Supply and demand of housing

Goal 1: An Inclusive Community of Self-sufficient Residents
Analysis

According to the April 2018 Housing Needs Assessment report, there are 20,920 housing units located within the City of Charlottesville. Of those units, 35.3% are owner-occupied, and 58.0% are renter-occupied, with the remaining 6.7% of the housing units described as vacant.

   


Focusing specifically on affordable housing needs, the report indicates a current lack of 3,318 rental housing units affordable to low- and moderate-income households. The majority of this need (2,548 units or 76.8% of total need) represents housing affordable to households with incomes no greater than 50% of area median income (AMI). This number includes households paying in excess of 50% of their income towards rent each month (severely cost-burdened households), household paying more than 30% of their income towards rent each month (cost-burdened households), replacement units for public and other assisted housing developments, and homeless individuals and families. This affordable housing deficiency is expected to increase to 4,020 units by the year 2040. 



2018 Area Median Income, City of Charlottesville



Supply and demand of affordable housing
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Chart type: column chart.
The chart has 1 X axis displaying Fiscal Year.
The chart has 1 Y axis displaying Number of Units.

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ChartCreated with Highcharts 5.0.12Fiscal YearTotal Housing UnitsUnits Needed for Severely Cost-Burdened HouseholdsUnits Needed for Cost-Burdened HouseholdsChart context menuFY 2018