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Sourcebook HAIHousing Affordability Index
 
The Housing Affordability Index (HAI) is the broadest and most comprehensive measure of affordability provided. The overall HAI reflects the percent of median household income required to occupy the median housing unit including both sold and rented housing. The sold component of the overall HAI measures the percent of median household income required for the Principal, Interest, Taxes, and Homeowner’s Insurance (PITI) payment for the median unit sold. The rental component of the overall HAI measures the percent of median household income required for gross rent, including utilities, for the median unit rented.
 
The HAI is depicted for the most recent quarter in the chart below. The orange box illustrates the sold component, which reflects the percent of median household income required to own the typical unit. The yellow box represents the rental component, which reflects the percent of median household income required to rent the typical unit. The blue box, representing the overall HAI, is the weighted average of the sold and rental components (each component is weighted by its respective share of the housing market; sold by the percent of owners and rental by the percent of renters) and reflects the percent of a typical household’s income needed to afford a typical home.
 
 

  • What percent of a typical household’s income is needed to afford a typical home?




Virginia

Housing Affordability Index At the Median Household Income,   $63,194

2014, qrt 1


Overall Housing Affordability Index
(HAI)

23.3%

Of Income Required

 

 

=

Sold Component

24.4%

Of Income Required
Median Monthly Cost (PITI)= $1,285

Based on Median Sales Price= $235,000
               

 

 

+

Rental Component

21.3%

Of Income Required
Median Monthly Cost* =
$1,119
*Gross rent, includes utilities;  based on all units
              

Affordability from a Metropolitan Perspective (Not applicable for State):
Replacing the jurisdiction median household income with the metropolitan median household income of NA
results in a revised HAI of - (with the sold component= NA and the rent component= NA.

   


This chart shows the trend of housing affordability based on median household income over time. Quarterly data is shown for the Overall Housing Affordability Index (HAI) which represents affordability of the typical housing unit (either sold or rent); the sold component of the HAI which represents affordability of the typical sold unit; and the rent component of the HAI which represents the affordability of the typical rental unit.
 
 
  • How has the typical percentage if income needed for the typical house changed over time?
 


Affordability of Housing at Median Household Income,
Virginia


Dashed lines = Data not available for one or more quarters.

Note: A small number of sales may cause erratic trends.

Sources: MLS Sales Data (Virginia Association of REALTORS®); U.S. Census, American Community Survey;
and Virginia Tech Center for Housing Research.


Statewide Map of Overall Housing Affordability Index (HAI)

This map, for the most recent quarter, shows the Overall Housing Affordability Index (HAI) for Virginia Counties and Independent Cities allowing for a visual comparison of housing affordability of the typical housing unit for localities in Virginia. Darker shading indicates a higher index (meaning a larger percent of household income is needed for housing). For area specific housing affordability information, use the drop down menus above to access the data. Click map for larger version.
 

 
 

Statewide Map of Housing Affordability Index (Sold)

This map, for the most recent quarter, shows the sold component of the Housing Affordability Index for Virginia Counties and Independent Cities. The sold component represents affordability of the typical sold unit based on median household income. The map allows for a visual comparison of housing affordability of sold units for localities in Virginia. Darker shading indicates a higher index (meaning a larger percent of income is needed for sold housing). For area specific housing affordability information, use the drop down menus above to access the data. Click map for larger version.
 
 
 
 

Statewide Map of Housing Affordability Index (Rented)

This map, for the most recent quarter, shows the rent component of the Housing Affordability Index for Virginia Counties and Independent Cities. The rent component represents affordability of the typical rent unit based on median household income. The map allows for a visual comparison of housing affordability of rent units for localities in Virginia. Darker shading indicates a higher index (meaning a larger percent of income is needed for rent housing). For area specific housing affordability information, use the drop down menus above to access the data. Click map for larger version.

 

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