The Housing Roundtable

The Housing Roundtable is composed of dedicated professionals from the public, private, and non-profit sectors, including Tidewater Builders Association, Empower Hampton Roads, Virginia Beach Community Development Corporation, Faith Works Coalition, the City of Virginia Beach Department of Housing & Neighborhood Preservation, and many others.

 

The Housing Roundtables guiding purpose is to encourage and help implement the development of workforce housing throughout the City of Virginia Beach.

Virginia Beach Housing Facts

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  •   Median home price: $225,500      
    Annual income needed to qualify: $73,000
        School Teacher median annual income: $45,689
    Police Officer median annual income: $45,156
            Registered Nurse median annual income: $55,597
                               Firefighter median annual income: $36,378
                                        Retail Salesperson median annual income: $20,048  

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  • More than 10,000 additional housing units are needed to meet demand during this decade…including 2,600 additional units affordable to households with incomes below $35,000.  
  • In 2007, 38% of renters and 27% of homeowners spent more than 35% of their monthly income on housing.

  • ehrnovath7First-time buyers are being locked out of the housing market.  

  •   Between 2005 and 2007 rents increased 12-15% depending on the unit size. This is the largest increase in the last eight years.  
  • The current rental vacancy rate is 6.3%, well below the need

  • Between 2005 and 2020, the largest net housing demand will come from young households (Gen. Y)

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  • Only 21% of the housing stock in Virginia Beach
    contains multi-unit structures.6unitapt

Pictures from top to bottom: New Columbia in Portland, Oregon, Westbury in Portsmouth, Virginia, duplexes Northern Virginia, New Columbia, and Westbury.