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Housing development in Virginia is substantially lagging job growth, and the state is about 550,000 housing units short of meeting current demand, according to the order.
Under Virginia law, only a limited number of localities are authorized to do so. With expanded authority, bill patron Sen. Jeremy McPike, D-Prince William, hopes localities can begin to reduce the ...
Housing in Virginia comes in a wide variety of forms, from single-family homes to apartment complexes. The rate of home ownership in the Commonwealth of Virginia was measured at 69.1% in 2023, a 2.5% increase from 2022's figure of 67.4%. [1] As with much of the United States, housing in Virginia is extremely
For-profit developers, when building market-rate developments, may include some "affordable" units (often 10-30%), if required as part of a city's inclusionary zoning mandate. Housing has consistently been the largest expenditure within the average American family's financial plan.
These regulations had the net effect of reducing housing construction and reducing the ability of regional housing stock to adjust to changing market conditions. Beginning in the last quarter of the 20th century, market-wide housing shortages have existed in a growing number of markets throughout the country, starting in prosperous coastal ...
In July, the housing market had a 4.0-month supply of housing inventory, a 19.8 percent improvement over last year but still below the 5 to 6 months needed for a healthy, balanced market — one ...
Each year, Virginia Housing raises funds through the capital markets to support lending for single family and multifamily loan programs. Investors purchase Virginia Housing securities and loans, and this, in turn, generates their principal source of capital. These securities do not constitute a debt or obligation of the Commonwealth. [1]
Single-family housing starts, which account for the bulk of homebuilding, rose 3.3% to a seasonally adjusted annual rate of 1.050 million units last month, the highest level since February 2024 ...