6 th Annual Regional Exchange NRV Livability Initiative March 12, - - PowerPoint PPT Presentation

6th 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

• 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

Livability Leadership Team

• 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.

What is the Livability Initiative?

Make the Business Environment More Productive and Resilient

• 10. Enhance Education and Workforce Readiness
• 11. Support Infrastructure Needed for Economic

Development

• 12. Support Small Business Development
• 13. Strengthen Agricultural Viability

Enhance Living and Working Environments

• 1. Provide Support for an Aging Population
• 2. Ensure Affordability of Housing, Energy and

Transport

• 3. Improve Transportation Options for Residents
• 4. Improve Building Energy Efficiency
• 5. Expand Renewable Energy

Build Healthy Communities

• 14. Enhance Access to Healthcare
• 15. Create Healthy Environments
• 16. Promote Healthy Behaviors and Lifestyles
• 17. Support Children and Youth Reaching their Full

Potential

• 18. Protect and Improve Water Resources

Preserve Rural Heritage and Community Character

• 6. Encourage Development that Preserves Rural

Character

• 7. Protect Natural Landscapes and Ecosystems
• 8. Recognize and Strengthen Natural, Cultural and

Historic Assets

• 9. Support Arts Culture and Community Character

Livability Goals

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

The Livability Partnership

Learn More @ nrvlivability.org

Public Health Update

New River Health District

SO YOU THINK YOU KNOW THE NEW RIVER VALLEY?

• 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!

IN ONE MINUTE OR LESS, CAN YOU…

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

Montgomery, 12,292 , 18% Blacksburg, 13,771 , 20% Christiansburg, 9,514 , 14% Pulaski, 14,577 , 21% Floyd, 6,434 , 9% Giles, 7,088 , 10% Radford, 5,503 , 8%

Regional Housing Profile

Distribution of Households

• NRV population:
• 181,860 people
• 69,180 households
• On average, households include

2-3 people

• More than one-third of NRV

households live in the region’s jobs/amenities center, the Towns

• f Blacksburg and Christiansburg

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

Source: HUD 2012-2016

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

Regional Housing Profile

Housing Stock

Single Family Detached, 49,038, 61% Single Family Manufatured/Mobile, 9,227, 12% Single Family Attached, 6,958, 9% Multifamily, 14,471, 18% Source: NRVRC/VCHR tabulation of 2017 ACS 5-year Estimates

• Median Year Built 1979
• 4,000 or more long-term

vacancies (abandoned, slated for

demolition, or left vacant)

• Units by number of bedrooms
• 45% of units have 3
• 28% have 2
• 20% have 4 or more
• 8% have 1 or fewer

$75,000 $125,000 $175,000 $225,000 $275,000

Median Sale Price 2002-2018

Source: VCHR Tabulation of NRV Association of REALTORS MLS Data 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

100000 150000 200000 250000 300000 350000 400000 450000 500000 550000 2014 2015 2016 2017 2018 2019

Median Price of Homes Built & Sold 2014-2019, n=467

Source: VCHR Tabulation of NRV Association of REALTORS MLS Data 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
• pportunities 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

“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

• Pace of production
• Housing conditions
• Infrastructure limitations

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

Regional Strategies

• Partner with key anchor institutions
• Connecting housing to economic development and

workforce vitality

• Regional manufactured housing park assessment
• Surveying physical conditions and assessing residents’

needs

• Increase building trades workforce
• Recruiting talent from within the region
• Impact to development costs

Local Strategies (Summary & Examples)

• Creative Density
• Housing Re-investment
• Tools to anchor households and build wealth

Kevin Byrd, NRV Regional Commission Mel Jones, Center for Housing Research Jennifer Wilsie, NRV Regional Commission