Chesapeake city Real Estate and Livability Trends
Chesapeake City, Virginia has seen steady economic growth, with average taxable income per tax return rising from about $59,379.19 in 2013 to $78,387.99 by 2021. This trend, coupled with median home values peaking at $339,500 in 2022, offers promising cues for real estate investors. Despite higher state and local taxes and increased real estate taxes reaching approximately $3,988 by 2021, the... Read more
Chesapeake city Market Trends
Median home values in Chesapeake City, Virginia, have shown steady growth over the past eight years, peaking at $339,500 in 2022, aligning closely with Virginia’s overall trends. There's been a notable increase in residential energy tax credits, climbing sharply to $2,600.00 per tax return in 2021, indicating a rising homeowner interest in energy-efficient improvements. Real estate taxes have... Read more
Median Value of Occupied Housing Units in Chesapeake city, Virginia Over the Last 8 Years
Over the last 8 years, median home values in Chesapeake city, Virginia have experienced steady growth, peaking at $339,500 in 2022. This trend is largely in line with Virginia’s overall housing market, which saw a similar rise to $339,800 in the same year. Compared to the national median of $179,400, Chesapeake city maintains a significantly higher housing value, pointing to its local market's robustness, making it a potentially attractive area for investors and homebuyers alike.
Residential Energy Tax Credit Per Tax Return in Chesapeake city, VA Over the Last 9 Years
In Chesapeake city, Virginia, the average residential energy tax credit per tax return has shown a significant increase over the past nine years, peaking in 2021 at $2600.00. Notably, there was a sharp rise between 2017 and 2018, jumping from around $641.40 to $1910.20, likely reflecting heightened investments in energy-efficient home improvements. This trend could suggest a growing homeowner interest in sustainability, potentially influencing property values, insurance premiums, and investment opportunities in the area. For real estate agents and appraisers, understanding this pattern may be advantageous in assessing the market and advising clients.
Average Real Estate Taxes Per Tax Return in Chesapeake city, VA Over the Last 10 Years
In Chesapeake city, Virginia, real estate taxes per tax return have gradually climbed from approximately $3,014 in 2012 to almost $3,988 by 2021. This consistent upward trend might indicate increasing property values and municipal funding adjustments, potentially impacting investments and housing costs. Real estate agents and property appraisers should consider these shifts when evaluating property values and forecasting future tax liabilities for clients.
Percentage of Farm Returns in Chesapeake city, VA Over the Last 10 Years
Over the last decade, farm tax returns in Chesapeake City, Virginia, have shown a gentle decline, dipping from around 0.21% in 2012 to roughly 0.16% in 2021. These percentages indicate the proportion of tax returns in the area that are related to farming activities, hinting at a possible decrease in the number of operating farms or farm incomes. For those looking to invest or build property in Chesapeake City, it's essential to consider that agricultural activities might not be as significant or growing as other sectors. This trend offers insight into the economic shifts within the locality, potentially guiding more informed decisions about the region's viability for farming-related ventures versus other developments.
Number of Mortgages by Occupancy Type in Chesapeake city, VA Over the Last 5 Years in Chesapeake city
In Chesapeake city, Virginia, there's been a noticeable shift in mortgage counts for different occupancy types over the last five years. Principal residences dominated the market, peaking in 2021 with 28,419 mortgages but seeing a significant drop to 16,239 by 2022. Investment properties also surged in 2021 at 1,328 before declining sharply to 722 in 2022. Second residences remained relatively stable, but their numbers are modest compared to other occupancy types. These trends could influence investment strategies, property valuations, and insurance premiums, as fluctuating mortgage counts often signal changes in market demand and economic conditions. Adjusting to these dynamics can offer opportunities for savvy investors and professionals aiming to navigate Chesapeake's evolving real estate landscape.
Economic Outlook
Chesapeake City, Virginia has shown steady growth in average taxable income per tax return, increasing from approximately $59,379.19 in 2013 to $78,387.99 by 2021. This rising trend may hint at a strong economic climate that could be enticing for real estate developers and investors. Additionally, the average state and local income taxes have surged from $4,904.03 in 2012 to about $7,709.39 in 2021, which could indicate a higher tax burden and potentially impact the area's appeal to new... Read more
Average Taxable Income per Tax Return in Chesapeake city, VA over the last 9 years
For those considering investing in Chesapeake City, Virginia, the average taxable income per tax return has seen a steady upward trend over the past nine years. Starting at approximately $59,379.19 in 2013, it climbed to about $78,387.99 by 2021. The consistent increase, particularly significant growth observed between 2020 ($70,529.57) and 2021, may suggest a robust economic environment, which could be attractive for real estate development, property investment, and appraisals. Insurance agents might also view this positively, as higher incomes usually correlate with higher-value properties and greater coverage needs.
Average State and Local Income Taxes Per Tax Return in Chesapeake city, VA Over the Last 10 Years
In Chesapeake city, Virginia, the average state and local income taxes per tax return have generally trended upward over the past decade, highlighting a significant increase from $4,904.03 in 2012 to approximately $7,709.39 in 2021. This escalation suggests potential rises in overall tax burden, which may influence the attractiveness of the area for new residents and investors. The sharp increase between 2017 ($5,482.44) and 2018 ($6,373.42) may be particularly noteworthy for financial planning and market predictions. These shifts could be a key consideration for appraisers, insurance agents, real estate agents, and anyone considering economic activities in the region.
