Affordable Housing Demand in Henrico County, Chesterfield County and City of Richmond

Abstract

Housing demand has grown steadily in Henrico and Chesterfield Counties in both the owner and renter housing markets (Figure 1 and Table 1).  There were nearly the same number of owner households in Henrico and Chesterfield Counties in 1990 (about 58,000).  Both areas grew substantially in the number of owners during the 1990s, increasing 25% in Henrico and 30% in Chesterfield.  Based on currently available population projections and income trends during the 1990s, we project both the numerical increase and the rate of increase to slow during the current decade (2000-2010).  In contrast, ownership demand decreased in the City of Richmond from 1990 to 2000.  We project this decline to accelerate during the current decade, going from -1% to a -3% over ten years.