clock menu more-arrow no yes mobile

Filed under:

By 2023, the D.C. Region Will Have 410,380 New Households

Washington, D.C. is growing fast with over 1,200 residential units planned in H Street Corridor and over 4,400 residential units planned in Navy Yard for the next few years. Now, a new study has been released from George Mason's Center for Regional Analysis that reports that the Greater Washington area will add 410,380 households by the year 2023. Only 149,000 of those households will make less than 80 percent of the area median income (AMI). 71,190 households are expected to make less than 30 percent AMI. While the study predicts the Greater Washington region may potentially have a demand for 2,750,790 households, forecasts assume that only 2,524,410 will exist in the region, which is 226,380 fewer.

The demand for owned units and rental units are expected to grow at a similar rate, but the demand for rental units will be much higher in the majority of Suburban Maryland and the closer-in jurisdictions in Norther Virginia. Other forecasts in the study include an expected significant increase in the number of households earning less than 30 percent AMI, an increase in the demand for multi-family units as opposed to single-family detached or attached units, and an increase in the number of vacant jobs due to the retirements of Baby Boomers. Approximately 380,700 net new jobs are expected by 2023. To see the entire study, check it out here.

The study was based off of current housing and employment trends as well as demographic research. Some of the limitations included that the housing demand forecasts excluded the housing needed to accommodate replacement workers not filling jobs left by retirees. The study also assumes there there will be no major shifts in housing unit preferences of future cohorts.

· The Greater Washington Region's Future Housing Needs: 2023 [George Mason's Center for Regional Analysis]
· Study: DC Area Will Add 410,000 New Households by 2023 [Urban Turf]
· Mapping the Residential Construction Sites in Navy Yard [Curbed DC]
· Mapping the Construction Sites in H Street Corridor [Curbed DC]