Report: Work force housing shortage to grow

Date: November 3 2009
Source: Washington Business Journal
Website: http://washington.bizjournals.com/washington/stories/2009/11/02/daily36.html?ed=2009-11-03&ana=e_du_pub

A shortage of housing near D.C.-area employment centers persists despite lower-than-usual home prices and the shortage will continue to grow, according to a new report by the Urban Land Institute.

The study looked at the availability of home ownership and rental opportunities within a 20- to 30-minute commute of downtown D.C., Reston and Herndon, Alexandria, Tysons Corner, Bethesda and Rockville — six areas that account for more than one third of the total employment in the area.

Though the D.C. area’s median household incomes are some of the highest in the nation — $92,400 for a family of three, $102,700 for a family of four — there is still a shortage of about 40,000 affordable units near the area’s main employment centers.