New Bedford, MA – The Regeneration Project Committee of the New Bedford Economic Development Council (NBEDC) unveiled its latest report titled “Housing for All: Forward-Looking Strategies for a Growing New Bedford,” designed to address crucial issues and potential solutions for housing in the city and the broader region.
In the report, the Regeneration Project Committee recommends a series of immediate- and near-term action items in concert with “Building New Bedford,” the City of New Bedford’s housing plan drafted under the direction of Mayor Jon Mitchell. This report is designed to support that plan, and envisions leveraging the Regeneration Committee’s network of cross-sector leaders to aid in its implementation, as well as hosting a regional housing summit, among other important steps.
Conducted by the Massachusetts Institute for a New Commonwealth (MassINC), the comprehensive data study, ”Housing for All,” delves into New Bedford’s housing landscape, offering insights that are critical to fully understanding local housing challenges. Notably, the report identifies the need for the construction of 8,700 housing units by the year 2030 in Greater New Bedford to stabilize prices, with approximately 5,500 units recommended within the city itself.
Between 2010 and 2020, the number of households in New Bedford grew by 7.8% but the city’s housing stock increased by just 3.8%. This means 3,000 new households are currently vying for less than 1,600 new housing units. A key finding reveals that there are nearly 9,500 households with earnings below 30% of the area median income, yet fewer than 6,500 affordable rental units in Greater New Bedford. Yet, the study also identifies unmet needs at all income levels, including a prominent gap for unrestricted units for middle and higher-income households.
The goal of the report is to comprehensively understand New Bedford’s housing environment, pinpointing opportunities for enhancement and growth, ultimately contributing to a vision of “Housing for All.”
Initiated in early 2023, the decision by the Regeneration Project to undertake the analysis sprung from the recognition that it is in a unique position to address complex city-building challenges. MassINC research director, Ben Forman, led the project.
Financial support from Bristol County Savings Bank, BayCoast Bank, Bank Five, St. Anne’s Credit Union, and the Realtor Association of Southeastern Massachusetts made the in-depth analysis possible.
The full report can be found at NBEDC.org.
