LEXINGTON, Ky. (WKYT) - A new study says there aren't enough affordable housing options in Lexington. The report found the number of apartments a person making minimum wage can afford in Lexington has gone from 88% in 1990 to only 17% in 2010.
At the same time, the cost of homes and rental property is rising because of growth among higher wage earners. The study estimates 15,000 households in Lexington have incomes that making them unable to afford the majority of rental fees in the city. A majority of those households are receiving some type of aid, leaving 6,000 households unable to afford to live in the city.
The writers of the report suggested the council establish a trust fund which would be used to help subsidize the cost of renting for low income workers as well as support new construction for them. If the city follows those suggestions, Lexington could have enough low income housing for everyone by 2025, but the cost could be up to $36 million dollars year.
Council member Steve Kay put forth a motion to establish a trust fund to help pay for the study's suggestions, but the motion was tabled.