Housing Trends for NoVA
At a recent retreat for the Virginia Housing Development Authority’s Board of Commissioners, Barry Merchant, Senior Policy Analyst at VHDA, gave a presentation entitled “Housing Needs of the Northern Tier.” This powerpoint explains the shift from earlier geographic centers of activity for the metro region, and provides an excellent summary analysis of the changing demographics, new job centers and our evolving housing needs.
The Northern Tier (as defined on slide #2) is the engine of growth for the Commonwealth, comprising 38% of the state’s population, and accounting for 61% of its growth. As a region, we are younger and more diverse than the rest of the state, and part of a much larger, dynamic four-state economic region. To accommodate this growth, which has put pressure on our housing stock, we’ll need to come to consensus on financing strategies that provide housing that is smaller, more affordable and located in the core. If not, continued traffic gridlock and potential loss of workers will be in our future, negatively impacting our region’s economic competitiveness.