HOUSING MARKET REVIEW

With the population of Indianola projected to continue increasing and a larger percentage of the population being under 40, there is room to expand the multi-family housing market in Indianola. Nationally, prices are continuing to rise and if Indianola hopes to be an attractive location for new graduates and young families, then it needs to be able to accomodate those buyers and renters by providing more affordable housing options.

The current population and projected population of Indianola has a large percentage of residents between the ages of 20 - 34. This demographic looks to enter the housing market at a lower price point. In order to provide accessible housing opportunities, multi-family units, whether attached or detached are a more affordable alternative to single-family detached homes.

According to the 2020 Comprehensive Plan, 23% of housing was attributed to multi-family units in Indianola in 2017. When looking at the Census data for 2020, that number has now increased to 28% and is expected to continue growing as single-family detached units continue to increase in price. These numbers show that there is a growing need for Multi-Family housing in Indianola. When at 23% there was a need for 1,161 Multi-Family units, but with a 5% increase, there is now a need for 1,414 units by 2040. The number of needed units will increase if this percentage continues to increase over the years.