Portsmouth city Real Estate and Livability Trends
In Portsmouth City, Virginia, notable economic and housing trends paint an intriguing picture. Average taxable income rose from $40,599.67 in 2013 to $49,611.08 in 2021, potentially attracting investors and driving up demand for real estate. Median home values also saw an impressive increase from $169,800 in 2015 to $213,300 in 2022, remaining affordable despite trailing state averages.... Read more
Portsmouth city Market Trends
In Portsmouth city, Virginia, median home values climbed from $169,800 in 2015 to $213,300 in 2022, outpacing the national rise but still trailing the state average significantly. This suggests relatively affordable options for homebuyers and investors. Residential energy tax credits surged, hitting $1,629.27 in 2021, reflecting increased energy-efficient home improvements. Real estate taxes also... Read more
Median Value of Occupied Housing Units in Portsmouth city, Virginia Over the Last 8 Years
In Portsmouth city, Virginia, median home values have shown an upward trend over the past 8 years, jumping from $169,800 in 2015 to $213,300 in 2022. This increase is more robust compared to the national median, which rose from $125,500 to $179,400 in the same period. However, Portsmouth's values remain significantly lower than the state average, which surged from $245,000 to $339,800. These trends suggest that Portsmouth may present relatively affordable opportunities for homebuyers and investors compared to broader state offerings.
Residential Energy Tax Credit Per Tax Return in Portsmouth city, VA Over the Last 9 Years
Portsmouth, Virginia has seen significant fluctuations in the average residential energy tax credit per tax return over the past nine years, with a dramatic spike in the last few years. From a modest $273.39 in 2013, it reached an impressive $1,629.27 in 2021. This suggests a growing investment in energy-efficient home improvements, likely driven by escalating energy costs and increased environmental awareness. Such trends could indicate potential savings for homeowners, making properties more attractive for buyers and investors, while also providing critical data for appraisers and insurance agents about the valuation and risk associated with energy-efficient upgrades.
Average Real Estate Taxes Per Tax Return in Portsmouth city, VA Over the Last 10 Years
Portsmouth city, Virginia has seen a gradual increase in average real estate taxes per tax return over the last decade, starting from $2,677.31 in 2012 and peaking at around $3,429.46 in 2020. This upward trend, especially a notable spike around 2018, could signify rising property values or adjustments in tax rates, which might be important for potential investors and current property owners to consider. Those in real estate, particularly appraisers and agents, may find these changes impactful for understanding property valuations and market dynamics in the region.
Percentage of Farm Returns in Portsmouth city, VA Over the Last 6 Years
Portsmouth city, Virginia has seen fluctuating farm tax returns over the past six years, with a peak percentage of approximately 0.07% in 2014 and a low of around 0.04% in 2020. Interestingly, the percentage was highest again in 2012, indicating sporadic farm-related economic activity. This inconsistency can influence prospective investors and developers who might consider farm returns as an indicator of agricultural vibrancy. Lower percentages might suggest limited large-scale agricultural ventures, potentially pointing to different opportunities or a focus on urban development.
Number of Mortgages by Occupancy Type in Portsmouth city, VA Over the Last 5 Years in Portsmouth city
In Portsmouth, Virginia, there has been a noticeable trend in mortgage types over the past five years showing a steady increase in mortgages for principal residences, with a significant peak in 2021. Investment properties also saw growth, peaking in 2021 before slightly declining. Second residences consistently represented the smallest share. This shift indicates a rising demand for primary homes, which could signal growing stability and long-term residency in the area, important for prospective buyers and developers to consider. Appraisers and insurance agents might find value in the increased interest in principal residences, which could influence property values and risk assessments. Real estate agents can capitalize on the higher demand for principal residences by targeting families and long-term investors.
Economic Outlook
In Portsmouth city, Virginia, the average taxable income per tax return has seen a notable climb from $40,599.67 in 2013 to $49,611.08 in 2021, hinting at an improved economic profile that might lure investors and real estate developers. Meanwhile, state and local income taxes have generally trended upwards, moving from $3,776.62 in 2012 to $4,629.09 in 2021, which could indicate broader economic shifts or changes in local policies affecting the market. Additionally, the average total tax... Read more
Average Taxable Income per Tax Return in Portsmouth city, VA over the last 9 years
Over the past nine years, the average taxable income per tax return in Portsmouth city, Virginia, has generally shown an upward trend, increasing from around $40,599.67 in 2013 to approximately $49,611.08 in 2021. This growth could indicate a rising economic profile for the area, which might be attractive for potential investors or real estate developers. It suggests a gradually improving capacity for residents to handle property costs, offering promising indicators for those looking to buy or insure property.
Average State and Local Income Taxes Per Tax Return in Portsmouth city, VA Over the Last 10 Years
In Portsmouth city, Virginia, average state and local income taxes per tax return have seen fluctuating yet generally increasing trends over the past decade. Starting at approximately $3,776.62 in 2012, there was a slight dip to around $3,575.46 in 2014, but since then, taxes have notably risen, peaking at roughly $4,629.09 in 2021. This upward trend may have implications for potential investors, current residents, and real estate professionals, as it could reflect broader economic shifts, increased public spending, or changes in local tax policies.
