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Housing Affordability in Lexington, Kentucky

The Center for Business and Economic Research (CBER) recently released a report examining the affordability of housing in Lexington, Kentucky. However, after talking to local stakeholders and government officials we have realized that we were not successful in conveying what we felt were the important findings from our research: that there is an ample supply of affordable housing for a majority of people living in Lexington; that housing in the area has not become less affordable in recent years; that people who work in key occupations, such as teachers and nurses, can afford housing in Lexington; but that the poorest people in the area can only afford housing with assistance from the Government. Of course, since we are the authors of the study, it is our fault if the main messages from the study were not being received by all of the readers of our study, and we need to make an effort to clarify our findings and conclusions. Therefore, we are releasing a slightly revised version of our study that we believe more clearly conveys the main results from our analysis. report in the following ways. First, we included additional information in the executive summary about our for-sale housing and rental housing data. The text of the report contains these details, but we wanted to make sure the readers of the executive summary also had this information. Second, we have revised the last paragraph of the executive summary, along with the conclusion of the report, to state that more research is needed to understand the supply and demand of affordable housing for households with very low incomes of less than $15,000 a year (below 30 percent of the area median income). In the original draft, we concluded that there appears to be enough affordable housing in Fayette County. This conclusion was based on our interpretation of 2000 data on the availability of housing subsidies and the composition of very low-income household income. This interpretation involved a set of assumptions which are reasonable and defensible. However, we acknowledge that it would be preferable to have more information on the very-low income households before drawing definitive conclusions on the overall state of housing affordability in Fayette County. Third, we discovered a few incorrect calculations in our analysis. We have updated the text and the tables accordingly. It is our hope that his revised report better conveys the findings of our analysis.