MINOT, N.D. (AP) - Minot needs more affordable housing, according to a study developed as part of the city’s National Disaster Resilience Program that found a sizable gap between the number of residents needing affordable housing and the number of such rental units that are available.
The study, conducted last year, found that Minot had more than 1,058 long-term affordable rental housing units and nearly 3,613 cost-burdened households paying more than 30 percent of income for rent, creating a gap of nearly 2,555 units, the Minot Daily News (https://bit.ly/2nEggaj) reported.
If more affordable rental housing isn’t developed, that gap will increase to more than 3,300 units by 2024, the study said.
The study also said the city’s senior population has declined, primarily due to housing costs, it’s expected to increase by 35 percent by 2029.
“The 2014 median income for Minot residents over the age of 65 is $36,046, and many are housing cost burdened,” the study said.
It concludes that vacancy rates in market-rate multi-family housing will decline and rents will normalize.
“Minot should continue to monitor housing conditions to ensure that areas where higher vacancies or abandonment occur are quickly identified and addressed using tools that are already available,” the study stated.
The study recommended that the city consider monitoring residential building permits, job growth, and other analytics. It also recommended that policies be developed that could help avoid overbuilding in future oil cycles.
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Information from: Minot Daily News, https://www.minotdailynews.com
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