(Juneau) A preliminary housing study report was presented to the Dodge County Board’s Executive Committee Monday. The committee in February approved UW-Whitewater’s Fiscal and Economic Research Center to analyze the county’s housing market. The projects goals included investigating current and future demand, look at housing and supply relationships across income brackets, as well as provide analysis at the municipal-level.
Research Associate Clayton Gallman says Dodge County is facing a housing shortage. He says construction rates have remained low and demand has not waivered. This is pushing available homes in the market out and causing prices to go upwards because homes are being bought out and no new supply is coming in.
Gallman says their research showed low construction rates in the county. He says since 2008 there has been a sharp decline in the number of new lots created and the number of building permits issued.
Gallman says the low infusion of new homes into the market has caused an increase in home prices. He says over the last five years there have been a 35-percent increase in home appreciation. As the supply is dwindling, Gallman says, homes are increasing in value because there are more people in the county looking to buy than there are people selling.
The report says that most municipalities will be short of new housing units based on the projected number of households by 2030. The City of Beaver Dam is projected to be 181 homes short, 151 in the City of Mayville, 661 in the City of Watertown, and 234 homes in the City of Waupun. The Executive Committee will be discussing the matter at future meetings as the housing study is still in its draft phase. The document is available on the county website CLICK HERE to view.