August 2022
What do we mean by Affordable Housing and Why is it important to all PWC residents?
Some statistics on issues PWC residents face when attempting to buy their first home:
- The median or mid-point sales price for a home in Prince William County has risen to $520,000.
- The annual median income for a Prince William County resident is just over $109,000.
- The required down payment for first time home buyers ranges from 10% to 20% of the purchase price.
- Based on loan industry standards – someone making the annual median income in Prince William County can afford a house costing no more than $378,000!
- The county also reports we are facing a shortfall of at least 20,000 homes by 2040 to keep up with current demand.
We need affordable work force home buying options so our teachers, nurses, police officers, emergency personnel, and others who work in the county can afford to live here!
Some statistics on issues PWC residents face when attempting to rent a “livable” “apartment:
- The average rate to rent a 850 square foot apartment in Dale City, VA is $19,200 annually or $1,650 per month.
- Using the accepted metric that housing costs should not exceed 30% of annual income, an individual looking to rent this 850 sq ft apartment would have to earn a salary of $64,000 annually or $31 dollars an hour.
We need affordable work force apartment rental options so individuals with entry level jobs in the workforce like store clerks, medical technicians, domestic workers and others who live in the county can afford to live here.
We need creative solutions to the affordable housing issue in Prince William County for example:
- Establish an Affordable Housing Trust Fund
- Implement an Affordable Dwelling Unit ordinance
- Explore public private partnerships
- Assure re-zoning options address environmental concerns
VOICE PWC will be spending next 9-12 months conducting research on how we can drive change on this issue at the scale that it deserves, which means contemplating things like zoning and land use reform.
Background reading: Report: Prince William County’s housing shortage to persist without policy changes