Suffolk city Real Estate and Livability Trends
Suffolk, Virginia's real estate market reveals some intriguing trends, including a rise in average taxable income from $60,139.23 in 2013 to $78,467.22 by 2021, possibly indicating a growing local economy that could attract developers and investors. Median home values surged from $273,600 in 2021 to $314,400 in 2022, suggesting robust market conditions. While the poverty rate saw a recent... Read more
Suffolk city Market Trends
Median home values in Suffolk City, Virginia have surged from $273,600 in 2021 to $314,400 in 2022, suggesting robust market conditions that may attract investors. Despite being slightly below Virginia’s average, Suffolk's values are consistently higher than the national average, which could imply a stable investment. Additionally, residential energy tax credits have fluctuated significantly,... Read more
Median Value of Occupied Housing Units in Suffolk city, Virginia Over the Last 8 Years
Over the past eight years, median home values in Suffolk city, Virginia showed a consistent upward trajectory, with a notable surge from $273,600 in 2021 to $314,400 in 2022. This growth potentially indicates a robust real estate market, positioning Suffolk as a possible lucrative opportunity for investors. When compared to Virginia’s state average, Suffolk's home values were slightly below, but still demonstrated steady appreciation, aligning with broader market trends. Meanwhile, Suffolk's median home values consistently outperformed the national average, suggesting the local market could be particularly appealing for those looking to invest in stable, appreciating properties within the region.
Residential Energy Tax Credit Per Tax Return in Suffolk city, VA Over the Last 9 Years
Over the past nine years, Suffolk City, Virginia has seen a dynamic rise in the average residential energy tax credit per tax return. Starting at $420.69 in 2013, there were fluctuations with a notable peak in 2018 at $1786.36, followed by another spike in 2020 at $1680.23 and a significant high in 2021 at $2530.48. This trend likely underscores growing investments in energy-efficient solutions among residents, making it an attractive point for real estate agents, property developers, and investors focusing on sustainable living. For insurance agents and appraisers, understanding this data could be essential in assessing property values and potential risks or benefits associated with energy efficiency upgrades.
Average Real Estate Taxes Per Tax Return in Suffolk city, VA Over the Last 10 Years
Over the past decade, Suffolk city, Virginia has seen a steady increase in average real estate taxes per tax return, beginning at roughly $3,104.19 in 2012 and rising to approximately $4,352.22 by 2021. This consistent upward trend suggests growing property values and possibly reassessed tax rates, which are critical factors for potential investors, property developers, and real estate agents to consider when evaluating the area's financial landscape. Understanding these patterns can also benefit current homeowners and insurance providers by helping them anticipate future property-related expenses.
Percentage of Farm Returns in Suffolk city, VA Over the Last 10 Years
In Suffolk, Virginia, the percentage of farm tax returns has shown a general decline over the last decade, decreasing from about 0.65% in 2012 to roughly 0.44% in 2021. Though there was a slight uptick in 2021, the overall trend suggests a shrinking number of farms claiming tax returns. Given that farm tax returns generally signal agricultural activity and investment, this could indicate a shift in the local economy, possibly away from traditional farming. For potential investors, developers, and residents, this data might signal changing land-use patterns and economic opportunities in the area.
Number of Mortgages by Occupancy Type in Suffolk city, VA Over the Last 5 Years in Suffolk city
Over the past five years, we see some interesting trends in Suffolk City, Virginia. Mortgages for principal residences have generally been the most significant chunk, peaking in 2021 at over 11,000 but then dropping sharply in 2022. Investment properties have seen some growth but experienced a decline recently, suggesting a cautious investor sentiment. Meanwhile, second residence mortgages have remained a tiny fraction, indicating limited demand for vacation homes or secondary living spaces. This shift in occupancy types can hint at changing priorities among homebuyers and investors. If you're considering buying or building in the area, understanding these dynamics could inform strategic decisions about market focus and risk management.
