Workforce housing was identified as in high demand in the Lake of the Ozarks Regional Economic Development Council's (LOREDC) now-completed housing study.
Other common themes listed at last week's two community meetings with the LOREDC and its contracted consultant, RDG Planning & Design, include infrastructure and construction costs, lot availability, rental or transitional housing, housing quality, and slow construction and builder capacity.
The 172-page document for the study will be available to the public next week on the LOREDC's website.
Amy Haase, senior partner at RDG Planning & Design and housing study project coordinator, shared highlights from the document, including the common themes found during a comprehensive public engagement process in Camden, Miller, Morgan and Laclede counties, market analysis derived from census information and local resources, strategic housing goals to meet population growth and subsequent housing needs, along with ways the Lake of the Ozarks region can move forward to expand better housing products.
"Now having this study completed, we will review it in LOREDC. Then we will reach out into the community to get things implemented," said Tim Jacobsen, LOREDC president and Lake of the Ozarks Convention & Visitor Bureau executive director. "We don't expect the community to fund this type of study and then put it on a credenza. We will be working through LOREDC to take some action steps and implement the study throughout the community."
Research on housing needs
LOREDC and more than 30 supportive businesses and organizations gathered approximately $40,000 to contract and conduct the housing study, which began earlier this year.
From RDG's research, Haase explained more people are employed in the Lake region but live outside of the area. According to the U.S. Census Bureau, 8,081 individuals followed that description in 2014, compared to 6,767 individuals in 2010. Also, 13,317 individuals lived in the area but worked outside of it, which also increased from 2010. The amount of individuals who were employed and lived in the area remained about the same in 2014 at 15,966 compared to 15,953 in 2010.
"For those working the area, we need to figure out how to bring them closer and live in the area where their jobs are and ultimately elevate their quality of life," she said.
Haase also revealed information about the median value to income ratio, explaining the basic rule of thumb of 2.5 times a household's income is considered affordable housing for that family. In addition, the U.S. government defines affordable housing as anything less than 30 percent. So if a homeowner is paying more than 30 percent of his or her household income, it is considered expensive housing.
Most of the areas immediately around the Lake - including Camdenton, Osage Beach, Lake Ozark and parts of the Westside - were rated 3.01 to 4.01 or more, which is slightly expensive to very unaffordable, according to Haase. Areas near Eldon, Versailles and outlining communities in the region were considered affordable, undervalued or very undervalued at three or less.
"Home values cannot get appraised at what it costs to construct," Haase said. "I can't build a house for $180,000 and get it appraised for $180,000 necessarily because the homes in that area don't justify that appraisal."
County challenges and opportunities were also included in the study highlights during the presentation; by county, some of that information includes:
Camden County: Challenges of workforce housing include affordable lot development and infrastructure costs and issues; opportunities include plenty of lot inventory, local support and growth opportunities.
Morgan County: Challenges included stagnant wages from previous economic issues and factories closing, unbalanced development and little construction off the lake; opportunities included growing demand of housing and development on the west side of the lake, regional growth opportunities, some of the most affordable lots, construction costs, and infrastructure availability to assist in needed workforce housing and other housing needs.
Miller County: Challenges include development focused around the lake, neighborhood reinvestment and infrastructure; opportunities include locations for affordable housing, strong communities with energy to move and encourage development, and well positioned as the "gateways to the lake" to provide housing for workers and others who want work and live in the area.
Haase also revealed the results of a community online survey during the project, with more than 580 responses. Results revealed residents felt there was enough empty nest housing to meet demands. However, they felt housing needs for single professionals, families with children and multi-generational families were not being met. In fact, multi-generational families, such as those with adult children still living at home or older parents living with adult children, showed the strongest need for housing at 65 percent.
Survey participants said mid-sized, three-bedroom homes and smaller two-bedroom and three-bedroom homes would be most successful in the Lake's housing market, both at 88 percent. Additionally, independent senior housing, apartments and townhomes were also at the top of the list.
Direction to fulfill housing needs
In moving forward, RDG Planning & Design said there are many programs and approaches to consider. However, the best ones will be ones take a regional approach, with communities working together, Haase said.
She revealed a six-point strategy plan, consisting of housing partnerships, financing mechanism, lot development, targeted programs, neighborhood and community reinvestment, and housing variety to help address housing needs and expand housing opportunities for those living in and wanting to move to the area.
RDG Planning & Design encouraged the region to develop partnerships with flexibility to address the specific and diverse housing needs. According to Haase, components of a housing partnership for the region should include: nonprofit housing developers, Lake of the Ozarks Local Council of Governments, cities and counties, LOREDC, builders and Realtors, and the financial community.
Bringing local lenders together to pool resources is also an option, Haase said.
"If there is a project that will take longer to absorb those lots or fund riskier behavior, for example purchase, rehab, resale programs where profits may not be as high, you are not asking one bank to take on the risk but spreading it around," she said.
Other aspects of the six components of the housing strategy provide ways to utilize TIFs, grants, deferred payments, special assistance programs, converted commercial structures or multi-use structures for housing, rent-to-own programs, development incentive programs, improved infrastructure and owner assistance programs.
View the LOREDC housing study report next week at loredc.com.