WAHP Workforce Housing Briefing Loudoun County, Virginia April 19, 2006

Housing 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 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!! 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 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