WAHP Workforce Housing BriefingWAHP Workforce Housing Briefing

Loudoun County, VirginiaLoudoun County, Virginia

April 19, 2006

Housing TrendsHousing Trends Nationally and regionwide housing prices have

plateaued…..even dropped

Land prices and construction costs are also starting to slow

Investors (aka speculators) are GONE

Condo market supply has exceeded demand in the short term

Pipeline projects starting to drop out

Disparity between income and home prices--along with traffic—staring to drive people away

Demographic Shifts in the RegionDemographic Shifts in the Region

Western suburbs will retain highest incomes and home prices

Desirability of urban, infill locations– Singles and Couples– Gen Yers– Families living in the urban core

Immigrant homeownership will continue to rise Outlying suburbs will still be dominated with

SFD & families (by choice?)

Place Matters More than Ever!!Place Matters More than Ever!!Land and home values near transit

stations and corridors retaining (some still increasing) their value.

Balance in homes and jobs essential for region’s economy

Compact development, with amenities, in the suburbs desirable and fiscally responsible

We can do BetterWe can do Better Fact—Between 2005 and 2010, the Washington

DC region will grow by 470,000 people and 180,000 households.– Question—Who are they? Where will they live? How

will they live?

Strong, healthy communities have:– Walkable, mixed-uses – A mix of homes for a wide range of residents– Green space – Strong economies– Balanced budgets

A Plan for Tomorrow

» Build a new model.

» Strong, healthy communities have:– Walkable, mixed-uses

– A mix of homes for a wide range of residents

– Green space

– Strong economies

– Balanced budgets

Well Designed Density

Urban-Advantage.com

Well Designed Density

Urban-Advantage.com

Attracting the Best

» Compact development offers homes that are within reach of vital community members such as:– Teachers – Nurses– Fire fighters– Police officers– Retail salespeople

» And our own children!

Balancing Our Budget

» Compact development reduces infrastructure costs and saves money.

– Average annual cost to service a new family of four (police, fire, highway, schools and sewer):

• Compact suburban Shelby County, KY = $88.27• Sprawling Pendleton County, KY = $1,222.39

– Sources: Brookings Institution

Balancing Our Budget

» Nationally, the U.S. can save over $100 billion in infrastructure costs over 25 years by growing compactly.

» Chicago can save $3.7 billion over 20 years by growing compactly.

» Charlottesville, VA can save $500 million in transportation costs with compact development.

– Sources: Urban Land Institute, Chicago Metropolis 2020; Thomas Jefferson Planning District Commission

Take Action

» The future is our choice.

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