Paycheck to Paycheck: Housing Affordability by Job Category

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Paycheck to Paycheck: Housing Affordability by Job Category

The following chart shows if workers in the selected occupations can afford to own housing based on the average annual gross income for that occupation. Average annual gross income is only available for the state and for MSAs. For jurisdictions within an MSA, the occupation income reported for those jurisdictions is the occupation’s average annual gross income for the MSA. For jurisdictions not within an MSA, the occupation income reported is the statewide non-metro average annual gross income for that occupation. Median owner housing costs are jurisdiction specific and are based on median sales price reported for that jurisdiction. The minimum income needed is based on the median owner costs in the area. Workers with income below the minimum income means they must spend more than 30% of income for the typical sold unit.

To gauge affordability, compare the average annual gross incomes to the right of the chart to the minimum income needed in order not to spend more than 30% of income to own housing.

Enter your own income to compare ($):

Occupation 1

Occupation 2

Occupation 3

Occupation 4

Occupation 5

Select extra occupations to view:
Extra 1:

Extra 2:

Extra 3:

Extra 4:

Extra 5:

Minimum Income Needed to Afford the Median-Cost Sold Unit ()
As Compared to the Average Income of Selected Occupations,

Income ($)

*Income below the minimum signifies cost burden or spending over 30% income for sold housing.
The minimum income is based on median sold housing costs for the area:

Median monthly cost to own:
Median sale price:

Note: Owner costs are based on units sold in this
quarter. If number of sales is small, view table with caution.

If the area is within an MSA, the incomes for the selected occupations are for the MSA; if not in an MSA, the incomes reflect a statewide non-MSA income.

We are indebted to the Center for Housing Policy for creating the national Paycheck to Paycheck housing affordability analysis. Visit their website at  https://www.nhc.org/paycheck-to-paycheck/  Sources: MLS Sales Data (Virginia Association of REALTORS®); U.S. Census American Community Survey; U. S. Bureau of Labor Statistics; and Virginia Tech Center for Housing Research.

Rental Affordability

The following chart shows if workers in the selected occupations can afford to rent housing based on the average annual gross income for that occupation. Average annual gross income from BLS is only available for the state and for MSAs. For jurisdictions within an MSA, the occupation income reported for those jurisdictions is the occupation’s average annual gross income for the MSA. For jurisdictions not within an MSA, the occupation income reported is the statewide non-metro average annual gross income for that occupation. Median rental housing costs are jurisdiction specific and are based on median gross rent (including utilities) reported for that jurisdiction. The minimum income needed is based on the median rental costs in the area. Workers with income below the minimum income means  they must spend more than 30% of income for the typical rental unit.

To gauge affordability, compare the average annual gross incomes to the right of the chart  to the minimum income needed in order not to spend more than 30% of income to rent housing.

Minimum Income Needed to Afford the Median-Cost Rental Unit ()
As Compared to the Average Income of Selected Occupations,

Income ($)

*Income below the minimum signifies cost burden or spending over 30% income for rental housing.
The minimum income is based on median rental housing costs for the area:
Median monthly cost to rent including utilities

If the area is within an MSA, the incomes for the selected occupations are for the MSA; if not in an MSA, the incomes reflect a statewide non-MSA income.

We are indebted to the Center for Housing Policy for creating the national Paycheck to Paycheck housing affordability analysis. Visit their website at https://www.nhc.org/paycheck-to-paycheck/ Sources: MLS Sales Data (Virginia Association of REALTORS®); U.S. Census American Community Survey; U. S. Bureau of Labor Statistics; 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.