With the ongoing national housing crisis, addressing the shortage of attainable housing in Northern Kentucky is more crucial than ever. It is especially so for middle-income individuals, essential workers, young professionals, and seniors.

In recent years, Northern Kentucky has experienced a dramatic increase in housing prices, driven largely by a limited supply of available homes. Data from the Northern Kentucky Multiple Listing Service shows a strong negative correlation between inventory levels and median sales prices.

When housing supply decreases, prices soar, making it increasingly difficult for residents to find attainable homes. According to the NKY Housing Study conducted by the Northern Kentucky Area Development District, Northern Kentucky needs an additional 6,650 housing units to meet the demand over the next five years. This includes 3,260 units priced between $500 and $1,500 per month – homes that middle-income earners and essential workers can afford.

As the trusted voice for real estate in the region, the Northern Kentucky Association of REALTORS® (NKAR), is advocating for income-aligned housing, meaning homes where rent or mortgage payments account for no more than 30% of a household’s income. NKAR is dedicated to raising awareness of policies and tools to ensure that every resident of Northern Kentucky has access to a home they can afford.

Income-aligned housing is essential to maintain Northern Kentucky’s unique character and economic stability. With 60% of employees in our region earning less than $60,000 per year, the current housing shortage impacts a majority of our workforce. Essential workers –such as teachers, firefighters, nurses, and police officers – are being priced out of the communities they serve. Projections show this percentage will grow to 67% over the next five years, amplifying the need for more housing options that align with local income levels.

The Association recently conducted a poll of residents in Boone, Kenton and Campbell counties. The findings showed that although many residents recognize housing cost as an ongoing problem in Northern Kentucky, not as many were aware of the equally epidemic housing availability issue.

This is an indicator that most consumers don’t see the link between a lack of availability and affordability as the price of homes are driven upwards by a lack of supply.

The poll also showed us that although residents are split on development of bigger housing complexes, there is an appetite for smaller development if it meant making it easier for certain groups of people – like young people, the elderly, and individuals or families with low or moderate incomes.

With this knowledge and the support of NAR’s Consumer Grant program, NKAR will be conducting an advertising campaign to raise awareness among Northern Kentucky residents of the importance of income-aligned housing and the macroeconomic connection between housing supply and demand.

NKAR aims to educate the public on the importance of expanding housing choices. Our focus is to help Northern Kentuckians understand the critical need to balance housing options with economic growth opportunities that are maximized by being able to attract a wide variety of job seekers at all skill levels to our region.   

But our advocacy extends beyond just economics and envisions a future where residents can find housing options that support the lifestyle they desire, be it the ability to enjoy local shops, parks, and restaurants in communities that prioritize people over cars, or having more space in affordable surrounding neighborhoods.

Income-aligned housing is about creating options for everyone in the community, from young professionals looking to buy their first homes to seniors hoping to downsize and stay in the neighborhoods they love. This approach ensures that Northern Kentucky remains a place where people from all walks of life can thrive together, while preserving the region’s welcoming atmosphere.

Now, more than ever, we ask Northern Kentucky residents to join NKAR in support of initiatives that expand housing options in ways that respect our community values and traditions. Together, we can make sure that Northern Kentucky continues to be a place that people are proud to call home; where everyone has the opportunity to enjoy life, thrive, and build wealth for future generations. To learn more about Northern Kentucky’s housing challenges and how to get involved in advocating for solutions, visit APlaceForAllNKY.org. Together, we can help create a future where Northern Kentucky remains a beautiful and thriving region that is affordable and accessible to all.