Housing study: Vermillion needs 380 new dwellings in next 10 years by David Lias To meet its housing needs in the next decade, Vermillion will need to construct nearly 400 new housing units.
That's according to a housing analysis conducted in Vermillion by Maxfield Research, Inc.
The firm was commissioned by the Vermillion Development Company and the city to study recent population and housing trends so that officials may know what to expect in the future.
"Household growth, in the next 10 years, we project, will be about 380 households," said Jay Thompson, a senior market analysis with Maxfield Research, Inc.
That figure is based on demand generated from household growth and replacement need.
The study notes that in order for Vermillion to realize this growth, a variety of housing options, both rental and ownership, at a range of prices will need to be developed.
After surveying demographic and market trends, the research firm has concluded that 60 to 65 percent of housing demand over the next five years will be for owned housing. That equals from 110 to 130 units.
The remaining 35 to 40 percent of the housing demand, or 70 to 80 units, will be for rental housing.
Under the owner-occupied housing category, researchers believe Vermillion will need from 45 to 65 new single-family entry level homes priced below $175,000, and from 35 to 45 more expensive "move-up" homes priced above $175,000.
The study also identifies the need to construct five townhomes priced around $115,000, and five additional townhomes priced around $145,000 for first time homebuyers.
To meet the demand of empty-nesters � persons who sell their homes after their families have grown and moved away � the researchers suggest constructing 15 townhomes in the $145,000 price range, and 20 additional townhomes in the $165,000 price range.
To meet the needs of Vermillion's older citizens, Maxfield Research believes independent and assistant-living apartments are most appropriate.
Researchers suggest 35 to 45 new independent senior apartments be built, with monthly rental rates of $700 to $975.
The city should add 16 to 20 new assisted living units, with estimated monthly costs ranging from $1,600 to $1,700.
In the category of general occupancy rental housing, the researchers suggest that there is a need for 15 to 20 new townhomes, with monthly rental rates of $725 to $850.
Vermillion added about 130 single family homes and 215 rental units to its housing stock between 1990 and 2001.
The new rental units include 91 general occupancy, 108 subsidized general occupancy, 23 senior market and 42 senior subsidized units.