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Housing Virginia Microblog #12: Is Housing Affordable If It Means Spending More on Commuting? (132 words)

Many Virginians struggle to find a home in their budget that’s also close to their job. The Housing + Commuting Affordability Index on SOURCEBOOK identifies the percentage of income needed to afford the average home in their community, plus the average cost of commuting to and from work. A household is considered housing and transportation cost burdened if it spends over 34% of household income on rental or mortgage and commuting costs combined.
Average share of income spent on housing and transportation by Virginian households in 2016

 

The Index is available statewide, for metro regions, and all localities – and shows the difference between income levels. In Virginia, the average low-income household making 60% of AMI spends nearly half (47%) of their income just for their home and for getting to work. These stats again demonstrate the need for greater harmony between economic development and housing strategies.

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