I live in the township and most of the new homes being built here are priced in the $600,000+ range. These homes are priced above what most families in this area can afford. There aren't a lot of starter homes available even in the lowest price ranges you cite. High interest rates in mortgages add to the problems if home ownership for many. It will be interesting to see how these trends develop.
Yeah, with new mortgage rates hovering around 7% for a thirty-year note, there has to be a ton of people who are going to stay put in their own home with a mortgage rate that is much lower than that. It's also putting pressure on younger folks as they enter the housing market as well.
I have three granddaughters who all live in apartments here in Troy. For the rent they are paying they would like to buy starter homes but they are priced out of the market by high prices and high mortgage interest rates.
But that is exactly the issue. There is such a press for high income homes, and adding every store imaginable, that there isn't the focus on small town Troy anymore. I've seen more and more folks who are feeling that Troy is losing its identity.
I agree. It's certainly at risk for becoming an issue. Think about how many people in our community that live on the West side of Interstate 75 that have absolutely no reason to ever venture of east of Ridge Avenue. How can those folks be integrated into the community?
I'd like to see the ownership stats on homes in the "starter home" price range in Troy. So many houses that would theoretically be in the affordable range for younger and first-time buyers seem to have been gobbled up as rentals for absentee landlords. And of course the rents people are paying to live in those homes is substantially higher than the mortgage payment would be on it if the renter could get over the first-time buying hump. I find this phenomenon to be socially parasitic.
I often feel like Troy is angling to be the next Huber Heights with all the housing that is unattainable for most and retail opening one on top of another stores, especially in one area. Has anyone taken into account the schools ability to absorb the kids? What about the roads, are they prepared? And with no good answers to that, we continue to follow Huber with empty retail spaces, increases in crime and generally falling apart.
As an aside, the only new apartments I'm aware of are out off of 718, the cost of a 3 bedroom there is $1899, minimum.
I am not so concerned about turning into the next Huber. Huber has the largest single-site employment complex (Wright-Patterson AFB) at its front door, and a lot of Huber folks live their thanks to the base, either as renters or homeowners. As an aside, I have never met anyone that had a great deal of pride being a HH resident; don't get me wrong, those people do exist. But the general feeling I got was that it was not a place to grow roots or a place with a real history...it was just a place to live and shop. For example, tell me where downtown HH is? I'd love to visit it sometime.
How does this help young new families?? It certainly doesn't! Rent for a house large enough for a normal sized family are already incredibly high, often over $1000/month. It truly makes me angry, disheartened, and incredibly sad to know that so many people I know are struggling to find appropriate, AFFORDABLE housing. $350,000 is a slap in the face.
I don't think it does. One of the things that the census data is showing is that the household size has increased in Troy from 2010 to 2022...from 2.93 people to 3.03 per household. Yet, the number of households with children have decreased from 29% to 23%. What is happening? I can't flesh the data out completely. Families could be getting bigger.....but, I am thinking we are seeing more young adults living at home well past their 18th birthday. Housing opportunities for these folks are getting trickier and trickier to find.
I listened to a podcast episode recently talking about housing and the lack of affordability. More and more families are living within inter-generational households. A lot of this started during Covid, out of necessity, but now a lot of families are deciding to continue that living situation.
What do you think? Are these healthy trends for our community?
To answer your question, I think these houses are being built obviously for non residents. Prices along with high interest rates are not a reality. Let’s not even get into this upcoming growth and the children therein would outgrow a school district that hasn’t even been built yet.
No, this is not healthy. Healthy would mean our community would have diversity. Healthy would mean a young single mother/father could raise their children here.
It would be nice to have an administration that listens to its people.
Some of the demographics paint an interesting picture when it comes to kids and families. Family size has grown from 2.93 to 3.03 members from 2010 to 2022, while the percentage of married couples with at least one person under 18 grew from 38% in 2010 to 48% in 2022. What does this mean? Our families are beginning to have young kids in this town.
And even that is a stretch. One of the demographic data points I discovered when researching this piece is that in 2010, 62% of all households in Troy were families with two-heads of household. By 2022, that number had dropped to 47%. That's a pretty steep decline and is showing that the socio-economic landscape of even our own town has shifted pretty far in the last twelve years.
I live in the township and most of the new homes being built here are priced in the $600,000+ range. These homes are priced above what most families in this area can afford. There aren't a lot of starter homes available even in the lowest price ranges you cite. High interest rates in mortgages add to the problems if home ownership for many. It will be interesting to see how these trends develop.
