Housing market studied in St. Charles
ST. CHARLES – Residents of St. Charles will soon be asked for their input about the city’s housing market.
A public workshop is set for 6:30 p.m. Nov. 20 as part of St. Charles’ participation in a subregional housing plan with Geneva, Batavia and North Aurora.
The plan will be prepared as part of the Metropolitan Mayors Caucus’ Homes for a Changing Region project at no cost to the municipalities.
The Homes for a Changing Region project is done in partnership with the Chicago Metropolitan Agency for Planning’s Local Technical Assistance program with support from the Metropolitan Planning Council.
Data shared with St. Charles’ Planning and Development Committee and Housing Commission on Monday indicated a potential housing shortfall by 2040.
Demand for rental and owner-occupied housing is projected to increase at all income levels. However, the city’s current capacity to build new housing is limited to 1,659 units, including 959 multi-family housing units, 205 townhouse and 495 single-family homes.
First Ward Alderman Dan Stellato questioned the value of the estimates given the changes in the economy.
Drew Williams-Clark of CMAP said the forecast assumed the economy is going to trend upward with peaks and valleys, just has it has in past decades.
“This is an estimate of potential demand,” Williams-Clark said.
Addressing 5th Ward Alderman Maureen Lewis’ question about infrastructure for the baby boomer generation, Williams-Clark spoke about the importance of versatile housing. He noted elements senior citizens demand, such as less landscaping and walkability, are elements appealing to Millennials.