Builders Patch | HousingCount: Virginia affordable housing data and latest news
Virginia
Summary
Virginia state is facing challenges to housing affordability. For every 100 low-income renter households, there are 76 units available that are affordable to them. The median household income in the state is $52,109 whereas the median rent in the state $1,152. Currently, the state is short over 65,360 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
Statistics:
| Metric | Value |
|---|---|
| Share of renter households | 33.4% |
| Share of low-income households | 40.7% |
| Share of rent-burdened households | 44.0% |
Renter population data
Renters vs homeowners
| Type | Households | % share |
|---|---|---|
| Renter households | 1,083,561 | 33.4% |
| Homeowner households | 2,164,967 | 66.6% |
| Total households | 3,248,528 | 100.0% |
Low-income renter households
| Income Group | Households | % share |
|---|---|---|
| Extremely low-income | 161,568 | 14.9% |
| Very low-income | 114,330 | 10.6% |
| Low-income | 164,700 | 15.2% |
| All low-income | 440,598 | 40.7% |
Rent-burdened households
| Rent Burden Type | Households | % share |
|---|---|---|
| Moderately rent-burdened | 247,881 | 22.9% |
| 30.0–34.9% | 91,359 | 8.4% |
| 35.0–39.9% | 67,615 | 6.2% |
| 40.0-49.9% | 88,907 | 8.2% |
| Severely rent-burdened | 229,369 | 21.2% |
| All rent-burdened households | 477,250 | 44.0% |
Affordable housing shortage
| Metric | 2010 | 2021 | Increase (2010–2021) |
|---|---|---|---|
| Median household income | 38,683 | 52,109 | 34.7% |
| Median rent | 815 | 1,152 | 41.3% |
| Supply (current stock) | 210,538 | ||
| Demand (total units needed) | 275,898 | ||
| Total shortage | 65,360 | ||
| Supply/Demand ratio | 76.3% |
Finance institutions
Virginia Housing
Virginia Housing 601 South Belvidere Street Richmond, VA 23220-6504
QAP document (Qualified Allocation Plan)
The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. The priorities must be appropriate to local conditions.
Housing news
How Fed Rate Cuts Impact the Housing Market
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles.
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate.
- Home Sales: More homeowners might be encouraged to sell as rates decline.
- Ongoing Supply Issues: Housing supply shortages will persist, especially in high-demand areas.