As the economy has strengthened in recent years, home prices have risen in much of the U.S., with the median home sale price recently passing its pre-recession peak. Virginians who rent are also spending more of their income on housing than during the 2000s housing bubble. Though household incomes in Virginia have been increasing since the end of the recession and currently are at an all-time high, the median rent in Virginia has risen three times as quickly as income over the past ten years. Among Virginian’s who are in the second from the lowest income quartile (households earning between 35 and 75 thousand dollars), the share spending more than the HUD recommended limit of 30 percent of their income on rent has continued to climb since the recession, reaching 41 percent last year, nearly double prerecession levels. Likely due to the high cost of housing and rent, the share of young adults between ages 18 and 34 who live with their parents or other relatives has also continued to rise since the recession, passing 45 percent last year.
Source: 2005 and 2017 Census Bureau American Community Survey