NWA primed for next phase of regional growth

Like many Northwest Arkansas natives, I’ve been amazed to watch our region evolve from a quiet landscape of pastures into a thriving metropolitan hub. With our population expected to grow from 600,000 to 1 million by 2050, we want to ensure our future remains vibrant and accessible for everyone.

Still, affordable housing is a challenge, which is why we’re seeing more people moving to our smaller nearby towns. Data from the Arvest Skyline Report produced by the Center for Business and Economic Research (CBER) shows that our housing is spreading farther from our great local amenities. This growth is exciting, but it also puts pressure on small-town infrastructure and can lead to extra costs for families.

Reducing the “commute gap” is one way to help with quality of life. Consider this: For every 10 miles we can bring a home closer to a central hub, we potentially save a household 200 hours of drive time and thousands of dollars in annual travel costs. That’s why it’s important we also provide housing close to where people work and play. If we can offer a more centralized, affordable development, we’re giving people more time and financial flexibility to enjoy life in Northwest Arkansas.

One way this is done is by creating walkable communities with mixed-use developments that combine residential and commercial spaces, such as condominiums and townhomes alongside shops and cafes. We’ve already seen this done in places like downtown Bentonville and Springdale, and several are under construction in Fayetteville. Creative ideas like these help us add more housing and increase the quality of life.

It’s been encouraging to see continued developer interest in these projects. In fact, I recently had the privilege of meeting with two developers who are exploring converting existing apartment complexes into high-quality condominiums.

A key part of making these projects successful is ensuring that the right financing is in place for future residents. I want to reassure both our developers and homebuyers that the local mortgage industry is ready to help. If you’re a developer planning a condo or townhome project in Northwest Arkansas, the region’s lending community is ready to assist your buyers.

It’s understandable to worry about how growth can affect population density. Right now, Washington and Benton counties have 261 and 335 people per square mile, which is considered moderate to low compared to bigger cities. For example, Tulsa County has 1,173, and Pulaski County has 526.

Whether a given population density is “good” depends on factors like local infrastructure and amenities. According to U.S. News & World Report, the top three U.S. cities to live in have much higher densities: Johns Creek, Ga., has 2,676 people per square mile, Carmel, Ind., has over 2,000, and Pearland, Texas, has about 2,800.

No matter where you go in Northwest Arkansas, you’ll find those who miss the city they knew 25 years ago and those who enjoy all that our booming region has to offer. It’s important to balance the desire for single-family homes with big yards and the desire for walkable communities. In the end, we want choices that give everyone a good quality of life.

Condos and townhomes are just one way developers can help. By championing these creative housing solutions together, we can keep Northwest Arkansas a place where the dream of homeownership is attainable and sustainable.

Editor’s note: Johneese Adams is the mortgage lending manager for Arvest Bank – Fayetteville region. The opinions expressed are those of the author.