6 th Annual Regional Exchange NRV Livability Initiative March 12, 2020
Our Agenda • Welcome • Public Health Update • Are we in Kahoots? • NRV Regional Housing Study • Lightning Round 1 • Break • Lightning Round 2 • Closing • Raffle!
Thank You to Our Sponsors
Livability Leadership Team • Kevin Byrd, NRV Regional Commission • Catherine Cotrupi, VT Engage • Carol Davis, Town of Blacksburg • Nichole Hair, Town of Pulaski • Lydeana Martin, Floyd County • Anne McClung, Town of Blacksburg • Kim Thurlow, Town of Blacksburg/HOME Consortium • Jennifer Wilsie, NRV Regional Commission • Jessica Wirgau, Community Foundation of the NRV
What is the Livability Initiative? • Started as a three year regional planning process, 2011-2014 • Funded by Federal Partnership for Sustainable Communities • Provided an opportunity for New River Valley residents to develop a vision for the future and develop strategies that businesses, community organizations, local governments, and individuals can use to make this future vision a reality.
Livability Goals Enhance Living and Working Environments Make the Business Environment More Productive and Resilient 1. Provide Support for an Aging Population 10. Enhance Education and Workforce Readiness 2. Ensure Affordability of Housing, Energy and Transport 11. Support Infrastructure Needed for Economic Development 3. Improve Transportation Options for Residents 12. Support Small Business Development 4. Improve Building Energy Efficiency 13. Strengthen Agricultural Viability 5. Expand Renewable Energy Preserve Rural Heritage Build Healthy Communities and Community Character 14. Enhance Access to Healthcare 6. Encourage Development that Preserves Rural 15. Create Healthy Environments Character 16. Promote Healthy Behaviors and Lifestyles 7. Protect Natural Landscapes and Ecosystems 17. Support Children and Youth Reaching their Full 8. Recognize and Strengthen Natural, Cultural and Potential Historic Assets 18. Protect and Improve Water Resources 9. Support Arts Culture and Community Character
The Livability Partnership Working in partnership to advance the NRV Livability Initiative by: • Hosting a regional data dashboard to track progress • Issuing an online newsletter highlighting projects related to the plan’s goals • Hosting an Annual Information Exchange to feature exemplary projects and spur collaboration • Offering capacity-building workshops to advance regional initiatives
Learn More @ nrvlivability.org
Public Health Update New River Health District
S O Y OU T HINK Y OU K NOW T HE N EW R IVER V ALLEY ? I N O NE M INUTE O R L ESS , C AN Y OU … 1. Partner up with a person at your table 2. Decide who’s phone you’re going to use for the quiz 3. Connect to the wireless network: Manor Guest (no password needed) 4. Go to this website: kahoot.it 5. Await further instructions!
NRV Regional Housing Study Kevin Byrd Jennifer Wilsie NRV Regional Commission Mel Jones Virginia Center for Housing Research at Virginia Tech
Livability Information Exchange March 12, 2020
Housing Matters to the NRV • Housing study initiated from local concerns regarding: • Housing conditions and reinvestment • Adequacy and appropriateness of housing stock • Mix of incomes served • Mix of ages and life stages served • Adequate availability • Need for strategies (regional + local) to address
Study Partners
Study Scope
Housing Matters to the NRV • Housing affects economic opportunity for individual workers and their families, employers, communities, and regional markets • Housing costs • High housing prices • Housing unaffordability
The NRV MSA & Housing Market • Households look for housing within a reasonable commute of their jobs and vice versa • 62% of NRV workers also live in the NRV
Regional Housing Profile Distribution of Households Radford, 5,503 , 8% • NRV population: Montgomery, Giles, 7,088 , 12,292 , 18% • 181,860 people 10% • 69,180 households • On average, households include Floyd, 6,434 , 9% 2-3 people Blacksburg, 13,771 , 20% • More than one-third of NRV households live in the region’s Pulaski, 14,577 , 21% jobs/amenities center, the Towns Christiansburg, of Blacksburg and Christiansburg 9,514 , 14%
Regional Housing Profile Incomes and Affordable Housing Costs • Median Household Income: $52,075 • Maximum affordable rent: $1,301 • Maximum affordable house price ≈ $274,000 • Median Family Income: $72,511 • Maximum affordable rent: $1,812 • Maximum affordable house price ≈ $350,000
