NRVRC completes NRV Regional + Local Housing Study
FAIRLAWN, Va. (WDBJ) - Housing supply and affordability issues due to the lack of supply are two big takeaways from the New River Valley Regional Commission’s two-year housing study for the NRV. It includes the counties of Floyd, Giles, Montgomery, and Pulaski, and the City of Radford.
The study incorporated regional and local data, as well as input from ten focus groups and over 1,100 online survey responses to develop seven regional housing strategies and tailored strategies for each locality. The study was guided by two advisory groups, a 35-member Consortium comprised of leading housing industry experts in the region, local government staff and non-profits. A leadership group met monthly to guide the housing study’s technical team.
Executive Director Kevin Byrd said the study shows a need for more diverse housing types. Right now there are a lot of single-family detached houses, there’s now an opportunity to create more diversity for owners and renters as the population continues to grow.
“We didn’t have a lot of new homes being built in the late ’90s and early 2000s, so we’re at a point in time right now where we’re trying to play catch-up with increasing new inventory in the market,” Byrd said. “Not having new inventory added to the market that creates a strain on the supply, and therefore causes prices to go up but, again, part of that supply issue and affordability is because we have not, we don’t have a lot of diversity in the housing types.”
Byrd said the effort will take a concerted effort of the public sector, local government, nonprofit and private home building industry to collaboratively tackle some of these challenges.
“I think that there’s a tremendous amount of enthusiasm to address these challenges the New River Valley is a highly desirable place to live, and we’re seeing that in the demand that exists,” Byrd said. “I’m excited about the creative opportunities they’re going to come out of this.”
The Regional + Local Housing Study can be found online at https://nrvrc.org/regional-housing-study/.
You’re invited to attend a regional presentation on the study hosted by the NRV Livability Initiative partnership Tuesday, April 27, 2021 from 9 a.m. to 10 a.m. on Zoom.
Registration can be found here: https://cfnrv.org/event/housing-in-the-new-river-valley-session-1-the-nrv-housing-study/
A recording will be available after the meeting if you cannot attend the live event.
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