SPRINGDALE, Ark. — A new workforce housing center looking to address rising home prices in Northwest Arkansas launched Thursday (March 18).
The Northwest Arkansas Council will spearhead the project with support from the Walton Family Foundation.
“Teachers, firefighters, health care workers and other residents face increasing obstacles in finding housing at affordable rates relative to their incomes,” said Nelson Peacock, president and CEO of the Northwest Arkansas Council. “These barriers often prevent people from living in and contributing to the richness of the communities where they work. Ensuring our residents have quality, attainable homes must be a priority.”
Concerns over home availability stem from the rapid population growth predicted in Northwest Arkansas over the next 25 years. Homebuilders are not expected to be able to keep up with the population growth in the region. Over 80,000 families are expected to move to Northwest Arkansas' largest cities by 2040, according to a study funded by the Walton Foundation. Homebuilders, on average, are only building half of the needed homes each year to keep up with the rising population, the study finds.
Many Northwest Arkansas residents are choosing to live away from major metro areas due to lower housing costs in outlying areas. Though, savings on housing costs are offset by higher transportation costs and increased commute time.
The workforce housing center will work with community partners to develop a plan to address housing needs in the area. Their goal is to create housing options to support mixed-income neighborhoods for the region's workers and their families.
The cost of purchasing a home in Northwest Arkansas increased by 11% in 2020, averaging $293,403 in Benton County and $268,987 in Washington County, according to the University of Arkansas Center for Business and Economic Research Skyline Report.
You can keep up with the Northwest Arkansas Councils' efforts to improve housing affordability through the workforce housing center by visiting their website.