Realtors and the developer community to keep data up-to-date on an annual basis.