Regional Housing Profile Relative Location Affordability Location Affordability Index for Median Income Families • Transportation costs are the second-highest household cost behind housing • Households often make trade-offs between housing and transportation • Living near their workplace and regularly-visited amenities is often more affordable for households Source: HUD 2012-2016
Regional Housing Profile Housing Stock • Median Year Built 1979 • 4,000 or more long-term Multifamily, 14,471, 18% vacancies (abandoned, slated for Single Family demolition, or left vacant) Attached, Single Family 6,958, 9% Detached, • Units by number of bedrooms 49,038, 61% • 45% of units have 3 Single Family • 28% have 2 Manufatured/Mobile, 9,227, 12% • 20% have 4 or more • 8% have 1 or fewer Source: NRVRC/VCHR tabulation of 2017 ACS 5-year Estimates
Median Sale Price 2002-2018 Source: VCHR Tabulation of NRV Association of REALTORS MLS Data $275,000 $225,000 $175,000 $125,000 $75,000 Giles County Pulaski County Blacksburg (in town limits) Montgomery County Floyd County Radford City Christiansburg (in town limits)
Regional Housing Profile Market Characteristics Median Sale Price was $187,750 in 2018 • Up 50% since 2002 • Up 12% since the pre-recession peak (2008) • Median Gross Rent (including rent and utilities) was $856 in 2018 • 37% increase from 2008-2018 •
Median Price of Homes Built & Sold 2014-2019, n=467 Source: VCHR Tabulation of NRV Association of REALTORS MLS Data 550000 500000 450000 400000 350000 300000 250000 200000 150000 100000 2014 2015 2016 2017 2018 2019 Giles County n=13 Pulaski County n=35 Blacksburg (in town limits) n=111 Montgomery County n=90 Floyd County n=14 Radford City n=18 Christiansburg (in town limits) n=184
Regional Housing Profile Market Characteristics Market vacancy rate NRV-wide is 3% and as low as 1% in • Blacksburg and 1.5% in Montgomery County. NRV-wide median Days on the Market (DOM) was 19 in 2018 • • Down 77% from 83 in 2010 • Median DOM in March 2018 in Fairfax Co. was 24 and in Prince William 26 • DOM was 13.5 for middle half of units $132,000-275,000
Tightness in the NRV market keeps relatively low sale prices and rents from being a competitive advantage at the state and national levels.
Housing Needs: Rental • Appropriate, affordable rental housing opportunities all along the income ladder • Quality, non-student rentals • Subsidized rental housing for low-wage workers
Housing Needs: Homeownership • Appropriate, affordable ownership opportunities all along the income ladder • Homeownership units priced less than $450K • Increased opportunity for first-time homebuyers • Re-investment in existing stock
Vulnerable Populations • Cost-burdened households (spend more than 30% of income on housing): • Over 14,500 non-undergrads • 5,500 extremely low-income renter households • Almost 5,900 owner households • 4,170 households that include children • 3,600 senior households
Demand-side Challenges • Student population • Economic and preference shifts • Low-wage jobs increase in tandem with high- paying jobs “What we want doesn't really exist in Blacksburg. We want a small patio home or luxury condo that isn't in a complex dominated by non-owner- occupants.” – public survey respondent
Supply-side Challenges • Pace of production • Housing conditions • Infrastructure limitations “We've looked at houses in Radford and Montgomery County but really feel most attracted to Floyd County, and are content to wait it out till we find the right place.” – public survey respondent
Opportunities • Increase supply in high-demand areas • Community development in conjunction with increased housing in towns • Concentrate development outside of towns in well- located places with needed infrastructure
Opportunities • Use local zoning and incentives to promote increased production and affordability • Incentivize housing re-investment, discourage absentee landlords and associated delinquencies • Address construction industry challenges • Regional collaboration to increase funds for re-investment and subsidized housing for low-wage workers
Regional Strategies • Housing education campaign • Emphasize the importance of housing • Grow public support and combat NIMBY-ism • Keep it visual • Regional housing trust fund • Access to flexible housing funding pooled from a variety of sources • Strategic partnerships with anchor health institutions • Connecting housing to health • Critical home repair for discharged patients
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