In 2023, the City of Huntington, WV and the Huntington Housing Authority commissioned a regional housing study to assess the availability and affordability of housing across the entire spectrum of household incomes. Patrick Bowen of Bowen National Research presented on key findings during the Huntington and Cabell County Housing Study Presentation on April 24 .
π 112 homes were available to purchase as of 10/31/2023, representing a very low 1.1% availability rate (normal, healthy rates usually fall between 2.0% to 3.0%)
π There is a strong level of demand for multifamily rentals, with surveyed properties operating at an overall 97.3% occupancy rate, a high rate for rental housing
π There are notable wait lists at all types and affordability levels among area multifamily rentals. All affordable rentals (Tax Credit and Government-Subsidized) are fully occupied
π Close to 500 households in both Huntington and the balance of the county live in substandard housing. 91 properties (vacant parcels or vacant buildings) were identified in the city and could represent development opportunities
These key findings demonstrate significant opportunities for developers in our area!
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