As new developments pop up like mushrooms across southeastern Ohio and throughout Northern Kentucky, we can’t help wondering: Where are all the buyers coming from?
While so many in the region still struggle to afford a starter home, thousands of new homes are going up throughout the region. The economics don’t seem to make sense.
As we drive by the nine new developments now underway in formerly sleepy, semi-rural Sunbury, Ohio, about a half-hour north of Columbus, we wonder:
- Who are these new buyers? Are they relocating from other areas, or is there a new demographic entering the market?
- Where is the money coming from? With high interest rates and a rising cost of living, how are people financing these new purchases?
- What is the long-term impact on affordability? Will this influx of new housing ease prices, or will it only exacerbate the affordability crisis?
- Will it be hard to keep these homes occupied over the long term? Have you seen China’s ghost cities of empty new development? What happens to developments when owners can no longer afford to keep them up?
Let’s discuss! What are your thoughts on the surge of new construction and its impact on the housing market in our region? What’s happening in your community?
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