2022 Lake of the Ozarks Housing Study – Where We Stand and Where We Need to Be
Even before the completion of the 2022 Lake of the Ozarks Housing Study, it was obvious that a focus on increasing availability of housing was of utmost priority. Lack of available housing impacts economic growth and presents a serious challenge to small businesses at Lake of the Ozarks when it comes to keeping a consistent workforce in place. So as we a strategize on solutions, in order to be most effective, we need specific data that tells us where to target efforts to alleviate the most urgent needs first. The 2022 Housing Study provides that data. You can see the full report under the Demographics and Statistics Tab on our website. If you are interested in the main takeaways we learned from the 2022 Lake of the Ozarks Housing Study, today's blog is a summary from the report we wanted to share with you.
Multiple Factors at Work
Many factors continue to drive the cost of housing in our area including construction costs, construction and building capacity, and lot location and availability, just to name a few. In relationship to the original study, a few highlights from the update include:
• Growth slowed during the early 2000s but likely picked up just as the Census was taken in 2020. Since the start of the pandemic, areas with strong natural amenities and attractions appear to be growing. Therefore, it can be assumed that Camden County’s population has not declined as was counted in 2020.
• For all four counties, the inflow and outflow of workers out paced the past decade’s population growth. Workers employed in the area but living outside the area increase over 26% from 2010 to 2019; workers living in the area but working outside the area increased nearly 9% from 2010 to 2019; and workers employed and living in the area increased nearly 3% from 2010 to 2019.
• Despite population growth, the shortage of housing and the need to fill job vacancies will drive demand for new housing in Camden County. Over the next ten years over 900 new units will need to be produced in the communities.
• Miller County’s housing demand will be driven by seasonal development and the need to address workforce housing needs. Most workforce housing needs will be met in the cities. To meet these demands the cities will need to produce nearly 180 units over the next ten years.
• Demand around the lake and the need to fill jobs vacated by retirements in the cities will drive new growth for Morgan County. Over the next ten years over 150 units will need to be produced to support this growth in the cities. Some permanent population may be accommodated around the lake but much of this production will continue to support seasonal housing.
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