Virginia Beach Housing Needs Assessment, Market Analysis, and Re-Investment Study (2016)

Housing Affordability Gap Analysis: Owners by Income Range

VCHR and czb analyzed City data, publicly available data and data collected from residents and expert stakeholders as a part of the Housing Needs, Housing Market Analysis, and Housing Re-investment Study for the City of Virginia Beach. At the culmination of this analysis, VCHR and czb identified three primary conditions that form the basis of our recommendations. These conditions, (1) the importance of millennials, (2) the age and associated vulnerabilities of the city’s housing stock, and (3) the increasing importance of lower-wage jobs along with their associated threats and opportunities for the City of Virginia Beach, are the main impetus for the interventions recommended in section 4.1. This section discusses each of these conditions and associated considerations that VCHR and czb believe are important for the City of Virginia Beach to acknowledge.