The Half-Empty Town

Is our town half empty? Realtor Mimi Bartel examined the county tax records and found that only 49% of the homes are claimed as homesteads, meaning the owner lives there most of the year to claim it. The housing study by the Affordable Housing Coordinator Vince Michel estimates that 25% of homes are rented as short-term rentals while an additional 25% are second homes that do not have a full-time resident. The town does appear to be half empty.
The average home price is now $550,000, which would require a minimum income of $188,000 per year to qualify for a mortgage. Meanwhile, a few properties in the historic district are selling for more than $1 million. These homes are being purchased mostly by high-net-worth individuals seeking a home for retirement or by investors seeking to operate an STR. Speaking of STRs, AirDNA now reports 1,862 active listings in the zip code.
The passage of the STR ordinance was one step in halting the further emptying of Fredericksburg. The politically active citizenry and their elected officials are the source of hope for ensuring Fredericksburg is both livable and lived in.

Michael Perkola