Virginia Housing Shortage Persists Despite Building Boom
Housing Crisis Threatens Virginia's Economic Stability While Virginia's economy demonstrates resilience, the state faces a devastating housing crisis. This threatens its long-term stability and growth prospects. The Commonwealth has an estimated housing shortage of about 105,000 homes. This creates a supply-demand imbalance reaching crisis levels across multiple income brackets. The affordable housing shortage especially impacts Virginia's most vulnerable populations. Only 33 rental homes remain affordable for every 100 extremely low-income households. Universal rental assistance has become essential to address the deepening crisis statewide. Virginia's housing market demands an annual income of $62,925 for basic accessibility. This threshold remains unattainable for significant portions of the population. This income requirement intensifies housing insecurity and directly contributes to rising homelessness rates. The state needs an additional 164,000 affordable homes s...