Powered by RealTown Blogs

Rents Expensive in Virginia

The National Low Income Housing Coalition has just come out with a report showing the affordability of rental housing by state. Virginia comes out looking pretty expensive.

In order for a single person to be able to afford rent and still stay within the guidelines advising total housing costs be less than 30% of income you'd have to make almost $20/hour. And keep in mind that that's the statewide average.

In Northern Virginia that means you need a lot of people helping to pay the rent. At minimum wage on average in Virginia you need 2.7 workers working full time to afford a 2 bedroom apartment. Imagine how many in the much pricier Northern Virginia suburbs.

If you think this issue doesn't impact you, you must not own a home or drive. Housing affordability drives people to commute longer distances to their jobs just to be able to afford a roof over their heads. The traffic that generates makes people who can afford it more and more inclined to live closer to their jobs. Guess what, most of their jobs aren't in Fauquier, Culpeper or Rappahannock counties. And, that, my friends, impacts the price of your home here.

Homeowners who want to sell some day should be very interested in solutions to both the affordability issues and the traffic problems in our area.

Comments (0) :: Post A Comment! :: Permanent Link :: Email This Entry

Write a Comment

Your Name:  RealTown Members: Click here to login
Your E-Mail: 
Your Website: 
Subject: 
Your Comment: 
Notifications: 
Privacy: 
Verification: 
To verify that you are a human and not a script, please enter the verification word from the image into the box on the right.
 
Page 1 of 1
Real Estate Blogs - BlogCatalog Blog Directory card.ly