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Housing crisis deepens as new home prices soar

September 04, 2024 | Clay County, Missouri


This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »

Housing crisis deepens as new home prices soar
During a recent government meeting, Dan Hartman from the Kansas City Home Builders Association presented critical statistics highlighting the ongoing housing crisis in the Kansas City metro area. Hartman emphasized the growing disparity between home prices and household incomes, revealing that the median new home sales price has surged from $406,503 in 2021 to $503,270 in 2023. This increase necessitates a household income of $160,687, leaving 77% of the 924,000 households in the area unable to meet the income qualification for new homes.

Hartman pointed out that over the past 15 years, the region has fallen short by 24,000 homes, exacerbating the housing shortage. He argued that while there is no single solution to this issue, the proposed development of 41 homes in a new subdivision could be a step towards addressing the gap. He also highlighted the significant economic impact of new home construction, estimating that each home contributes approximately $83,800 to the local economy, with nearly half of that stemming from the construction process alone.

The meeting also touched on procedural matters regarding septic system approvals. A board member raised concerns about the necessity of obtaining dual approvals from both the Clay County Health Department and the Missouri Department of Natural Resources (MDNR) for septic systems, clarifying that this is standard procedure for such developments.

The discussions underscored the urgent need for affordable housing solutions in the Kansas City area, as well as the procedural complexities developers face in bringing new projects to fruition.

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Scribe from Workplace AI
Scribe from Workplace AI