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Regional housing study: Greenwood saw big price and rent gains; denser housing found to be fiscally beneficial
Summary
A presenter from INPO told Greenwood council members that between 2020 and 2022 the region—xperienced a 31.6% rise in median single‑family home prices and a 21.2% rent increase, and that higher‑density and rental housing produce stronger municipal revenues per acre.
Jackson McCree, a city planner, introduced a presentation by Andrea Malhar, identified as a senior planner with INPO, who summarized a new "Maximizing the Value of Land" case study and its implications for Greenwood. The study compares costs and revenues across housing types and across three case municipalities, including Greenwood.
Malhar said the study found a sharp recent rise in housing costs: "between 2020 and 2022, the median sales price of single family homes across our region went up by 31.6%" (from $228,000 to about $300,000), and "renters saw average rent raises of 21.2%," while wages rose by under 9%. She told the council that 24% of homeowners and more than 60% of renters are cost‑burdened (spending more than 30% of income on housing), making many households vulnerable to financial shocks.
The presenter highlighted a mismatch in housing stock and demand, describing a regional shortage of smaller ownership units and 1–2 bedroom rental options and identifying the "missing middle" (duplexes, quads, small townhomes and similar low‑rise multiunit formats) as an important opportunity to expand choice.
On municipal finance, Malhar described the study's method (comparing revenue and cost normalized across 10 acres) and three main reasons higher density can be fiscally beneficial: higher property and income tax revenue per acre, more efficient use of infrastructure (streets, water and sewer), and a reduced service area for emergency services. She also said rental housing typically yields higher tax revenue per acre than owner‑occupied housing in the study's scenarios.
Malhar raised the near‑term policy context of Senate Enrolled Act 1 (SCA 1, 2025), saying the study's estimates indicate SCA 1 could reduce total revenues by roughly 30% for ownership housing types and 23% for rental housing across the municipalities analyzed if no countermeasures are taken. She added that, under those modeled impacts, the relative fiscal advantage of higher‑density housing generally remains.
The presentation concluded with Malhar noting the full study would be released later in the week and offering to answer follow‑up questions.
Why it matters: The findings link housing type, municipal budgets and the effects of recent state law changes, providing city leaders with fiscal tradeoffs to consider as Greenwood evaluates land‑use and housing policy.