Average Total Tax Liability Per Tax Return in Portsmouth city, VA Over the Last 10 Years
The average total tax liability per tax return in Portsmouth city, Virginia has seen some fluctuations over the past decade, though it generally remains in the $5,000 to $6,000 range. Notably, while there were dips in 2013 ($5,062.03) and 2016 ($5,387.61), the liability peaked in 2021 at $5,930.63. This trend may offer insights into the local economic conditions and potential impacts on disposable income, which could be crucial for investors, real estate agents, and residents contemplating financial decisions in Portsmouth city.
Cost of Living in Portsmouth city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,662 | $1,464 | $1,664 | $1,681 | $1,541 |
| 1 adult 4 children | $1,662 | $1,195 | $1,270 | $1,681 | $1,670 |
| 2 adults 3 children | $1,662 | $1,196 | $1,445 | $1,681 | $1,286 |
| 1 adult 3 children | $1,662 | $976 | $1,051 | $1,681 | $1,439 |
| 2 adults 2 children | $1,189 | $979 | $1,225 | $1,461 | $990 |
| 1 adult 2 children | $1,189 | $731 | $832 | $1,461 | $1,012 |
| 2 adults 1 child | $1,189 | $774 | $1,006 | $743 | $877 |
| 1 adult 1 child | $1,189 | $500 | $613 | $743 | $780 |
| 2 adults | $1,017 | $622 | $787 | $0 | $703 |
| 1 adult | $999 | $339 | $394 | $0 | $622 |
Safety trends & Data
Portsmouth, Virginia has seen a fluctuating property crime landscape over the past five years. Larceny-theft peaked in 2020 with 238.00 reports but dropped to 105.00 in 2021, before slightly increasing to 120.00 in 2022. Burglary cases have generally declined, stabilizing at 28.00 in recent years. Motor vehicle thefts average around 20 per year, and embezzlement and forgery cases have decreased notably. Despite a rise in vandalism in 2022, the overall property crime trend seems to be... Read more
Property Crime Trends in Portsmouth city, VA Over the Last 5 Years
Portsmouth, Virginia has seen a fluctuating property crime landscape over the past five years. Larceny-theft incidents peaked in 2020 with 238.0 reports but significantly dropped to 105.0 in 2021, before slightly increasing to 120.0 in 2022. Burglary cases have generally declined from 51.0 in 2018 to a consistent 28.0 in the latest two years. Motor vehicle thefts have remained relatively stable, averaging around 20 per year. Meanwhile, embezzlement and forgery cases have experienced notable decreases. Despite a rise in vandalism reports in 2022, the overall trend in property crimes seems to be diminishing, which might indicate improved law enforcement or community programs. This shift could be a key consideration for potential investors and residents evaluating the area's safety and stability.
Demographics
Portsmouth, Virginia's male-to-female ratio reflects a slightly higher female population. Educational attainment is diverse, with a significant portion completing high school, but fewer pursuing higher education. The city shows a balanced age distribution, though there's a noticeable dip in the population aged 10 to 19 years. Racial demographics reveal a predominantly Black or African American community, followed by White residents. These trends suggest potential focus areas for educational... Read more
Race Distribution in Portsmouth city, Virginia (2022)
Educational Attainment in Portsmouth city, Virginia (2022)
Age Distribution in Portsmouth city, Virginia
Citizen Population in Portsmouth city, Virginia (2022)
Political Trends & Data
Portsmouth City in Virginia exhibits a strong Democratic preference, with around 69% of the 2020 U.S. Presidential Election vote going to the party. Republicans were significantly behind at approximately 29%, while Libertarians barely made a mark with about 1.6%. This voting pattern underscores a pronounced two-party dominance in the area, potentially influencing local policy and economic... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Portsmouth City in Virginia likely leaned heavily Democrat in the 2020 U.S. Presidential Election, with the party receiving around 69% of the vote. In stark contrast, Republicans garnered approximately 29%, while Libertarians remained a minor contender at about 1.6%. Voters showed negligible support for other parties, underscoring the strong two-party preference of the region.
28.60% of voters voted for the Republican party in the 2020 Presidential Election
69.39% of voters voted for the Democrat party in the 2020 Presidential Election
1.62% of voters voted for the Livertarian party in the 2020 Presidential Election
0.39% of voters voted for the Other party in the 2020 Presidential Election
School Data
The student-to-teacher ratio in Portsmouth City, Virginia has been gradually decreasing, moving from nearly 17 students per teacher in 2014 to around 14 students per teacher in 2023. This improvement in education quality might make the area more appealing for families and long-term residents, increasing demand for real estate. With a current ratio slightly better than the national average, Portsmouth could see a positive influence on property values and attract prospective homebuyers and... Read more
Student-to-teacher ratio in Portsmouth City, Virginia over the last 10 years
The student-to-teacher ratio in Portsmouth City, Virginia has been decreasing over the last 10 years, dropping from nearly 17 students per teacher in 2014 to about 14 students per teacher in 2023. This trend suggests an investment in education quality, potentially increasing the area's appeal for families and those considering long-term residence. With a current ratio slightly below the national average of 14 students per teacher, Portsmouth is becoming more competitive in terms of education standards, which could positively influence property values and attractiveness to prospective homebuyers and real estate investors. Insurance agents and appraisers may also find these trends relevant as they assess risk and valuations that are often impacted by local education quality.
