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DOWNTOWN BLACKSBURG HOUS I NG MARKET STRATEGY

More telling is that the average income for those aged 25 and older with a graduate degree in Blacksburg ($53,000) is generally consistent with the Metropolitan Statistical Area and county, but lower than the national ($68,000) and state ($79,000) average. This implies that retaining talent will require continued diversification of the local economy and housing stock. Households headed by individuals aged 25 to 44—typically, young and mid-career professional singles, couples, and families— earn a median income of $49,000 annually. As the analysis on cost of housing will show, the affordability levels of these groups are currently below the average home price in Blacksburg, making it difficult to attract and retain non-student households to live in town.

Blacksburg population in 2016, 45% of the population of Montgomery County 44,500 KEY METRICS

Image of cover Projection numbers pop

Projected 10-year demand for non- student market-rate housing units in Downtown Blacksburg 500-750 units

Of Blacksburg is aged 18-24 50%

Downtown Housing Market Strategy Report

residents not enrolled at VT (2010-2016) +2,900 Median household income in Blacksburg $35,000 Increase in population aged 50 and older (2010-2016) +22%

In 2015, Development Strategies completed a housing market strategy for the Town of Blacksburg. The study revealed that downtown housing development is important for accommodating the community’s growth, and it is also key to attracting and retaining Blacksburg’s young professionals. Companies in Blacksburg’s emerging research and technology sectors rely on these workers to grow their businesses, and report that the amenities of a walkable, vibrant downtown are essential to their recruitment efforts. The study projected a ten-year demand for 500 to 750 non-student, market-rate housing units in Downtown Blacksburg. The study also tested the market feasibility of various housing products, finding that only denser development types – such as mixed-use housing products, undergraduate housing, and rental housing for graduate students and young professionals – are economically viable on key sites in the study area.

30 Chapter 2 - Analysis: A Framework for Downtown Blacksburg

* Data from ESRI unless otherwise stated.