MIBOR REALTOR® ASSOCIATION AND THE BUILDERS ASSOCIATION OF GREATER INDIANAPOLIS UNVEIL KEY FINDINGS FROM TWO REGION-WIDE STUDIES
INDIANAPOLIS — Hundreds of real estate professionals, community leaders and housing industry stakeholders assembled today to discuss opportunities for the region at the 2018 Housing Summit.
Presented by the MIBOR REALTOR® Association (MIBOR) and the Builders Association of Greater Indianapolis (BAGI), this year's summit, There's No Place Like Home: Strengthening Our Communities for the Future, was convened to emphasize key findings from two region-wide studies on housing and community preference. Key stakeholders were also gathered to help elevate the conversation on what is needed to impact obstacles and challenges our municipalities face across the region and harness the opportunities these studies have identified.
This year, MIBOR and BAGI revealed findings from two region-wide studies; Coming Up Short: Housing the Region's Future Workforce and the Central Indiana: 2018 Community Preference Survey.
Coming Up Short: Housing the Region's Future Workforce
Conducted by Greenstreet Ltd., this study dives into the components of a healthy housing market and where central Indiana stands. Key findings from this study show:
- A healthy housing market must address supply and demand - that meets the price points and product types that residents desire.
- Our region is underbuilding by nearly 2,000 housing units per year.
- While household makeup has changed significantly over time, we are still building a majority of homes for the household of the past.
- Efficient neighborhoods produce cost savings for municipalities and increased revenue, along with meeting resident's interests in more walkability.
Central Indiana: Community Preference Survey
Conducted by American Strategies, this survey gives understanding to the preferences of homebuyers in central Indiana. Key findings from the survey show:
- The top four factors in choosing a home are (in order of preference); public safety, affordability, availability of doctors/hospitals and high quality schools.
- 90% of respondents desire homeownership.
- Community/Neighborhood amenities rank higher than housing when it comes to choosing a place to live.
- Top three obstacles that make buying a home too difficult/expensive include; too much debt, working full-time but not making enough to afford a home, and down payment/closing costs.
Participants included; MIBOR REALTOR® Association (MIBOR) CEO, Shelley Specchio and MIBOR President, Lynn Wheeler; The Builders Association of Greater Indianapolis (BAGI) CEO, Steve Lains; Greenstreet Ltd. Managing Principal, Jeff Kingsbury and Senior Associate, Katie Wertz; President of American Strategies, Joe Goode; Indiana University Public Policy Institute Senior Policy Analyst, Drew Klacik; The Indianapolis Metropolitan Planning Organization Executive Director, Anna Gremling and Deputy Director Sean Northup; MIBOR Research Analyst, Brad Coffing; and BAGI Director of Government Affairs, Kate Collins.
“Discussions like these are critical to the local housing market’s long-term viability,” said Shelley Specchio, CEO of MIBOR. “Our goal is to inform REALTORS® and community stakeholders on what defines a healthy housing market and where our challenges and opportunities exist. We also aim to elevate the conversation and work to ensure central Indiana is moving in the right direction. This means we need to plan efficiently for our future workforce and the growth of our communities. These two studies were commissioned to give us a better understanding of the needs of our future housing market. Now we must be intentional in taking that knowledge to advocate for solutions that lead to our best future.”
“These important studies demonstrate the impact of demographics, infrastructure, and community funding on housing,” said Steve Lains, CEO of BAGI. “REALTORS®, builders, developers, and community leaders must recognize changes in the decades-old thoughts on zoning and work together to adapt products, ordinances and regulations.”
For more information and to download the two studies, visit www.mibor.com/research.
This information has been provided by MIBOR REALTOR® Association (formerly named the Metropolitan Indianapolis Board of REALTORS®), the professional association representing central Indiana's REALTORS®. MIBOR serves the needs of over 8,000 members in Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, and Shelby counties. MIBOR also supplies the BLC® service to REALTORS® in Bartholomew, Jennings, and Putnam counties. MIBOR’s archive of housing data can be found at www.mibor.com.
The Builders Association of Greater Indianapolis is a professional trade association representing residential homebuilders, associates and remodelers.