Seniors are the most rapidly growing segment of the region’s population, including the fastest growing component of our homeless population. By 2030, one in four residents of our region will be over the age of 65. Many of these seniors wish to “age-in-place,” but a variety of strategies will be needed to address these needs in the next two decades.
A healthy housing market depends on an adequate and balanced supply of housing options. The region lacks a sufficient supply of affordable rental homes to meet the growing demand. The result is a large deficit that imposes high housing cost burdens on many households.
Homeownership is the most important building block to create wealth among lower income families. More “starter homes” and other low-cost options are required to address this challenge. We must reduce the growing ownership gap between White and minority households.
Thousands of households in the region occupy housing that is unsafe and in disrepair. These conditions typically affect the poorest and most disadvantaged, but the affected stock is also often the most affordable. Rehabilitation and replacement efforts are necessary to ensure a quality home for every household in the region.
The region is growing and housing prices are rising—especially in urban neighborhoods desired by both millennials and baby boomers. Demand for these neighborhoods accelerates displacement of lower income residents.
The region’s housing stock is highly segregated by price and race. Few opportunities exist for lower income families to buy or rent in “communities of opportunity” where there is better access to jobs, transit and schools.
The region will need to develop additional capital resources, in a variety of forms, in order to implement solutions at the scale necessary to create an impact on housing needs. The approaches contained in this section are proven strategies that have been implemented in Virginia and around the nation. Some have already been put in place in parts of the region.