Richmond Regional Housing Framework

Findings

The Region’s Rental Market

The Homeownership Market

Senior Housing Needs

Housing Quality

Housing Stability & Displacement

Housing Choice & Opportunity

In 2015, PHA worked with Virginia Tech’s Center for Housing Research to produce a study that assessed the Richmond region’s housing needs. As part of the Framework, Virginia Tech conducted a five year update to the 2015 report, providing a thorough outline of our region’s housing challenges and changing demographics. These findings cover both the rental and homeownership market while also examining housing needs by race, age, and income. As a result, the Framework provides a detailed analysis of where we have been, where we are, and where we are going.

The Richmond Region Faces a Variety of Housing Needs

In Richmond, the growing demand for urban living is placing significant pressure on residents in many neighborhoods. In Henrico and Chesterfield, changing demographics and market trends require new, creative thinking. As Hanover grows, it seeks to maintain rural character while providing denser choices. And in Ashland, residents, and planners alike seek to fit new housing demand into its valued small-town, main street feel.

We Have Common Housing Challenges to Solve Together

While each locality has its unique assets and challenges, there is more that unites us than divides us. All must plan for the rapid “greying” of their populations as baby boomers and seniors age. All must address the current deficit—and future demand—for homes available to modest-income households looking to rent or own. And all must find innovative ways to preserve our existing housing stock to keep it accessible, resilient, and affordable for future generations.

Housing Opportunity and a Thriving Workforce are Linked

While the unemployment rate in the Richmond region hovers at or below 3%, there remains a critical need to match those that are unemployed or underemployed with the varied job openings that exist, to meet employer demand, and to ensure individuals have opportunities to meet their basic needs. Housing is not only a critical component in ensuring that an adequate workforce is available to meet the needs of local businesses, but the development, construction and financing of that housing is a key element of our economy’s health.

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