As the fastest growing community in Kentucky, Bowling Green is poised for a lot of big things in the next five years! We will also have opportunities along the way – housing being one of those greatest areas of opportunity for the community. The City of Bowling Green recently commissioned a comprehensive Housing Needs Assessment that serves as a roadmap for understanding the current and future housing needs of our community.
The full 300+ page report can be found here, but here are some of the highlights and key takeaways:
- Between 2010 and 2022, the number of households within Bowling Green increased by 4,807 (19.6%); Over the next five years, the number of households within the city is projected to increase by 1,375 (4.7%), nearly six times the growth rate projected for the state (0.8%).
- City projections for 2027 indicate the greatest growth of household heads by age will occur among those between the ages of 35 and 44, with notable growth to occur among seniors ages 65 and older.
- Over 40,000 individuals from surrounding areas commute into Bowling Green for employment, accounting for nearly three-fourths (73.0%) of the people employed in Bowling Green.
- 1,690 people (21.2%) who commute into the city for work drive more than 50 miles (one way) each day. Many of these long-distance commuters represent the most likely future residents of Bowling Green.
- Overall multi-family market occupancy levels in Bowling Green have increased significantly between 2019 and 2023 within the city, while county occupancy levels remain strong and stable. The City is at 96.9% Occupancy with the county at 97.6%.
- 23 (39%) of the 59 surveyed properties in Bowling Green maintain wait lists, with waits up to 24 months for Tax Credit rentals and up to 48 months for government-subsidized projects. Notable wait lists exist among many projects within the Balance of County.
- Bowling Green available for-sale housing inventory has decreased by nearly 50% since 2018, with product priced under $200k nearly non-existent.
- The largest number of available for-sale housing inventory was built since 2010. Most of this modern product is priced well over $350,000, making it unaffordable to lower and moderate-income households.
- Bowling Green’s available homes result in an overall availability rate of 0.8% (less than healthy rates of 2%-3%).
- The City of Bowling Green has an Overall Housing Gap of approximately 7,091 Residential Units while Warren County has a Total Housing Gap of 7,156 Units which equals a Total Gap in the Community of over 14,000+ Units.
Download full report here.