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Friday, Jul. 10, 2009

UK study: Ample affordable housing in Lexington

A University of Kentucky study released Thursday suggests that Lexington has ample affordable housing. UK's Center for Business and Economic Research said a family making the average income of about $47,000 annually can afford nearly 44 percent of the homes on the market in the Lexington area.

"Lexington has a strong supply of affordable housing for its citizens from all walks of life," said Ken Troske, director of the center, in a statement announcing the study's results.

The study examined the availability of owner-occupied and rental housing in Fayette County from 1998 to 2007 and defines affordable housing as homes for which families would not spend more than 30 percent of their annual income.

The study also investigated the availability of low-income housing and said such housing is available, with the help of government subsidies, even for families with "very low incomes" — 30 percent of the median. The report suggests that additional programs to establish more affordable housing "would only supplant existing federal programs and would not affect the ability of low-income individuals to live in Fayette County."

The study, commissioned by the Home Builders Association of Lexington and the Lexington-Bluegrass Association of Realtors, also pinpointed affordability for certain professions and found that elementary school teachers, with an average salary of $44,000, can afford nearly 28 percent of the homes on the market.