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The Housing Affordability Index (at the Median Income of the Lowest-Quartile of Households) reflects housing affordability for households that most severely face the challenges posed by housing costs. Lowest-quartile households are defined here as households whose incomes fall within the bottom quarter of all incomes in the area. The median household income of this subset of households is used to calculate the Housing Affordability Index (at the Median Income of the Lowest-Quartile of Households).

The Housing Affordability Index (HAI) is adjusted by replacing the median household income with the median income of the lowest-quartile of all households.  The result is an overall HAI which reflects the percent of median income of the lowest-quartile of households 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 income of the lowest-quartile of households 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 income of the lowest-quartile of households required for gross rent, including utilities, for the median unit rented.

The HAI (at the Median Income of the Lowest-Quartile of Households) is depicted for the most recent quarter in the chart below. The orange box illustrates the sold component, which reflects the percent of median income of the lowest-quartile households required to own the typical unit.  The yellow box represents the rental component, which reflects the percent of median income of the lowest-quartile of households required to rent the typical unit.  The blue box, representing the overall HAI (at the Median Income of the Lowest Quartile of Households), 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, for the typical household in the bottom quartile, the percent of income needed to afford the typical home.

For the lower ¼ of households, what percent of their income is needed to afford a typical home?

NA = Data not available.
Note: Owner costs are based on units sold in this quarter. If number of sales is small, view index with caution.
Sources: MLS Sales Data (Virginia Association of REALTORS®), U.S. Census, American Community Survey, and Virginia Tech Center for Housing Research.

This chart shows the trend over time of the affordability of all housing (either sold or rent) based on the median household income of the bottom ¼ of households; the affordability of sold housing based on the median household income of the bottom ¼ of households; and the affordability of rental housing based on the median household income of the bottom ¼ of households. Quarterly data in this chart reflect the percent of median income of lowest-quartile households required to occupy the median housing unit; to occupy the median sold unit; and to occupy the median rental unit.

How has that percentage changed over time?

Missing points = Data not available.
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 Lowest-Quartile Affordability Index

This map, for the most recent quarter, shows the affordability of the typical housing unit based on the median household income of the bottom ¼ of households for Virginia Counties and Independent Cities. The map allows for a visual comparison of housing affordability of the typical housing unit at the median income of lowest-quartile households for localities in Virginia. More intense red color indicates a higher index (meaning a larger percent of household income is needed for housing). Grey color indicates that data is not available. Move mouse over the map to see the percentage values for individual localities. Use the sliders at the bottom of the map to select a range of values to display (the default is all, 0%-100%).

Statewide Map of Lowest-Quartile Affordability Index Homeownership

This map, for the most recent quarter, shows the affordability of the typical sold housing unit based on the median household income of the bottom ¼ of households for Virginia Counties and Independent Cities. The map allows for a visual comparison of housing affordability of the typical owner or sold housing unit at the median income of lowest-quartile households for localities in Virginia. More intense red color indicates a higher index (meaning a larger percent of household income is needed for housing). Grey color indicates that data is not available. Move mouse over the map to see the percentage values for individual localities. Use the sliders at the bottom of the map to select a range of values to display (the default is all, 0%-100%).

Statewide Map of Lowest-Quartile Affordability Index Rental

This map, for the most recent quarter, shows the affordability of the typical rent housing unit based on the median household income of the bottom ¼ of households for Virginia Counties and Independent Cities. The map allows for a visual comparison of housing affordability of the typical rental or rent housing unit at the median income of lowest-quartile households for localities in Virginia. More intense red color indicates a higher index (meaning a larger percent of household income is needed for housing). Grey color indicates that data is not available. Move mouse over the map to see the percentage values for individual localities. Use the sliders at the bottom of the map to select a range of values to display (the default is all, 0%-100%).

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 HousingForward Virginia and SOURCEBOOK as the provider of the information.