Floyd Homefront, Part 2: The Cost of Homeownership
“The Cost of Homeownership,” is about the financial gaps that contribute to Floyd’s housing crisis and the county-wide efforts to make homeownership and repairs more affordable.
“Floyd Homefront” is a Floyd Times series that examines the ways in which the Floyd government is working to address the local housing crisis. Part 2, “The Cost of Homeownership,” is about the financial gaps that contribute to Floyd’s housing crisis and the county-wide efforts to make homeownership and repairs more affordable.
The disparity between the cost of homeownership and the annual average income of Floyd County families can lead to vulnerable populations, including the elderly and children, living in homes that are unsafe and in need of repairs.
According to the Census Bureau’s data from 2019-2023, which is self-reported, the average value of housing units that are owner-occupied in Floyd County is $215,500, and average annual household income is $61,401. Median gross rent is $826 per month, and median owner costs with a mortgage is $1,317. This means that renters spend about 16% of their monthly income on housing, and those paying a mortgage — which is more common than renting in Floyd County — use an average of about 25.7% of their monthly income on housing.
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Floyd’s Economic and Community Development Director Lydeana Martin pointed out that since the Census Bureau’s data is self-reported, it is likely skewed.
“...The reality is that prices are much higher than $826 rent or $215,500 to buy now,” she said. “Plus, there are so few options on the market below $300,000, and the ones that are mostly double wides (which come with higher insurance and financing fees) and older homes in need of a lot of work.”
When housing is unaffordable, homeownership costs are unsustainable. It is easy for families who are using about 30% of each pay check for housing to purchase less food, put off doctors appointments, and not pursue higher education via trade schools or colleges.
To help homeowners fill the gap, Floyd County has pursued multiple rounds of grant funding through Community Development Block Grants from the Department of Housing and Development. The first grant of about $1.08 million was used to help rebuild or rehabilitate 14 houses throughout the county.
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Martin said the county is working through the process of implementing its second round of CDBG funding for about $1.2 million to help eight more households. She said that this funding, just like the previous grant, is for “existing houses in the county that have significant challenges, like leaking roofs, broken windows, working water or septic.”
“Frequently we serve elderly people on a fixed income, who have been living in a home that they cannot afford to maintain, because they are on a fixed income,” Martin said. “The one that we applied for and received is specifically ‘scattered site housing rehab’ where all the houses are not in one neighborhood. We were one of the first to get approved for a scatter site, instead of a specific neighborhood.”
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According to Bank of America in 2024, about 25% of all households were living paycheck to paycheck with the inability to establish savings. This lack of saving means that people are unable to put a downpayment on a house, or keep up with maintenance costs.
“They can’t afford to pay $10,000 to replace a roof, or a broken well,” Martin said. “It is a prohibitive expense for those folks. It is often elderly people and veterans that we are able to help. There are a few houses with kids that we have been able to help. We factor in a lot of things, because there is a waiting list, and unfortunately, you can’t help everybody.”
In the previous grant, there was a cap of a maximum $95,000 allowance for houses that needed to be completely rebuilt. With the latest grant, the allowance is up to $150,000 per residence, which is more feasible for modest homes. However, homeowners must meet income requirements (earning less than 80% of the area’s median income) to qualify.
Martin has sincere appreciation and gratitude for the Floyd Initiative for Safe Housing (FISH) and its founder Susan Icove. Martin said, “FISH is an amazing community resource and wonderful at bringing partnerships together… I can't say enough about how important FISH has been. They not only do the repair, but they go out of their way to assist the homeowner in the process.”
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FISH, which is volunteer-run, regularly partners with the New River Valley chapter of Habitat for Humanity to complete much-needed repairs and other projects, such as the development of townhomes on New Town Road.
The county, which was also a partner in the New Town project, provides an overview of its planned infrastructure and housing additions on the EDA website. The Floyd Regional Commerce Park is included, as is some pre-planning for the development of affordable workforce housing.
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The next installment of “Floyd Homefront” will examine the work the county is putting into developing affordable workforce housing, which would also add to the local workforce. A special Part 4 of the series will focus on the Town’s efforts to add housing to Floyd County.
More Coverage
Read Part 1, "Laying the Groundwork"