Average Total Tax Liability Per Tax Return in Chesapeake city, VA Over the Last 10 Years
Over the last decade, Chesapeake city, Virginia has witnessed a notable rise in average total tax liability per tax return, reaching a high of $11,524.35 in 2021. This steady upward trend, punctuated by occasional dips, may suggest a combination of higher income levels and adjustments in tax policies. For potential investors, builders, and real estate agents, these figures could imply an increasingly affluent population and potentially more robust property values. Conversely, appraisers and insurance agents should consider these tax liability increases when assessing the area's market dynamics and risk factors.
Cost of Living in Chesapeake city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,977 | $1,524 | $1,664 | $1,876 | $1,897 |
| 1 adult 4 children | $1,977 | $1,245 | $1,270 | $1,876 | $2,035 |
| 2 adults 3 children | $1,977 | $1,245 | $1,445 | $1,876 | $1,614 |
| 1 adult 3 children | $1,977 | $1,017 | $1,051 | $1,876 | $1,794 |
| 2 adults 2 children | $1,415 | $1,019 | $1,225 | $1,640 | $1,200 |
| 1 adult 2 children | $1,415 | $761 | $832 | $1,640 | $1,293 |
| 2 adults 1 child | $1,415 | $806 | $1,006 | $871 | $1,048 |
| 1 adult 1 child | $1,415 | $520 | $613 | $871 | $978 |
| 2 adults | $1,211 | $647 | $787 | $0 | $822 |
| 1 adult | $1,188 | $353 | $394 | $0 | $729 |
Safety trends & Data
Chesapeake city, Virginia has experienced a general decrease in property crimes over the past five years, with notable declines in larceny-theft, which dropped from a peak of 600 cases in 2018 to 293 in 2022. This trend also extends to burglary and vandalism rates, suggesting improved security measures or community initiatives. For property investors and real estate professionals, this trend could signal a safer environment, potentially enhancing property values and affecting insurance premiums... Read more
Property Crime Trends in Chesapeake city, VA Over the Last 5 Years
Chesapeake city, Virginia has seen a fluctuating but generally decreasing trend in property crimes over the last five years. Larceny-Theft remains the most pervasive issue, peaking at 600 cases in 2018 and dropping to 293 in 2022. Fraud incidents have shown some consistency, hovering around 168-200 cases annually. Burglary and Vandalism rates have also fluctuated but show overall declines, indicating potentially enhanced security measures or community efforts. Those involved in property investment, real estate, or insurance should note the promising decline in most categories, reflecting a potentially safer environment and possibly influencing property values and insurance premiums positively.
Demographics
Chesapeake, Virginia's adult population leans slightly female with around 5.15% more women than men. Educational attainment shows a notable segment with some college but no degree, nearly equal in number to high school graduates. Residents aged 35 to 44 years make up the largest age group, likely influencing local services and economy. The racial landscape remains predominantly White, but there's a significant African American presence. These trends suggest diverse educational needs and a... Read more
Race Distribution in Chesapeake city, Virginia (2022)
Educational Attainment in Chesapeake city, Virginia (2022)
Age Distribution in Chesapeake city, Virginia
Citizen Population in Chesapeake city, Virginia (2022)
Political Trends & Data
Real estate trends in Chesapeake City, Virginia, may be influenced by its political leaning, which showed a slight preference for the Democratic Party in the 2020 U.S. Presidential Election with around 52% of the vote. Republicans garnered close to 46%, indicating a competitive market that could appeal to a mixed demographic. This balanced political landscape could suggest a diverse community, potentially attracting a range of buyers and influencing property values and market... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Chesapeake City in Virginia showed a leaning toward the Democratic Party in the 2020 U.S. Presidential Election, with approximately 52% of the vote. Republicans were not too far behind, garnering close to 46%. Third-party candidates, such as Libertarians, received a small fraction of the vote, and other parties had negligible impact. This suggests that while Chesapeake City leans Democrat, it remains somewhat competitive.
45.72% of voters voted for the Republican party in the 2020 Presidential Election
52.16% of voters voted for the Democrat party in the 2020 Presidential Election
1.65% of voters voted for the Livertarian party in the 2020 Presidential Election
0.46% of voters voted for the Other party in the 2020 Presidential Election
School Data
Chesapeake City, Virginia, has seen a notable improvement in its student-to-teacher ratio, moving from nearly 17 students per teacher in 2014 to aligning closely with the national average of 14 in recent years. This shift suggests a more personalized educational experience, potentially boosting attractiveness for relocating families. For investors, real estate agents, and insurers, this trend indicates a strengthening educational infrastructure, which could impact property values and local... Read more
Student-to-teacher ratio in Chesapeake City, Virginia over the last 10 years
Over the past decade, Chesapeake City, Virginia, has seen a gradual improvement in its student-to-teacher ratio, starting from nearly 17 students per teacher in 2014 to about 15 by 2019, and then aligning closely with the national average of 14 in recent years. This decline in student-to-teacher ratio may suggest a more personalized educational experience, potentially making Chesapeake City more attractive to families considering relocation. For investors, real estate agents, and insurers, such shifts could indicate a strengthening educational infrastructure, impacting property values and local demand. This trend could also offer insights for those looking to develop or appraise property in the area, signaling a community commitment to education.
