Community Development

Housing

All data in this section comes from Partnership for Housing Affordability’s State of Housing in the Richmond Region 2023.

Why is Housing Important?

Availability of housing that is decent, safe, and affordable for a wide spectrum of people and families across the region impacts so many quality-of-life issues—families passing on generational wealth, individual’s longevity, healthy children, safe neighborhoods, access to employment and services, and the ability of a community to thrive and grow economically.

The Great Recession of 2007-2012 caused declines in housing constructions and subsequently a shift to higher housing costs and low supply. Reduced rates of construction, a growing yet aging population, racial disparities, and the cost of housing rising faster than household incomes have caused our modern-day housing crisis.

The Partnership for Housing Affordability’s data shows that housing affordability is a challenge for both buyers and renters. In the Richmond region, the average home price increased from $210,000 in 2009 to $261,290 in 2018. Most localities saw price increases of 21%-24%, except for the City of Richmond, which saw a significant 56% increase.

Median Price of New Construction and Resale_PHA

For renters, the average monthly rent in the region reached a two-decade high of $1,395 in the first quarter of 2022. The Richmond region has a shortage of 39,000 rental units for low-income households.

Decades of segregation, discriminatory lending practices and policies, and racial covenants have led to worse housing outcomes for people of color. While there are Fair Housing laws in place now, these long-term effects persist today. Black and Hispanic households in the region earn 20-30% less than white households, making housing less affordable. Homeownership rates are over 70% for white households, but only 49% for black households and 43% for Hispanic households.

Homeownership rate by race and ethnicty_PHA

Policy and Practice: Housing Supply, Diversity and Affordability

PlanRVA works with localities and partners to understand housing issues, address policy and support planning and policy development to help address regional housing issues and meet federal housing program requirements.

Virginia Housing Planning District Commission Grant

PlanRVA received $3 million in funds from Virginia Housing through the PDC Virginia Housing Grant program to support the construction of new affordable housing units for those in the greater Richmond region making 80% of less of Area Median Income (AMI). The award from Virginia Housing was made in July 2021 and the project period is for four years, ending in June 2025.

PlanRVA has collaborated with the Partnership for Housing Affordability (PHA) in this effort, recognizing PHA’s dedication to affordable housing and shared focus on regional collaboration. PHA manages the grant funds, in turn partnering with non-profits in the region including Habitat for Humanity.

Projects:

Cool Lane Apartments – Virginia Supportive Housing – 86 rental units
Expanding Homeownership Opportunities in Richmond and Chesterfield – Habitat for Humanity (Richmond Metropolitan) - 8 single family units
Colbrook Hotel – Better Housing Coalition – 147 rental units
Church Hill Partnership – project:HOMES – 6 rental units
Forest Grove and Twin Homes – Habitat for Humanity (Goochland), 3 single family units
Old Tavern and Dogwood Homes - Habitat for Humanity (Powhatan) - 2 single family units
South Taylor and Arlington – Habitat for Humanity (Hanover and King William) - 2 single family units
Ettrick Landing – Maggie Walker Land Trust – 10 single family units
The Pines – Habitat for Humanity (Peninsula Greater Williamsburg) - 4 single family units

Partnership for Housing Affordability (PHA)/PHA Framework

PlanRVA supports the work of the Partnership for Housing Affordability (PHA) in advancing the goals and solutions in the Richmond Regional Housing Framework. To learn more about how PHA is working towards ensuring healthy, stable, and affordable housing for the Richmond region, read the Framework’s Goals and Solutions here.

Analysis of Impediments (Fair Housing)

PlanRVA helps support the work of localities in meeting Title VIII of the Civil Rights Act of 1968, known as the Fair Housing Act. In 2020, several localities in the region and the Tri-Cities area collaborated to analyze impediments to fair housing choice. Read the study and its findings here.

Housing Data & Analysis

Regional Indicators - Housing

PlanRVA and other regional partners are working together to collect and present a set of housing, economic, and other data on a dashboard for use by the public, localities and organizations. Once ready, this data will be posted on a Regional Indicators Dashboard website.

This data tracking effort will allow the region to measure progress over time as part of the regional effort to create and activate an Action Framework for Equitable Economic Mobility. Work on this effort is supported in part by technical assistance from the Urban Institute, whose Upward Mobility Framework identifies five essential pillars that support mobility from poverty, including opportunity-rich and inclusive neighborhoods (which includes housing affordability and transit access), high quality education, rewarding work, healthy environment and access to good healthcare, and responsible and just governance.

Market Value Analysis

PlanRVA has supported two Market Value Analysis (MVA) efforts in the region. An MVA is an in-depth analysis and mapping of a community's housing market. Done at a small geographic scale, it reveals the mosaic of market conditions within a community. It typically uses local and administrative data and includes field validation and input from local experts.

In 2017, the first MVA for the Richmond Region was completed by the Richmond Memorial Health Foundation (RMHF). The 2017 MVA was ultimately incorporated into the award-winning Richmond 300 Master Plan. That plan recommended updating the MVA every few years. In 2021, RMHF partnered with PlanRVA to conduct a second MVA, which was completed in 2022. Read about the 2022 MVA results here.

Homeless Point in Time (PIT) Count

PlanRVA assists with data collection and mapping for the Richmond region’s annual homeless point in time (PIT) count, led by Homeward. PlanRVA uses aggregated data from the PIT to help inform multiple types of planning efforts. More information about the process, data, and ways to receive or give help, is available here.

Wealth Opportunities Realized Through Homeownership (WORTH)

PlanRVA is a member of the regional WORTH Collaborative and assists with data analysis and reporting. “Members of the Collaborative implement regional plans catered to their communities. These plans center grassroots outreach and housing counseling for families in underserved areas that have historically experienced systemic barriers to homeownership. In addition to housing counseling, the initiative provides downpayment assistance to eligible families based on their need” (LISC Virginia).