Homeownership Affordability in Virginia

Abstract

This report updates the edition published in January 2003 and updates data for 2000-2002 presented in earlier reports.  Data presented herein for 2003 will be updated in the report to be published in 2005.  In addition, this report reflects changes in the market areas reported by the Virginia Association of Realtors® (VAR). The Greater Hampton Roads market area has been combined with the Southside and Virginia Peninsula market areas.  (See Table 5 for market area definitions used in this report.)  Starting with this report we use the median sales price rather than the mean (or average) price in calculating cost burden1. Statewide, the median is 14 percent lower than the average and better reflects the actual cost of a typical home bought during the year. In some market areas (Chesapeake Bay and Lexington), the median sales price is more than 20 percent lower than the mean price. Consequently, we are showing these areas to be much more affordable than in previous reports.