Arlington ties with Richmond for the lowest home-ownership rate among young adults in the commonwealth, according to a new analysis.
Lisa Sturtevant, chief economist for Virginia Realtors, crunched data from the U.S. Census Bureau’s American Community Survey to compare the characteristics of recent home-buyers under age 35 with those who are older.
She found that only 16 percent of young adults living in Arlington were homeowners – perhaps not surprising given the cost of real estate in the county.
By contrast, 73 percent of young adults in the Gainesville area of Prince William County are homeowners, while eastern Loudoun County, western Chesterfield County and the city of Chesapeake all have home-ownership rates among young adults of more than 60 percent.
According to Sturtevant’s analysis, 68 percent of recent young homeowners purchased a single-family home, with 21 percent purchasing a townhome or duplex and 8 percent purchasing a condominium. The median total monthly real-estate payment for recent young homebuyers is $1,568.
More can be found at www.virginiarealtors.org. Sturtevant plans to use additional data from an upcoming National Association of Realtors’ survey of Virginia buyers and sellers to provide more information in coming months.