Dec 08, 2011
10 not-so-fun facts about Virginia housing
08 Dec 2011
Posted by Andrew Kantor
Here’s a short version of the list from Housing Virginia:
10. The rate of homeownership in Virginia continues to decline. “At the start of 2011, the rate stands at 67.7%, the lowest rate in a decade.”
9. Record numbers of Virginia homeowners are “underwater.”
8. The number of Virginia homes in foreclosure is still at record high levels.
7. After three years of decline, homelessness is once again increasing in Virginia.
6. The growth in households the past 10 years has been entirely in single person, single parent, and families without children.
5. Seniors are the fastest growing component of the population in Virginia, and more than a third of them more than 50% of their income for housing.
4. Household incomes in Virginia, adjusted for inflation, have remained flat over the past decade.
3. Existing home sales are on pace to be below 20,000 homes – almost 50% below the peak in 2005.
2. Rents have increased 14% statewide over the past three years.
1. More than 1 million households in Virginia –that’s 35% — are housing cost burdened: They spend more than 30 percent of their income on housing.