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Housing » Affordable Housing

Why It's Important

Most communities face major economic and political challenges to providing a diverse array of housing stock, including apartments, home sharing options, and compact housing. Older adults with limited incomes have taken advantage of the subsidized housing made available through the Department of Housing and Urban Development or local state agencies. Affordability problems are highly concentrated among lower income households with few assets. In the Older Americans Act, Congress has declared that older people are entitled to equal opportunity to obtain and maintain suitable housing, independently selected, designed and located with reference to their special needs and available at costs they can afford.

See Data By: Richmond MSA | Virginia | National

How Richmond Is Doing

Three in Four (77%) Richmond employees say Affordable Housing is Important. (GRCC, WORKFORCE HOUSING, 2007)

Three in four say affordable housing opportunities important

How Virginia Is Doing

Less than one-fourth of Richmond residents say the area performs well on providing affordable housing and making it a planning priority in the community. Only one in twenty say the region performs very well. (ODP, RESIDENT, 2008)

One-fourth (23%) of Richmond Residents say region performs well on affordable housing (Richmond MSA)

Two-thirds (69%) of Richmond Residents Say Affordable housing is important (Richmond MSA)

How the U.S. Is Doing

According to the Administration on Aging, Profile of Older Americans, 2008:

Of the 2.9 million households headed by older persons in 2007, 80% were owners and 20% were renters. The median family income of older homeowners was $29,899. The median family income of older renters was $15,130. In 2007, 46% of older householders spent more than one-fourth of their income on housing costs - 39% for owners and 73% for renters - as compared to 46% of all householders.
For homes of older householders in 2007, the median construction year was 1969 (it was 1973 for all householders) and 4.4% of the homes had physical problems. In 2007, the median value of homes owned by older persons was $168,654 (with a median purchase price of $45,191) compared to a median home value of $191,471 for all homeowners. About 68% of older homeowners in 2007 owned their homes free and clear.(AOA, PROFILE OF OLDER AMERICANS, 2008)

According to AARP, Beyond 50.05: A Report to the Nation on Livable Communities:Creating Environments for Successful Aging, 2005:

Most Americans age 50-plus own their home (87%). Whether they own it or not, they are far and away most likely to live in a single family home (81%).
One in 10 (10%) lives in an apartment or condominium. They are also fairly spread out ― one in four (26%) live in a small town; others live in suburbia (23%), “out in the country” (19%) or a rural village (12%).