April housing study reveals potential growth for Grant County

In April of 2024, the Grant County Economic Growth Council partnered with the county and municipalities to commission a housing study regarding the citizens of Grant County. Zimmerman/Volk Associates Inc. helped conduct this study by looking at four locations in the county: The Cascades, Gas City Apartments, Farmington Trace and a site in the north of Gas City. 

Over 36 years, Zimmerman/Volk have conducted similar studies to this one in 47 different states using the same methodology to yield results. When applied to Grant County, Zimmerman/Volk concluded that over the next five years, 20% to 25% of people interested in buying apartments or townhouses will do so each year and that 10% to 15% of potential buyers will purchase regular homes each year. 

Zimmerman/Volk said in the study that “Over five years, between 1,705 and 2,235 new affordable, workforce and market-rate housing units could be absorbed in Grant County.”

The Data

This study used three major people groups as data sets: Empty Nesters/Retirees, Traditional/Non-Traditional Families and Younger Singles/Couples. 

Zimmerman/Volk also looked at three major types of homes that these people groups might be interested in buying or renting: multi-family homes (apartments or townhouses), single-family attached homes (duplexes) and single-family detached homes (traditional houses). 

Finally, the study looked at the Annual Median Income (AMI) of the participants in the Grant County study to determine how much money each group makes and how different AMI impacts the purchase of different types of homes. The median income for a four person home in Grant County as of 2023 is $71,100. 

Of the potential families moving to Grant County over the next five years, most are above 100% AMI, but the next highest group ranks at below 30% AMI.

Most of the Zimmerman Volk study focuses on people currently living in Grant County who are/could be looking for housing options. 

Demographics

Young couples/singles make up the highest percentage of people groups looking for housing in Grant County at 36.4% looking for diverse housing options. 

Traditional/non-traditional families are the second highest group at 33.4% of the population.

And empty nesters/retirees are the smallest population group looking for housing in Grant County at 30.2%. 

All three of these groups have on average above 100% Area Median Income (AMI) when looking for housing options.

These surveyed groups reveal that empty-nesters/retirees and traditional/non-traditional families tended to prefer the single-family detached home style. Young singles and couples, however leaned more toward the multi-family homes and single-family attached homes. 

The study also showed that more of these young couples prefer locations with high walkability scores, which are lacking in Grant County, especially compared to neighboring communities like those in Kokomo or Muncie. A good Walk Score of 70 or above indicates that most errands can be done by foot and scores under 50 almost always need a car. 

In Grant County, only one rental property, one condo and one house achieved a Walk Score of 70 or above, indicating that most housing options in the area are not very walkable.

Gas City housing locations

As of April of 2024, three locations in Gas City have been marked for new housing/apartment development. 

Gas City Apartments will hold a 120-unit rental townhouse development on the far east side of Gas City with apartments of varying bed/bath sizes. 

On the northeast side of Gas City, location is planned for a 42-unit single-family development called Farmington Trace with three bed/two and a half bath units to four bed/three bath units. 

And North of Gas City has the biggest and most diverse new housing developments with a 190-acre parcel of land planned for rental apartments, multi-family condos and single-family attached and detached units. 

In each of these proposed housing units, the smaller the resident is, the higher the cost per square foot is. 

According to the Zimmerman/Volk study, households with incomes at or above 60% of Area Median Income (AMI) can afford new rental housing, and households with incomes at or above 80% of AMI can afford for-sale housing units. Households at or above 100% AMI can afford newly-constructed homes. 

2,101 total households have the financial capacity for new housing development in Grant County. 

The study indicates that the housing stock is currently limited to mostly single family homes and could be improved by adding some more multi-family homes. 

Conclusion

Grant County, Indiana has exceptional potential for growth in housing development over the next five years. Currently, young couples/singles are the largest population group in Grant County who are expected to begin looking for homes. 

Gas City has several housing development plans for multi-family and single-family options currently in progress. 

Most of the population of Grant County can afford to either rent or buy these homes because they have an AMI at 60% or higher, with most households making 100% or higher of the Average Median Income of $71,100. 

Despite the county’s low walkability score, over 2,000 homes have the possibility of joining Grant County.