SmartAsset, a New York-based financial technology company, has ranked Loudoun County as Virginia's top county for business growth for the third consecutive year. The last four annual studies have shown growth of 13.2%, 13.9%, 13.9% and 15.8%. To gain a better understanding of the housing market conditions in Loudoun County, we looked at a wider range of factors that measure demand, the affordability of owner-occupied and rental housing, and the quality of housing (Table). Making it easier to build small homes at moderate prices is one way to do this. In expensive metropolitan areas, the size of homes and the amount of land used per home are important factors in the price of individual homes.
Single-family homes on large lots are the most expensive type of structure. Townhomes, two- to four-family homes, and low-rise apartment buildings have lower development costs per unit than single-family homes. These structures are also suitable for rental housing, which is more affordable for moderate-income households, and as “starter housing” for potential first-time buyers who are currently priced outside the market. Zoning changes that allow smaller, less land-intensive structures to be built in more parts of the county will increase the diversity of housing options and expand the price range of available housing. Complementary zoning reforms include relaxing dimensional requirements, such as minimum lot size, setbacks, lot coverage, or floor-to-area ratios.
Reducing minimum parking requirements and allowing for flexibility in design standards can also result in cost savings for newly-built homes. Even in communities where enough housing is being built to accommodate increased demand, market-price housing remains unaffordable for many low-income households. The poorest 20% of U. S. households spend more than half of their income on housing, well above the threshold defined by HUD as affordable.
Only one in four eligible households receives federal rental assistance, including vouchers and public housing. Local governments that have sufficient resources can supplement these programs through locally funded rental vouchers or direct income support. These programs require an ongoing source of funding; high-income counties can fund local vouchers with general tax revenues, such as property or sales taxes, while low-income counties will need support from state or federal governments. An alternative to home-based subsidies for low-income households is to provide land or financial support for the purchase or construction of affordable housing. Local jurisdictions often own or have significant control over physical assets, such as publicly owned land or airspace, that can be harnessed to increase the availability of affordable housing in the community. Affordable housing trust funds are a flexible funding vehicle to support these activities.
Real estate market conditions may vary between submarkets and counties. These policy recommendations are based on an evaluation of overall housing metrics at the county level. Larger counties often have several different submarkets with varying standards for affordability, physical quality, infrastructure availability, and development. Cities, towns, and neighborhoods that offer the best economic opportunities—proximity to well-paying jobs, transportation, good schools, and other services—often have housing that's too expensive for moderate-income households in the county. Lower-cost communities tend to have older, poorer-quality housing.
Addressing disparities within counties in the cost, availability, and quality of housing may require coordination between independent political entities (for example,. (DC NEWS NOW) Data shows that data center tax revenues are growing steadily in Fairfax and Loudoun counties. Loudoun County has the lowest crime rate of the nine Northern Virginia jurisdictions in the national capital area. Top industry leaders such as Amazon, Verizon Business, Google, Facebook and Salesforce entrust their most important digital assets to Loudoun County connectivity. The FEMA National Risk Index gave Loudoun the lowest score of all counties in the United States when taking into account natural hazards ranging from avalanches and volcanoes to floods, hail storms and heat waves. Loudoun County is an expensive yet rapidly growing county located in a growing high-priced metropolitan area (Washington D.
C.). A SmartAsset study shows that Loudoun residents get more for their money than people in any other Virginia county and it ranks 80th out of 3000 counties across the country. All high-cost counties within a metropolitan area that adopt strategies such as those described below will have better results than those achieved by a single county alone; county officials can play a leading role in coordinating all jurisdictions and sectors to achieve those goals. During a July 13 Finance and Operations Committee meeting county staff told Loudoun County supervisors that forecasting revenue sources is difficult because equipment values can fluctuate. Loudoun County is a regional national and international leader in economic success while offering a first class quality of life. Nationwide during that period Loudoun ranks 20th in growth out of 3142 counties and seventh among counties with a population of 100000 or more. If this sounds like the right mix of business resources and lifestyle services let us help you start or locate your business in Loudoun County.
A SmartAsset study shows that Loudoun residents get more for their money than people in any other Virginia county. Loudoun County has the right mix of resources healthcare options and open space to top the list of healthiest counties in Virginia according to the County Health Ranking.
