The Boone County Economic Development Corporation announced the release of the 2024 Housing Study and utility Needs Analysis for Boone County that was developed in collaboration with Urban Partners and HWC Engineering.
The comprehensive report represents a milestone for the Boone EDC’s 5-year strategic plan that was made possible through READI 1.0. The report serves as a cornerstone for the future planning of Boone County by offering insights into the demographic and economic factors needed for sustainable development in the area.
Boone EDC released the key findings from the report under the topics of educational growth, demographic insights, household survival budgets, ALICE population, workforce dynamics, population growth and projections, housing stock needs and next steps and strategies.
For educational growth, the study indicates that significant educational achievement is present within Boone County with 58.5% of individuals above the age of 25 possessing an associate’s degree or higher. The study showed an increase from 46.7% in 2011.
For demographic insights, the study found that the largest age cohort of the county consisted of those aged 5 through 17, making up 19.7% of the population in Boone County. The study continued to showcase that the median household income in the county in 2021 stood at $94,843, which surpasses the state median income of $61,944.
For household survival budgets, the study alongside detailed analyses showed the income thresholds that are required for various households composed of differing numbers of residents and ages to afford the cost of living in the county, which Boone EDC stated helped shed light on financial challenges that may be faced by different demographics throughout the county.
For ALICE population, the report showcased that 22% of the households within the community might be considered ALICE households, which are households that are living above the federal poverty level who still may not be able to afford basic needs. The summary of the report stated “variations across communities underscore the need for targeted interventions.”
For workforce dynamics, the study found that with 75.9% of the workforce communiting outside of Boone County, a disparity between jobs and housing is prevalent. The report concluded that the transporation and warehousing sector dominates local employment, boasting a high percentage of 26.2% of all jobs within the county.
For population growth and projects, the study indicated that substantial growth of the population is prevalent in certain areas, especially Whitestown. According to the report, Whitestown has experienced a 308.8% increase in population from 2011 to 2021. As well, the report shows that projections suggest significant changes in age demographics by 2050, which re-introduced the focus on housing that may be needed in the county.
For housing stock needs, the study identified that 5,624 new housing units are likely needed by 2030 with 8,201 being required based on LEAP projections. The report placed a specific emphasis on the need for senior housing.
For next steps and strategies, the report outlined strategies to address the housing challenges that may continue to impact the Boone County community, which includes creating community support for diversified housing, reducing barriers for first-time homebuyers, expanding housing options for seniors and more. According to Boone EDC Executive Director Molly Whitehead, the report strategies will allow for the community to continue its focus on the necessary developments in the county.
“The release of the 2024 Housing Study and Utility Needs Analysis marks a significant milestone in our commitment to creating sustainable development and economic prosperity in Boone County,” Whitehead said. “With these insights, we are better equipped to address housing challenges and create vibrant, inclusive communities for all residents.”
A full report may be purchased through Boone EDC.