In response to the overwhelming demand for more housing units in Van Buren County, Market Van Buren has successfully been awarded a grant from the State of Michigan’s Office of Rural Prosperity to help address the ongoing housing shortage.
In a statement, Market Van Buren explained the $50,000 grant comes from the first round of awards from the Office of Rural Prosperity’s 2023 Rural Readiness program. Additionally, Van Buren County has committed to providing an additional $50,000 in support of the effort. The funding will support the development of a residential Target Market Analysis (TMA) and a county-level Housing Strategic Plan for Van Buren County.
These resources will then be leveraged by Market Van Buren in conjunction with Van Buren County to establish a coordinated approach to address the local housing shortage and enable Van Buren communities to compete with urban areas in attracting residential development.
“There is not a business leader I meet with who does not cite workforce housing as a top issue impacting their ability to attract and retain employees.” said Zach Morris, Executive Director of Market Van Buren. “Thanks to the support from the County Commissioners and the Office of Rural Prosperity, we will be able to make the business case there is ample demand and the ability to build and sell homes, condos and apartments at fair prices in our community.”
The TMA will quantify the gap between the current number of housing units and the demand for housing. It will then specify the types of housing needed to fill the gap between supply and demand, which will include critical information like the types of housing that are most desirable to residents (i.e., apartments, single-family homes, condos, etc.), desired square footage, and what residents are willing to pay for a particular size and style of residence. This will help ensure future housing development aligns with local demand.
“We recognize that housing is a crucial need in our community,” said Randall Peat, Chair of the Van Buren County Board of Commissioners. “In order to keep Van Buren County competitive, we know we need to attract additional funding for more housing development. This study will allow us to make educated decisions for the community and meet the needs of individuals who reside here or plan to move here.”
Housing is a critical need in Van Buren County. According to data provided by Kinexus Group, Van Buren County has half the units needed to meet demand and a low vacancy rate of 1.1% of available rental units.
“We’re incredibly grateful for the collaboration between the Van Buren County Commissioners and Market Van Buren on this effort,” said Lisa Ransler, Community Services Director at Van Buren County. “The housing shortage is a top-of-mind issue when we consider the long-term economic viability of our county.”
