Housing Study & Utility Needs Analysis

Boone EDC released its 2024 Housing Study and Utility Needs Analysis, a key element of its 5-year strategic plan, supported by READI 1.0. Unveiled on January 23, 2024, the report highlights significant findings shaping Boone County’s future development.

Key Findings

Population Growth: Boone County has experienced a remarkable 51% population growth from 2000-2021, surging from 46,107 to 69,839 residents.

Income Trends: The county is attracting wealthier households from Marion County, boasting an average median household income of $94,843.

Housing Challenges: Newly built homes are increasing in size, posing challenges to housing attainability. Vacancy rates for multi-family rentals, particularly in Lebanon, remain critically low.

Housing Cost Burden: Despite the high median household income, 7,350 Boone County households are grappling with housing cost burdens.

Land Use and Zoning Policies: Current policies, coupled with community opposition, may restrict housing developments.

Infrastructure Challenges: Growth potential for Jamestown, Thorntown, Advance, and the Western Boone School District is limited by infrastructure capacity.

Future Projections: By 2050, Boone County’s forecasted population is estimated to reach 97,944, with a growth of 13,600 households. The LE/AP district is projected to add 15,600 households by 2050.

“This Housing Study and Utility Needs Analysis serves as a critical compass for the future of Boone County. As our community experiences unprecedented growth, understanding the dynamics of our housing landscape and infrastructure needs is paramount. This report not only unveils the challenges we face but also illuminates the pathways to sustainable and inclusive development. It is a blueprint for ensuring that Boone County continues to thrive, providing homes for all and fostering an environment conducive to economic prosperity and community well-being,” says Molly Whitehead, Executive Director, Boone EDC.

The comprehensive report, available through the Boone EDC, provides in-depth statistics, both current and projected, potential housing strategies, and utility needs for Boone County. It aims to guide the community in fulfilling current and future needs, fostering growth, and supporting economic development.

About READI 1.0

Launched by Gov. Holcomb and led by the Indiana Economic Development Corporation (IEDC), READI encourages regional collaboration and data-driven, long-term planning that will attract and retain talent in Indiana. The $500 million READI fund was passed by legislation during the 2021 session and was divided among 17 regions. Through READI, 17 regions across the state that represent all 92 counties are moving forward with projects and programs designed to enhance Indiana’s regions for current and future generations of Hoosiers. Collectively, the state’s $500 million investment is expected to yield an additional $9.86 billion public, private, and nonprofit dollars invested (19.72:1 investment leverage ratio) in enhancing Indiana’s quality of life, quality of place, and quality of opportunity.