Newport News city Real Estate and Livability Trends
Newport News, Virginia, has seen a rise in median home values from $193,100 in 2015 to $233,400 in 2022, hinting at potential for higher appreciation compared to the state median. Despite increasing state and local income taxes, the area shows notable economic growth with average taxable income climbing from $45,118.43 in 2013 to $56,492.62 in 2021. A surge in residential energy tax credits per... Read more
Newport News city Market Trends
Median home values in Newport News city, Virginia, grew from $193,100 in 2015 to $233,400 in 2022, suggesting potential for higher appreciation compared to the state median. Residential energy tax credits per return surged from $270.35 in 2013 to $1,437.98 in 2021, which might reflect a trend towards energy-efficient home improvements. Real estate taxes have steadily increased, with a notable... Read more
Median Value of Occupied Housing Units in Newport News city, Virginia Over the Last 8 Years
Median home values in Newport News city, Virginia, have exhibited steady growth over the past eight years, increasing from $193,100 in 2015 to $233,400 in 2022. Compared to the Virginia state median, which rose from $245,000 in 2015 to $339,800 in 2022, Newport News is somewhat lower, suggesting potential for higher appreciation. Nationally, the median value increased from $125,500 in 2015 to $179,400 in 2022, highlighting that Newport News's market remains relatively robust. For investors or potential buyers, this could mean attractive opportunities given the city's values are increasing at a significant rate without approaching the overall state average.
Residential Energy Tax Credit Per Tax Return in Newport News city, VA Over the Last 9 Years
Over the past nine years, the average residential energy tax credit per tax return in Newport News, Virginia has experienced a notable increase. From a relatively modest $270.35 in 2013, the average surged, peaking at $1,437.98 in 2021. This significant growth could indicate an increasing investment in energy-efficient home improvements among homeowners, potentially enhancing property values and attracting more eco-conscious residents. This trend might appeal particularly to real estate developers, appraisers, and insurance agents, highlighting a growing market for sustainable living solutions.
Average Real Estate Taxes Per Tax Return in Newport News city, VA Over the Last 10 Years
Real estate taxes in Newport News, Virginia have shown a consistent upward trajectory over the last decade, starting from $2,670.24 in 2012 to $3,636.52 in 2021. Notably, there was a significant spike between 2016 and 2018, where taxes jumped from roughly $2,918.02 to $3,496.03. This steady increase could potentially impact property affordability and investment returns, making it crucial for prospective buyers, appraisers, and real estate agents to factor in these rising taxes when assessing property values and making investment decisions.
Percentage of Farm Returns in Newport News city, VA Over the Last 10 Years
The percentage of farm tax returns in Newport News city, Virginia, has shown a fluctuating yet generally declining trend over the past decade, starting from 0.07% in 2012 down to around 0.04% in 2021. Farm tax returns refer to the agricultural sector's contribution to the tax base, crucial for understanding local economic activity and investment potential. Investors and developers might find this decline indicative of shifting economic priorities or changing land use patterns, impacting decisions on property developments and long-term investments.
Number of Mortgages by Occupancy Type in Newport News city, VA Over the Last 5 Years in Newport News city
Changes in the number of mortgages by occupancy type in Newport News city, Virginia reveal shifting dynamics in real estate demand. There's a noticeable increase in mortgages for principal residences over the past five years, indicating stronger demand for owner-occupied homes. Investment property mortgages also grew notably in 2021 compared to prior years, signing a potential uptick in investor interest. These trends could influence property values, insurance rates, and development opportunities, providing critical insights for stakeholders such as investors, developers, appraisers, and real estate agents in understanding market tendencies and economic health within the county.
Economic Outlook
Newport News, Virginia, has experienced notable economic growth with the average taxable income per tax return rising from $45,118.43 in 2013 to $56,492.62 in 2021. However, the increase in state and local income taxes from $4,134.44 in 2012 to $6,452.44 in 2021, along with a fluctuating poverty rate, hints at a nuanced economic landscape. Despite general upward trends in total tax liability per return peaking at $7,580.99 in 2021, the variable poverty rate, peaking at 16.2% in 2013 and 15.2%... Read more
Average Taxable Income per Tax Return in Newport News city, VA over the last 9 years
In Newport News, Virginia, the average taxable income per tax return has shown a steady increase over the last nine years. Starting at $45,118.43 in 2013, it rose to $56,492.62 by 2021. This upward trajectory is indicative of a growing economic landscape, potentially making it an appealing area for investors, newcomers, or professionals in real estate and financial sectors. The consistently rising incomes suggest the possibility of a stable and thriving community, potentially impacting property values and demand positively.
Average State and Local Income Taxes Per Tax Return in Newport News city, VA Over the Last 10 Years
Over the past decade, Newport News, Virginia, has observed a steady increase in average state and local income taxes per tax return, rising from approximately $4,134.44 in 2012 to around $6,452.44 in 2021. This growth may reflect broader economic trends such as rising incomes or changes in tax policy. For potential investors, realtors, and existing residents, this upward trend in tax burdens could imply a need to consider the overall cost of living, while property developers and insurers might see it as a signal of a likely increase in property values and demand.
