Housing/Income Characteristics by Year

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Affordability is dependent upon both housing costs and incomes in an area. A chart of basic housing and income characteristics is provided including an Housing Affordability Index (HAI) that reflects affordability based on median household income for all housing.

The Housing Affordability Index answers the question, “What is the percent of the typical household income that is required to afford the typical home?”

The chart provides the two components of the HAI that reflect the affordability of sold units and affordability of rent units. In addition, the chart provides adjusted versions of the HAI based on 80% and 60% of median income for all housing, a Lowest-Quartile Housing Affordability Index, Sold Affordability Indexes at the median owner income and at the median renter income, Rental Affordability Indexes at the median owner income and at the median renter income.

See DESCRIPTION OF MEASURES for a more detailed explanation of the additional indexes and chart components.

In addition to the various housing affordability indexes, the chart provides the data components that are used in creating the indexes. These data components include households broken down by tenure (the percent of owners and renters), the annual median household income for all households, owners, and renters, median monthly renter cost (rental units), median monthly owner cost (sold units, based on sales price of new and existing sales from MLS realtor data adjusted for mortgage terms, homeowner’s insurance, and taxes), and median sale price of new and existing sales from MLS realtor data. In addition, the percent of households that are cost burdened (pay more than 30% of income for housing) is provided.

Housing and Income Characteristics by Year
Virginia

2010 2011 2012 2013 2014 2015
Overall Housing Affordability Index
at Median Household Income
   All Housing
   Sold Units
   Rent Units
   at 80% of Median Household Income, all housing
   at 60% of Median Household Income, all housing
Low-Income Housing Affordability Index
at the Median Income of the Bottom ¼ of Households
Sold Affordability Indexes
   at Median Income of Owners
   at Median Income of Renters
Rent Affordability Indexes
   at Median Income of Owners
   at Median Income of Renters
Number of Households
Percent Owners*
Percent Renters*
Median Income, Households
   Median Income, Owners
   Median Income, Renters
Median Renter Cost (Median Gross Rent)
Median Owner Cost
Median Sales Price (Existing & New)
Percent of Cost Burdened Households

NA = Data not available.
*The numbers reported and used in the affordability index calculations for the 2nd quarter 2013 for median household income, median owner income, median renter income, and median gross rent are CPI-adjusted estimates based on the 2011 single year data from the U.S. Census, American Community Survey. The numbers reported or used in the affordability index calculations for percent owners, percent renters, and number of households for years 2011 and 2012 and 2nd quarter 2013 are from the 2011 single year data from the U.S. Census, American Community Survey. Numbers are based on a sample and are subject to sampling variability.
Sources: MLS Sales Data (Virginia Association of REALTORS®), U.S. Census, American Community Survey, and Virginia Tech Center for Housing Research.

 


The data contained in SOURCEBOOK is intended for informational, educational and research uses. The information may not be used for commercial purposes or re-marketed. Any reproduction and distribution of this information must clearly identify Housing Virginia and SOURCEBOOK as the provider of the information.