Builders Patch | HousingCount: West Virginia affordable housing data and latest news
West Virginia
Summary
West Virginia state is facing challenges to housing affordability. For every 100 low-income renter households, there are 66 units available that are affordable to them. The median household income in the state is $27,889 whereas the median rent in the state is $579. Currently, the state is short over 16,444 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
26.1% share of renter households
41.7% share of low-income households
39.5% share of rent-burdened households
Renter population data
Renters vs homeowners
| Households | % share |
|---|---|
| Renter households | 185,407 |
| Homeowner households | 525,945 |
| Total households | 711,352 |
Low-income renter households
| Households | % share |
|---|---|
| Extremely low-income (≤30% AMI) | 26,476 |
| Very low-income (31-50% AMI) | 21,772 |
| Low-income (51-80% AMI) | 28,996 |
| All low-income households (<80% AMI) | 77,244 |
Rent-burdened households
| Share of income spent on rent | Households | % share |
|---|---|---|
| Moderately rent-burdened | 34,677 | 18.7% |
| 30.0–34.9% | 13,908 | 7.5% |
| 35.0–39.9% | 8,381 | 4.5% |
| 40.0-49.9% | 12,388 | 6.7% |
| Severely rent-burdened | 38,612 | 20.8% |
| ≥50.0% | 38,612 | 20.8% |
| All rent-burdened households | 73,289 | 39.5% |
Affordable housing shortage
Rent vs median household income
| Amount ($) | in 2010 | in 2021 | Increase (2010–2021) |
|---|---|---|---|
| Median household income | 20,506 | 27,889 | 36.0% |
| Median rent | 406 | 579 | 42.6% |
Affordable housing stock
| Units | Amount |
|---|---|
| Supply (current stock) | 31,804 |
| Demand (total units needed) | 48,248 |
| Shortage | 16,444 |
| Supply/demand ratio | 65.9% |
Finance institutions
West Virginia Housing Development Fund
West Virginia Housing Development Fund
5710 MacCorkle Avenue SE
Charleston, WV 25304-2804
List of loan programs
- Affordable Housing Fund
- Home4Good
- The HOME Program
- LAMP
- Multifamily Loan Program
- Low-Income Housing Tax Credit Program (LIHTCP)
- National Housing Trust Fund Program
- Community Development Block Grant-Disaster Recovery (CDBG-DR) Multifamily (MF) Rental Housing Program
QAP document (Qualified Allocation Plan)
QAP
West Virginia
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. Each QAP must spell out a housing finance agency’s (HFA’s) priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.
Housing news
How Fed Rate Cuts Impact the Housing Market
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%. This could ease the burden for homebuyers and those refinancing.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas.
Shortage statistics for ELI & VLI renters
S&D ratio = Supply & Demand Ratio
List of counties
| Name | Households | % share | Rent-burdened | Affordable housing | Shortage of units | S&D ratio |
|---|---|---|---|---|---|---|
| County statistics coming soon... |