NWA housing efforts aren't keep up with crisis, report warns
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A new report assessing NWA's housing affordability and availability calls for reforms that have yet to fully materialize, even as the situation has become more urgent.
The big picture: The Walton Family Foundation last month released an updated housing report, following up on a 2019 assessment that outlined a 10-year roadmap to address the region's housing needs.
Zoom in: The recommendations include establishing a regional housing vision and housing trust fund; introducing development incentives; using publicly owned land for housing; and expanding and leveraging federal, state and local resources
- The report also stresses the need for region-wide housing policies, more variety in types of housing, more options for low-income residents and connecting transportation to where people live and work.
By the numbers: NWA needs to develop 9,300 new rental units for low-income households, up from 7,100 in 2019, according to the report.
- Average Bentonville home prices increased approximately 103% in the past five years. Rent in Bentonville also increased the most of the four largest cities, by 38%. Meanwhile, wages increased by 25%.
- Median income surpassed the increases in rent in the other three largest cities. Rent increased by 30% in Rogers, 27% in Fayetteville and 18% in Springdale.
- Home prices increased by about 80% in Rogers, 78% in Springdale and 54% in Fayetteville.
State of play: While some cities have done some land use reform and the Northwest Arkansas Council launched a regional organization dedicated to attainable housing, the past five years fell short in part because of the focus on the pandemic emergency efforts and increased development costs, according to the new report.
- Stakeholders also cited uncertainty regarding who was responsible for implementation of the recommendations, and of what policies are allowed under state law.