fix the housing crisis
ISSUE
read time | 4 mins
Midway has a housing problem. it’s time to talk about it.
Let me be honest, I don’t have a crystal ball on how to fix every issue in Midway, especially housing. There are a TON of different factors that come into play. I know folks in Midway don’t like to talk about housing and development. I also know that there is little appetite for development in Midway, but there are solutions. With my background in real estate, I understand the nuances of both sides. The fact of the matter is: housing prices in Midway are unaffordable for many. Since 2020, housing prices and rent have dramatically increased, and Midway was not immune to that. Many Midway residents were surprised to see an increase in the assessed value of their home, but those prices are the reality of this real estate market.
THE STATISTICS
Why do I say we have a housing crisis? Well, the data proves that homes and rent are unaffordable to the average person. The rule of thumb for buying a home: 3x your annual income. The rule of thumb for renting: 3x your monthly income. All of the information below is believed to be accurate as of 2024.
Median Yearly Household Income in Midway: $59,609
Median Yearly Individual Income in Midway: $35,104
Median Home Price in Midway: $358,347.059
Median Rental Price in Midway: $1,965/month
WHAT A SOLUTION LOOKS LIKE
The only way to fix the housing problem is by creating more housing units. It’s supply and demand. But change doesn’t have to be bad. If we slowly fix the problem and can work with people who share the same vision of keeping Midway, well, Midway, then we can create solutions that work for all.
We have a lot of “Missing Middle” housing. This can include, but is not limited to, townhouses, cottages (smaller single-family homes), starter homes, condos, and multi-family buildings. We need to diversify our housing options so we can ensure a healthy turnover of homes.
Other than diversifying housing types, we have to make sure any new development or building is not too large and that it keeps with the historical charm of Midway’s architecture. We could create incentives for people to build ADUs (Accessory Dwelling Units, or sometimes called “Granny Pods”). We could create incentives to fill in our infill. We have to make sure we invest in “Smart Growth".
