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Consultants: Prescott facing shrinking workforce, rising prices; 3,200 units projected by 2040
Summary
A housing needs assessment presented to the Prescott City Council identified an aging population, rising home prices and rents, and a projected demand for roughly 3,200 housing units by 2040; consultants and council members discussed “missing middle” housing and next steps for a gap analysis.
A housing needs assessment presented to the Prescott City Council on March 25 found that the city’s median household age and rising housing costs are constraining the local workforce and creating long-term demand for new units.
Rick Merritt, retained by the city and Prescott Valley, told the council the average household age in Prescott is about 60, and said that creates a low labor participation rate that forces employers to recruit workers from outside the community. “The primary thing is you don't…
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