Virginia Real Estate and Livability Trends
Virginia's real estate scene is worth a closer look. Average taxable income per return has climbed to $100,102.90 in 2021, hinting at economic growth. Median home values have surged from $245,000 in 2015 to $339,800 in 2022, far above the national average. Tax liability has also risen, with real estate taxes doubling to $6,125.92 in 2021. School stats are promising, as the student-to-teacher... Read more
Virginia Market Trends
Median home values in Virginia have trended upwards significantly from $245,000 in 2015 to $339,800 in 2022, well above the national median of $179,400 in 2022. Residential energy tax credits in Virginia have fluctuated, notably peaking at $2,620.45 per tax return in 2018 before stabilizing around $1,318.86 to $1,720.97 more recently, an important factor for those considering home improvements.... Read more
Median Value of Occupied Housing Units in Virginia Over the Last 8 Years
Median home values in Virginia have seen a steady upward trend over the past eight years, starting at $245,000 in 2015 and rising to $339,800 by 2022. When compared to national figures, Virginia's median home values consistently stand well above, with the national median only hitting $179,400 in 2022. This consistent increase and higher average suggest that Virginia could be a promising location for real estate investments, offering potential appreciation and a stable housing market.
Active Loans in Foreclosure/Bankruptcy/Deed in Lieu in Virginia over the last 10 years
Active Loans 30-60 Days Past Due in Virginia over the last 10 years in Virginia
Perent of loans that are Active Loans 90-180 Days Past Due in Virginia over the last 10 years in Virginia
Residential Energy Tax Credit Per Tax Return in Virginia Over the Last 9 Years
Over the past nine years, residential energy tax credits in Virginia have shown significant fluctuations. The average credit per tax return surged to $2,620.45 in 2018 from just $364.88 in 2013, indicating potentially larger incentives for energy-efficient home improvements. However, a noticeable dip followed, with values stabilizing around $1,318.86 in 2020 and rising again to $1,720.97 in 2021. This volatility highlights the changing landscape of energy credits, valuable information for investors and homeowners planning upgrades, as well as appraisers and insurance agents assessing property values and risks.
Average Real Estate Taxes Per Tax Return in Virginia Over the Last 10 Years
Over the last decade, Virginia has seen a steady increase in average real estate taxes per tax return, more than doubling from $3,593.17 in 2012 to $6,125.92 in 2021. This upward trend suggests a significant rise in property values and local government expenditures, making it an important consideration for potential investors, homebuyers, and property developers. While higher taxes can reflect improved public services and infrastructure, they also mean increased costs for homeowners, which is critical for real estate agents and appraisers to consider in their assessments and market evaluations.
Percentage of Farm Returns in Virginia Over the Last 10 Years
Over the last decade, the percentage of farm tax returns in Virginia has shown a steady decline, dropping from 1.04% in 2012 to 0.86% by 2021. This consistent decrease suggests a potential shift in the agricultural landscape or economic viability of farming in the state. For those looking to invest or build property in Virginia, this trend could signify a changing rural economy or an evolving market that might impact future land values and development opportunities. Understanding this pattern provides useful context for financial planning and investment strategies in Virginia's agricultural sectors.
Economic Outlook
In Virginia, the average taxable income per tax return has been steadily increasing over the last nine years, hitting $100,102.90 in 2021. This suggests stable economic growth and potentially a rising standard of living, making it an attractive option for investors and realtors. Additionally, state and local income taxes have nearly doubled from $6,886.08 in 2012 to $14,126.87 in 2021, indicating possible policy changes that could impact financial planning and housing affordability. The... Read more
Average Taxable Income per Tax Return in Virginia over the last 9 years
The average taxable income per tax return in Virginia has generally seen a steady increase over the last nine years, with a notable spike in 2021 reaching $100,102.90. This trend could suggest stable economic growth and possibly a rising standard of living, making Virginia potentially attractive for investors, realtors, and insurance agents. For those considering moving or investing in property, this continuous increase might be a positive indicator of a robust and flourishing financial landscape.
Average State and Local Income Taxes Per Tax Return in Virginia Over the Last 10 Years
Over the last decade, average state and local income taxes per tax return in Virginia have shown a consistent upward trend, starting from approximately $6,886.08 in 2012 to almost doubling to $14,126.87 by 2021. The most significant jumps occurred between 2017 and 2018 as well as 2019 and 2020, potentially signaling policy changes or economic shifts. For investors, real estate agents, and those interested in relocating, this trend suggests a gradually increasing tax burden that could affect financial planning and housing affordability. Appraisers, insurance agents, and property developers might need to consider these tax increments when evaluating property values and market conditions in Virginia.
