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Friday, May 9, 2008

America’s Richest Counties:
Analysis of Workforce Housing and Affordable Homeownership Initiatives

The Fairfax County Board of Supervisors requested an analysis of the workforce housing and affordable homeownership initiatives in response to the January 22, 2008 Forbes.com article titled “America’s Richest Counties.”  Fairfax County was named the “richest” county for the year 2007 based on its median household income of $100,318. Ten of the twenty jurisdictions ranked by wealth in the article were in the immediate Washington, DC area and its outer suburbs. 
The following is a brief overview of the jurisdictions profiled:

  1. Population: Ranged from 88,804 in Calvert County, Maryland, to 1,731,281 in Santa Clara County, California.  Average population:  409,423
  2. Home values:  The 2006 median value of owner-occupied homes ranged from $270,100 in Forsyth County, Georgia to $901,100 in Marin County, California.  Average home value: $487,890
  3. Income:  The average median household income of the 20 jurisdictions in 2006 was $87,125. 

Eight of the 20 jurisdictions have – or are considering – workforce housing programs.  Five of these eight jurisdictions, including Fairfax County, define “workforce housing” as serving households earning up to 120 percent of the Area Median Income (AMI), as published by the United States Department of Housing and Urban Development (HUD).  Nassau County, New York has proposed defining workforce housing as serving up to 130 percent of AMI.

Other jurisdictions that have unique workforce housing programs include:

    1. Arlington County, Virginia’s workforce housing approach includes partnerships with individual employers to provide special mortgage products, homeownership and financial literacy education, and discounts on selected properties; and
    2. Marin County, California’s workforce housing program, which allows affordable and workforce housing in industrial districts, and requires contributions of workforce housing from non-residential uses. 

To view the Analysis of Workforce Housing and Affordable Homeownership Initiatives report, click here. 

To view the Forbes article, click here.