Ardmore Faces Housing Shortage

7-13-06 The number of houses on the market is slim. Add the news of MG to that, and Ardmore has a development dilemma.

For sale and for rent signs are becoming scarce in Ardmore. They are up one day and gone the next.

Realtors say more than half the homes they sell are priced at more than $150,000 at a seven percent interest rate, and chances are if you find a nice house to rent, you'll be paying up to $1,000 a month.

They say owners charge that much because they can. It all comes down to the law of supply and demand.

The biggest need for homes comes in the $85,000 to $115,000 price range. That's the area that's caught the attention of Ardmore development authorities.

The city has rezoned 175 acres of the Colvert Industrial Park to residential property. This will allow them to build up to 175 homes, but they say it’s just a band-aid for a growing problem.

The housing addition will be west of town off Highway 70. Those homes will be mostly three bedroom and 1200 square feet.