RICHMOND — Rent in all but five Virginia counties increased in a 10-year period, according to a Capital News Service analysis of U.S. Census Bureau gross median rent estimates. The average percent change statewide in rental costs was 24%.
Richmond Mayor Levar Stoney and the City Council declared an affordable housing crisis late March. Over 85% of “extremely” low-income renters in Richmond and surrounding areas pay over 30% of their income on housing costs, according to the resolution recently adopted by City Council.
A majority of Richmond renters earn an income that falls anywhere between $35,000 and $75,000, according to U.S. Census Bureau estimates that are adjusted for inflation. The fastest-growing sector of renters in the Richmond area are people who make $150,000 or more a year, according to a recent Axios article. That income disparity can drive demand and rental prices up.
Over 60% of Virginia renters experienced rent increases this year, according to the Richmond mayor. The low housing inventory will continue to drive rent and mortgage costs up statewide, according to the resolution.
That means employees who barely earn minimum wage are burdened with finding affordable housing near school and work. Virginia minimum wage currently stands at $12 an hour and will increase by $1.50 an hour in January 2025, according to state law.
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