A new study shows housing in Hutchinson is much like the rest of the country, slow to recover since the 2008 housing bubble burst.
Matt Mullins, with Maxfield Research Inc. says while the situation is improving, projected growth in the housing sector will continue to lag over the next decade. Mullins says of the growth that is occurring, most is in Hutchinson “proper” and not in the surrounding township areas. He says that’s typical because those areas are experiencing population declines, due to the aging population.
Mullins says rental demand is high. He says there’s a building boom for rental property construction because the “Baby Boomers” are a growing demographic and they want “maintenance free” housing.
Mullins says foreclosures are decreasing, many buyers are still “on the fence” on whether to buy a home, new home construction is weak, and the highest demand is for housing under $100,000.