An expansion of the urban service boundary will not necessitate affordable housing in Fayette County.
On average, Lexingtonians make $35,982/year.
– U.S. Bureau of Economic Analysis, 2005
The average sales price for a new single family home is $188,131.
– Lexington-Bluegrass Association of Realtors, 2007
The average sales price for a new townhouse is $157,622.
– Lexington-Bluegrass Association of Realtors, 2007
After doing the math, it is no surprise most people have to go into debt in order to buy a new “affordable” home.
More than 10,000 Fayette County households spend over 35% of their monthly income on mortgage payments, and more than 18,000 renters spend over 35% of their monthly income on rent.
– U.S. Census Bureau
Only a certain socioeconomic class can enjoy the rights of new home ownership in Lexington Fayette County.
Urban sprawl adversely effects minorities and inner city neighborhoods.
– Dr. John Powell, “Lafayette Seminar”, Gaines Center for the Humanities, 2006
Because of urban sprawl, much needed markets and job opportunities are taken away from the urban core to the periphery of the county.
– Dr. John Powell, “Lafayette Seminar”, Gaines Center for the Humanities, 2006
This trend economically and sociologically harms our inner city communities in Fayette County.
– Dr. John Powell, “Lafayette Seminar”, Gaines Center for the Humanities, 2006
Rising gas prices must also be thrown into the mix when thinking about affordable housing.
Everyday we experience record highs at the pump. This situation is making it difficult for homeowners in distant subdivisions to economically get from point A to point B.
– The Lexington Herald Leader, “Urban Growth Simmers Again”, May 29, 2006.
It is estimated that the cost of owning and operating one car is $10,000 a year – which roughly translates to a $100,000 mortgage.
– “In Housing, Smaller is Big”, Planning, APA, December 2006
When considering all of these factors, it’s apparent that an expansion of the urban service boundary won’t guarantee affordable housing.
