Nonprofit to create Virginia housing affordability index

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Housing Virginia has announced it will publish a quarterly Housing Affordability Index for the state starting in 2010.

The index will measure the relationship between buyers’ and renters’ housings costs and their incomes. The nonprofit is associated with the Virginia Association of Realtors.

“Basically what we’re looking at is presenting the percentage of a typical Virginia household’s income necessary to afford the typical home in Virginia,” Scott Brunner, CEO of the Virginia Association of Realtors, said in a statement.

Virginia Tech’s Virginia Center for Housing Research will conduct the research, focusing on the median sales prices and median rent paid to the median household income. Data will be available for localities as well as the state.

“In general, areas where the median housing costs require less than 30 percent of the median household income are considered more affordable, and areas where housing costs exceed 30 percent of household income are considered less affordable to the typical family,” Kit Hale of Roanoke, chairman of Housing Virginia said in a statement.

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