Yeah, with new mortgage rates hovering around 7% for a thirty-year note, there has to be a ton of people who are going to stay put in their own home with a mortgage rate that is much lower than that. It's also putting pressure on younger folks as they enter the housing market as well.
I have three granddaughters who all live in apartments here in Troy. For the rent they are paying they would like to buy starter homes but they are priced out of the market by high prices and high mortgage interest rates.
Yep. We are growing a class of renters, where homeownership is becoming harder and harder to achieve in our town.
But that is exactly the issue. There is such a press for high income homes, and adding every store imaginable, that there isn't the focus on small town Troy anymore. I've seen more and more folks who are feeling that Troy is losing its identity.
I agree. It's certainly at risk for becoming an issue. Think about how many people in our community that live on the West side of Interstate 75 that have absolutely no reason to ever venture of east of Ridge Avenue. How can those folks be integrated into the community?
I'd like to see the ownership stats on homes in the "starter home" price range in Troy. So many houses that would theoretically be in the affordable range for younger and first-time buyers seem to have been gobbled up as rentals for absentee landlords. And of course the rents people are paying to live in those homes is substantially higher than the mortgage payment would be on it if the renter could get over the first-time buying hump. I find this phenomenon to be socially parasitic.
I will have to dig into this a bit deeper. Sometimes that data is a little hard to parse out, but I will do what I can.
I often feel like Troy is angling to be the next Huber Heights with all the housing that is unattainable for most and retail opening one on top of another stores, especially in one area. Has anyone taken into account the schools ability to absorb the kids? What about the roads, are they prepared? And with no good answers to that, we continue to follow Huber with empty retail spaces, increases in crime and generally falling apart.
As an aside, the only new apartments I'm aware of are out off of 718, the cost of a 3 bedroom there is $1899, minimum.
I am not so concerned about turning into the next Huber. Huber has the largest single-site employment complex (Wright-Patterson AFB) at its front door, and a lot of Huber folks live their thanks to the base, either as renters or homeowners. As an aside, I have never met anyone that had a great deal of pride being a HH resident; don't get me wrong, those people do exist. But the general feeling I got was that it was not a place to grow roots or a place with a real history...it was just a place to live and shop. For example, tell me where downtown HH is? I'd love to visit it sometime.
How does this help young new families?? It certainly doesn't! Rent for a house large enough for a normal sized family are already incredibly high, often over $1000/month. It truly makes me angry, disheartened, and incredibly sad to know that so many people I know are struggling to find appropriate, AFFORDABLE housing. $350,000 is a slap in the face.
I don't think it does. One of the things that the census data is showing is that the household size has increased in Troy from 2010 to 2022...from 2.93 people to 3.03 per household. Yet, the number of households with children have decreased from 29% to 23%. What is happening? I can't flesh the data out completely. Families could be getting bigger.....but, I am thinking we are seeing more young adults living at home well past their 18th birthday. Housing opportunities for these folks are getting trickier and trickier to find.
I listened to a podcast episode recently talking about housing and the lack of affordability. More and more families are living within inter-generational households. A lot of this started during Covid, out of necessity, but now a lot of families are deciding to continue that living situation.
Vox's Today Explained - "The Kids are All Home" - https://megaphone.link/VMP2628800207
Yeah, I hear about these stories quite a bit.
What do you think? Are these healthy trends for our community?
To answer your question, I think these houses are being built obviously for non residents. Prices along with high interest rates are not a reality. Let’s not even get into this upcoming growth and the children therein would outgrow a school district that hasn’t even been built yet.
No, this is not healthy. Healthy would mean our community would have diversity. Healthy would mean a young single mother/father could raise their children here.
It would be nice to have an administration that listens to its people.
Some of the demographics paint an interesting picture when it comes to kids and families. Family size has grown from 2.93 to 3.03 members from 2010 to 2022, while the percentage of married couples with at least one person under 18 grew from 38% in 2010 to 48% in 2022. What does this mean? Our families are beginning to have young kids in this town.
I suspect that most households are 2 income families that can afford the homes IF child care is available and affordable.
And even that is a stretch. One of the demographic data points I discovered when researching this piece is that in 2010, 62% of all households in Troy were families with two-heads of household. By 2022, that number had dropped to 47%. That's a pretty steep decline and is showing that the socio-economic landscape of even our own town has shifted pretty far in the last twelve years.