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Housing needs assessment finds large shortfall of year‑round rental units on Nantucket
Summary
Presentation by Housing Nantucket and EBP reports sharp increases in home prices and rents, high rates of cost burden and overcrowding, and estimates hundreds of new units would be needed to reduce burden to state or national levels.
Housing Nantucket and consultant EBP presented results of a housing needs assessment to the Nantucket Affordable Housing Trust on Oct. 21, reporting a substantial shortage of year‑round rental housing and rising cost burdens among local households.
The assessment, presented by Anne Cuspa of Housing Nantucket and a consultant identified as Brett of EBP, compared current housing supply, rents and sale prices with household incomes and found dramatic price increases since 2015 that have outpaced income growth.
Why it matters: The study underpins the town’s update of its Housing Production Plan (HPP), a document the presentation said is critical to maintaining “safe harbor” under Chapter 40B. The data are intended to guide local decisions about the scale and mix of affordable and workforce housing the town should pursue.
Key findings reported by the presenters include: median home prices rose about 140% over the last decade, and the presentation said the…
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