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Relationship of Income to Housing Cost
Two charts are provided showing the relationship between income and housing cost in the area. To better reflect housing affordability, the median income is adjusted to 30% of median income or the typically accepted maximum amount of income that can be affordably allocated to housing (this standard is generally associated with individual households but is applied here as an approximation of affordability at the median).
30% of Median Income of Owners Versus Median Owner Cost
The chart below, shown by quarter, shows the relationship between owner income and owner housing cost over time. The chart reflects 30% of median owner income for the area and the annualized median owner cost based on median sales price and other mortgage cost factors. The chart answers the questions, “Is the typical owner income sufficient to afford the typical owned unit and has owner income kept pace with owner housing cost over time?”
How have median housing sales prices compared to median owner household incomes over time?
30% of Median Income of Owners Versus Median Owner Cost (Annualized)
Virginia
30% Median Owner Income Median Owner Cost (Annualized)
| 30% Median of Income of Owners vs Median Owner Cost ($ Amount) | |
| By Quarter |
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.
30% of Median Income of Renters Versus Median Renter Cost
The chart below, shown by quarter, shows the relationship between renter income and renter housing cost over time. The chart reflects 30% of median renter income for the area and the annualized median renter cost based on the HUD median gross rent for a two-bedroom unit. The chart answers the questions, “Is the typical renter income sufficient to afford the typical two-bedroom rented unit and has renter income kept pace with renter housing cost over time?”
How have the median rental costs compared to median renter incomes over time?
30% of Median Income of Renters Versus Median Renter Cost (Annualized)
Virginia
30% Median Renter Income Median Gross Rent (Annualized for all units including utilities)
| 30% Median of Income of Renters vs Median Renter Cost ($ Amount) | |
| By Quarter |
Missing points = Data not available.
For the state, MSAs, and large jurisdictions, the median gross rent is based on the one-year annual ACS sample data. The median gross rent for the year is adjusted by the CPI to estimate rent for a quarter.
Sources: 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 HousingForward Virginia and SOURCEBOOK as the provider of the information.
