Unaffordable Housing Near Jobs in DC Metro Area
- Unaffordable Housing Near Jobs in DC Metro Area
- Publication Date:
The high cost of real estate in the Washington, DC metropolitan area keeps workforce households living on the periphery. According to a 2009 report, workforce households are largely priced out of both rental and for-sale housing near major employment centers in and around the city. With one of the strongest post-recession economies, and very low rates of new housing permits, the undersupply of workforce housing in the Washington, DC metro region is likely to continue into the future.
- Over the next 20 years, there is an estimated need for approximately 5,000 new for-sale homes to meet the needs of workforce households, defined as households with incomes 60 to 100 percent of area median income (AMI).
- There is a shortage of approximately 40,000 affordable housing units near major employment centers for households with 3 or more people.
- Workforce housing needs in Washington, DC will likely go unmet if current conditions persist.