Homeowners in Maryland and Virginia spend 22% of their incomes on housing.
According to a recent report, homeowners in Maryland and Virginia spend an average of 22% of their incomes on housing. The report, which the National Association of Home Builders released, analyzed data from the U.S. Census Bureau’s American Community Survey.
In Maryland, homeowners’ average annual housing cost is $20,640, while the median household income is $94,140. This means that the yearly owner cost as a percentage of median income is 21.94%.
In Virginia, homeowners’ average annual housing cost is $17,748, while the median household income is $80,615. This means that the yearly owner cost as a percentage of median income is 22.02%.
The report also found that housing costs have been rising faster than incomes in Maryland and Virginia. Between 2010 and 2020, the median household income in Maryland increased by 17%, while the median home value grew by 23%. The median household income in Virginia increased by 19%, while the median home value grew by 24%.
“Affordable housing continues to be a major issue for many families in Maryland and Virginia,” said Jerry Howard, CEO of the National Association of Home Builders. “We need to work together to find solutions to help make homeownership more accessible and affordable for everyone.”
The report recommends several strategies to make housing more affordable, including increasing the supply of affordable homes, reducing regulatory barriers to new construction, and providing financial assistance to low-income families.
“By working together to implement these strategies, we can help ensure that everyone in Maryland and Virginia has access to safe, affordable housing,” said Howard. “This is not only good for families, but also for our communities and economy as a whole.”
