Feb. 26, 2025 9a
(WGTD)---Local experts say the housing crisis has just about eclipsed the need to attract new jobs to the area. The Carthage College Business and Professional Coalition will explore the problem in a luncheon that’s open to the public Thursday, February 27th.
Panelists include S.R. Mills, CEO of Bear Property Development; Tim Case, director of development for the City of Kenosha and Jeff Towne, the community and economic development officer for the Wisconsin Housing and Economic Development Authority.
The discussion will be moderated by Ron Cronovich, a Carthage economics professor who appeared recently on WGTD’s Morning Show. In a pre-event discussion with the panelists, Cronovich says he learned that the crisis is due to a combination of things: High mortgage rates and homes prices, and a low inventory. This can lead to workers who find jobs in the Racine/Kenosha area having to live elsewhere. "We lose most of the economic benefits of the new jobs when we can't provide a stock of housing available to the people who are taking those jobs," he said.
Over the past 10 years, housing prices in Kenosha have increased by 108%, while in Racine housing prices are up by 128%. Mortgage rates are in the area of 6.5%, double of what they were 10 years ago. Home sales are down in both Kenosha and Racine because of low inventories. In a recent check, just 190 homes were on the market in Kenosha while the number in Racine was 180.
Anyone interested in attending the luncheon should RSVP.
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