NEW RESEARCH: 2011 Virginia Housing Snapshot

Every year HOME’s Center for Housing Leadership releases the Virginia Housing Snapshot. Authored by Brian Koziol, HOME’s Housing Policy & Research Analyst, the Snapshot is a compilation of important housing data from across the Commonwealth measuring affordability, home ownership, income, mortgage lending, foreclosures and housing discrimination.

Below are some important highlights from HOME’s 2011 Virginia Housing Snapshot:

High Cost Loans

Even though the total number of mortgage loans has decreased dramatically over the past several years, minorities still disproportionately receive more high cost loans than Whites (Page 5).

Rental

A household has to earn $53,120 per year to afford fair market rent for a 1 bedroom rental unit in the Washington DC MSA (Metropolitan Statistical Area). This MSA includes Arlington, Alexandria, Fairfax, Loudoun and Prince William County.

Homeownership

The Virginia Beach MSA (Metropolitan Statistical Area) has the lowest rate of any MSA at 63%. Minorities are significantly less likely to own their own home when compared to their white neighbors. The Virginia Beach MSA and the Winchester MSA have the lowest African American homeownership rates in the Commonwealth at 46% and 45% respectively. Across the urban crescent of Virginia, Hispanic Virginians have lower home ownership rates than African Americans in the Washington DC, Richmond and Virginia Beach MSA’s (Page 3).

Fair Housing Complaints

Complaints of housing discrimination have increased across the board, particularly in familial status and elderliness. In all, there were 286 fair housing complaints in the Commonwealth during 2010. Though slightly lower than in 2009, the number of fair housing complaints has risen dramatically since 2003. Overall, racial discrimination receives the largest number of complaints in 2010. Discrimination based on sex has grown significantly from 2000; 2010 witnessed the largest number of complaints, 34, than any year previously (Page 7).

Download the Full Snapshot Report.

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