Average Total Tax Liability Per Tax Return in Newport News city, VA Over the Last 10 Years
Over the last decade in Newport News, Virginia, the average total tax liability per tax return has shown a general upward trend with notable peaks in 2015 and 2021, hitting $6,890.09 and $7,580.99, respectively. These fluctuations may reflect changes in local economic conditions, property values, or tax reforms that could impact investment decisions and overall financial planning. For potential investors and homeowners, understanding these trends is crucial, as they hint at the region's fiscal health and could influence property valuation and real estate market dynamics.
Cost of Living in Newport News city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,665 | $1,500 | $1,579 | $1,581 | $1,492 |
| 1 adult 4 children | $1,665 | $1,225 | $1,205 | $1,581 | $1,620 |
| 2 adults 3 children | $1,665 | $1,225 | $1,372 | $1,581 | $1,240 |
| 1 adult 3 children | $1,665 | $1,000 | $997 | $1,581 | $1,390 |
| 2 adults 2 children | $1,191 | $1,003 | $1,164 | $1,384 | $963 |
| 1 adult 2 children | $1,191 | $749 | $790 | $1,384 | $978 |
| 2 adults 1 child | $1,191 | $793 | $956 | $743 | $872 |
| 1 adult 1 child | $1,191 | $512 | $582 | $743 | $778 |
| 2 adults | $1,019 | $637 | $749 | $0 | $699 |
| 1 adult | $1,000 | $347 | $374 | $0 | $620 |
Safety trends & Data
Newport News city, Virginia has observed a noteworthy decline in property crimes, especially in larceny-theft and motor vehicle theft, over the past five years. The marked reductions in burglary and vandalism rates indicate enhanced community security. For real estate agents and investors, these improvements might make the area more appealing to clients seeking safer neighborhoods, while local insurance agents could potentially adjust premiums or offer tailored coverage based on these positive... Read more
Property Crime Trends in Newport News city, VA Over the Last 5 Years
Newport News city, Virginia has seen a noticeable decrease in various property crimes over the past five years, particularly in larceny-theft and motor vehicle theft. Significant reductions in burglary and vandalism rates also suggest a trend towards improved community security. For real estate agents and investors, these trends could potentially make the area more attractive to clients looking for safer neighborhoods. Meanwhile, local insurance agents may consider these declining crime statistics when adjusting premiums or providing coverage recommendations.
Demographics
Newport News, Virginia's population trends highlight a nearly balanced gender split with slightly more females than males. Education levels are fairly mixed, though high school graduates and those with some college but no degree form significant portions of the adult population. The age group with the highest representation comprises individuals aged 25 to 34, pointing toward a relatively young workforce. The racial distribution is predominantly White and Black or African American, with smaller... Read more
Race Distribution in Newport News city, Virginia (2022)
Educational Attainment in Newport News city, Virginia (2022)
Age Distribution in Newport News city, Virginia
Citizen Population in Newport News city, Virginia (2022)
Political Trends & Data
Newport News City in Virginia had a significant Democratic leaning in the 2020 U.S. Presidential Election with approximately 65% of voters supporting the Democratic candidate. On the other hand, around 32% voted Republican, revealing a less Republican-leaning electorate. Support for third-party candidates was minimal, showing limited backing outside the two dominant parties. This could suggest a local political climate that might influence various community and economic decisions, including... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Newport News City in Virginia saw a notable leaning toward Democratic candidates in the 2020 U.S. Presidential Election, with about 65% of voters casting their ballots for the Democratic party. In contrast, around 32% of the votes were for the Republican candidate, suggesting a significantly less Republican-leaning electorate. Third-party candidates, including Libertarians and others, collectively garnered only a small fraction of the total vote, indicating limited support outside the two main parties.
32.46% of voters voted for the Republican party in the 2020 Presidential Election
65.34% of voters voted for the Democrat party in the 2020 Presidential Election
1.77% of voters voted for the Livertarian party in the 2020 Presidential Election
0.44% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the last decade, the student-to-teacher ratio in Newport News City, Virginia has shown a gradual decline, moving from around 16 students per teacher in 2014 to slightly below 16 in 2023. It notably peaked at 16.4 in 2016 but then decreased significantly to 14.55 in 2021, before rising again to 15.9 in 2023. When compared to the national average of 14 students per teacher, Newport News City's ratios are slightly higher, likely indicating larger class sizes. For real estate professionals,... Read more
Student-to-teacher ratio in Newport News City, Virginia over the last 10 years
Over the last decade, the student-to-teacher ratio in Newport News City, Virginia has shown a gradual decline, moving from around sixteen students per teacher in 2014 to slightly below sixteen in 2023. Notably, the ratio peaked at 16.4 in 2016 but then decreased significantly to 14.55 in 2021, before rising again to 15.9 in 2023. When compared to the national average of fourteen students per teacher, Newport News City's ratios are slightly higher, which could indicate larger class sizes. This dynamic potentially affects educational outcomes and may be of interest to those considering school quality when investing in property or moving to the area. For real estate agents, appraisers, and insurance agents, these trends might reveal underlying shifts in local education policy or population changes, impacting property values and neighborhood attractiveness. Anyone building property or already living in Newport News might find these shifts relevant for long-term planning and community engagement.
