Nearly 1 in 3 central Virginians burdened by housing costs, according to Harvard study

RICHMOND, Va. (WRIC) — Nearly one in three residents of the greater Richmond area are burdened by the cost of their housing, according to a study by the Joint Center for Housing Studies of Harvard University .

According to the study, 30.8% of residents are burdened by housing costs, a total of 165,291 households, and 14.8% are severely burdened.

This figure is significantly worse for renters in the region, 52% of which are burdened by housing costs, a total of 91,025 households, and 29.5% are severely burdened. Just over one in five homeowners in the Richmond area are burdened by their housing costs, according to the study.

Median household income in the region is $6,550 per month, or $78,600 per year, and the median monthly housing cost is $1,360 per month, or $16,320 per year, according to the study.

The median household income for renters is less than 60% that of the overall median, but the median housing cost for renters is just $60 less than the overall median housing cost.

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