Average Total Tax Liability Per Tax Return in Virginia Over the Last 10 Years
Over the past decade, Virginia has seen a consistent upward trend in the average total tax liability per tax return, increasing from approximately $12,568.90 in 2012 to about $18,618.94 in 2021. This steady rise suggests a robust economic climate with potential for higher earnings and property values, making it a notable consideration for investors, real estate agents, and anyone looking to build or appraise property in the state. For insurance agents, the increase in tax liability may indicate a growing demand for comprehensive coverage as income and assets grow.
Cost of Living in Virginia
Safety trends & Data
Virginia's property crime trends over the past five years indicate a fluctuating landscape. Fraud incidents peaked at $23,825.00 in 2019 but dropped significantly to $15,142.00 by 2021. Larceny-theft has decreased from $2,364.00 in 2018 to $1,720.00 in 2022, potentially reflecting better security or reporting changes. Motor vehicle theft and embezzlement have also declined, suggesting possible advancements in crime prevention. Notably, forgery and counterfeiting saw a resurgence, hitting... Read more
Property Crime Trends in Virginia Over the Last 5 Years
Over the past five years, Virginia witnessed fluctuating trends in property crimes. Fraud consistently reported the highest incidents, peaking at 23,825.00 in 2019 and declining to 15,142.00 by 2021. Larceny-theft has shown a downward trend from 2,364.00 in 2018 to 1,720.00 in 2022, signalling improved security or changes in reporting. Motor vehicle theft and embezzlement have also decreased, suggesting potential advances in crime prevention measures. However, forgery and counterfeiting have seen some resurgence, ending at 4,371.00 in 2022. This evolving landscape is critical for investors, real estate professionals, and residents to consider when evaluating property values and neighborhood safety.
Demographics
Virginia's demographic trends paint an interesting picture of its population composition and growth dynamics. The gender split of adults is fairly balanced, with a slight female majority. Educational attainment shows a solid base with a high number holding high school diplomas and bachelor's degrees, indicating a well-educated populace. Age-wise, the state has a significant young adult population, potentially fueling future workforce growth. Racial diversity highlights a predominantly White... Read more
Race Distribution in Virginia (2022)
Educational Attainment in Virginia (2022)
Age Distribution in Virginia
Citizen Population in Virginia (2022)
Political Trends & Data
Virginia's real estate market trends could be influenced by its political leanings, with Democrat candidates potentially receiving about 18% of the vote share in recent elections, compared to Republicans at around 15%. These dynamics might imply a progressive inclination among homebuyers, possibly driving demand for urban areas and sustainable developments. Minor parties, like the Libertarians at about 0.5%, suggest limited impact on market... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Virginia, Democrat candidates may have secured a lead with approximately 18% of the vote share, while Republicans garnered around 15%. Libertarians and other parties captured a minimal portion, with Libertarians at just about 0.5%. This suggests that while Virginia showed a preference toward Democrats in the 2020 election, minor parties had little to no impact on the overall results.
14.66% of voters voted for the Republican party in the 2020 Presidential Election
18.03% of voters voted for the Democrat party in the 2020 Presidential Election
0.48% of voters voted for the Libertarian party in the 2020 Presidential Election
0.16% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the last decade, Virginia's student-to-teacher ratio has gradually declined from 14.90 students per teacher in 2014 to 13.44 in 2023. This trend leans toward smaller class sizes, which might signal a boost in educational quality. For investors or those considering a move, a lower student-to-teacher ratio often implies a supportive learning environment and potentially higher property values. Real estate agents and appraisers could use this metric to guide more accurate property valuations,... Read more
Student-to-teacher ratio in Virginia over the last 10 years
Over the last decade, Virginia's student-to-teacher ratio has gradually declined from 14.9 students per teacher in 2014 to 13.44 in 2023. This trend suggests a move towards smaller class sizes, which might be a positive indicator for educational quality. For investors or those considering moving to Virginia, a lower student-to-teacher ratio often hints at a supportive learning environment and potentially higher property values as a result. For real estate agents and appraisers, understanding these dynamics could inform more accurate property valuations. For insurance agents, lower class sizes might suggest a more stable, community-focused environment. Comparatively, Virginia's ratio has dipped below the current national average of 14 students per teacher, highlighting the state’s commitment to education.
