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Is there sufficient housing for households at all income levels?
No. There is a server and growing shortage of affordable housing for low-to moderate-income households of every size.
How is affordability of housing likely to change considering changes to home values and/or rents?
Rents and home values are rising quickly due to demand outstripping supply. This trend will continue into the near future. With the average income of
the families and households in Newport News becoming lower rather than growing, the market will be in crisis, causing families to be in crisis as well.
How do HOME rents / Fair Market Rent compare to Area Median Rent? How might this impact your strategy to produce or preserve
affordable housing?
The average rent and the average home price in Newport News is lower than that of the rest of the metro area. For this reason, a larger number of
lower-income households have moved into Newport News than higher income households. Of the higher income households more have moved out of
the city than moved in.
Dealing with these realities will need a multi-faceted approach. Workforce housing could be developed in cooperation with large employers such as the
shipyard, the military and large health care providers. This housing could be clustered to include single-family and multi-family units that attached and
unattached.
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