Survey suggests continuing housing demand

A new study suggests the Idaho Falls area will demand 2,789 new housing units to keep up with growth over the next 5 years.

Idaho Falls’ 2018 Housing Inventory Study looks at employment and income trends and analyzes current housing inventory. It also reviewed rental-occupied units, vacancy rates, and forecasting data.

According to the report, employment and median household income have been improving and there is a strong forecast for continued growth. By 2023, it says, an additional 2,789 housing units will be needed within Bonneville County to keep pace with growth. There are 39,937 units now.

“The City doesn’t directly invest in housing developments, but the findings will be used as a tool to better inform the conversations and influence discussions with those who do,” said Dana Briggs, Idaho Falls Economic Development Coordinator. “The intent is to share the findings with various community organizations and interested stakeholders to help the city be prepared to meet the demands of the future.”

Mayor Rebecca Casper said the data will help guide planning efforts to provide the right mix of housing for all income levels and lifestyles. “The current nationwide housing shortage has taught us that there is a direct correlation between available housing stock and economic prosperity. You cannot attract new industry and business if there is no place for employees to live,” said Casper.

The study indicates the total number of housing units in the region has been increasing, with fewer vacant units. Most of the new inventory being built has been for people wishing to own homes, however, a substantial number of apartment homes have been constructed as well.

The study was sponsored by the Greater Idaho Falls Association of Realtors, East Idaho Homebuilders Association and the City of Idaho Falls.