Economic Outlook
Suffolk, Virginia's real estate market shows intriguing trends. Steady rises in average taxable income per tax return—from $60,139.23 in 2013 to $78,467.22 by 2021—point to a possibly growing local economy, relevant for developers and investors eyeing strong earning potentials. Concurrently, state and local income taxes increased from $4,965.18 in 2012 to $8,118.57 in 2021, adding a layer of complexity to financial planning for new residents. Total tax liabilities have also grown... Read more
Average Taxable Income per Tax Return in Suffolk city, VA over the last 9 years
Suffolk, Virginia has seen a steady rise in average taxable income per tax return over the past nine years, starting at $60,139.23 in 2013 and reaching $78,467.22 by 2021. This upward trend may indicate a growing local economy, potentially making it an attractive location for investors and real estate developers. For those looking to relocate, this rise implies increasing earning potentials. Appraisers and insurance agents might also find these changes significant as higher incomes could correlate with rising home values and insurance premiums.
Average State and Local Income Taxes Per Tax Return in Suffolk city, VA Over the Last 10 Years
State and local income taxes per tax return in Suffolk, Virginia have trended upward over the past decade, starting from $4,965.18 in 2012 and reaching $8,118.57 by 2021. This notable increase may be linked to economic growth and rising incomes in the area. This trend is important for potential investors or those looking to move to Suffolk, as higher taxes can impact overall cost of living and financial planning. Real estate agents, appraisers, and insurance agents should take these variables into account when advising clients or setting valuations.
Average Total Tax Liability Per Tax Return in Suffolk city, VA Over the Last 10 Years
Suffolk city, Virginia has generally seen a steady increase in the average total tax liability per tax return over the last decade. From $9,098.49 in 2012, there have been notable jumps, particularly between 2014 and 2017, with a peak at $11,811.43 in 2021. This trend may imply growing incomes or changing tax structures, which is crucial for potential investors and developers assessing the economic vitality of the area. Real estate agents and insurance professionals might find this data useful in forecasting client needs and financial planning.
Cost of Living in Suffolk city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,885 | $1,492 | $1,579 | $1,733 | $1,769 |
| 1 adult 4 children | $1,885 | $1,218 | $1,205 | $1,733 | $1,915 |
| 2 adults 3 children | $1,885 | $1,219 | $1,372 | $1,733 | $1,498 |
| 1 adult 3 children | $1,885 | $995 | $997 | $1,733 | $1,679 |
| 2 adults 2 children | $1,349 | $998 | $1,164 | $1,512 | $1,118 |
| 1 adult 2 children | $1,349 | $745 | $790 | $1,512 | $1,209 |
| 2 adults 1 child | $1,349 | $789 | $956 | $794 | $1,002 |
| 1 adult 1 child | $1,349 | $509 | $582 | $794 | $924 |
| 2 adults | $1,154 | $633 | $749 | $0 | $802 |
| 1 adult | $1,133 | $346 | $374 | $0 | $714 |
Safety trends & Data
In Suffolk city, Virginia, property crime trends reveal interesting patterns for investors and agents. Larceny-theft incidents peaked at 253 in 2019 but dipped to 128 in 2021, while burglary and vandalism have generally decreased over the past five years, perhaps due to better security measures or community vigilance. Motor vehicle thefts stay low, and while crimes like embezzlement, forgery, and fraud show minor variations, no significant long-term trends are evident. Arson, though infrequent,... Read more
Property Crime Trends in Suffolk city, VA Over the Last 5 Years
Suffolk city, Virginia has seen a slight fluctuation in property crimes over the past five years, with larceny-theft consistently being the most frequent offense, ranging from 128 incidents in 2021 to a peak of 253 in 2019. Burglary and vandalism have generally trended downward, indicating potentially improved security measures or community vigilance. Motor vehicle thefts remain relatively low, while crimes like embezzlement, forgery and counterfeiting, and fraud show minor variances but no significant long-term shifts. Arson cases, though scarce, saw a slight increase in 2021 and 2022. For investors, real estate agents, and insurance agents, understanding these trends can help in risk assessment and strategic planning.
Demographics
In Suffolk City, Virginia, the adult population exhibits a slight gender imbalance, with females outnumbering males by about 2,000. Educational attainment is varied, though high school graduates and those with some college but no degree make up a significant portion of the populace. The age distribution highlights a balanced spread across most age groups, with a slight peak in the 25 to 44-year range. Racial demographics show a predominantly White and Black or African American population, with... Read more
Race Distribution in Suffolk city, Virginia (2022)
Educational Attainment in Suffolk city, Virginia (2022)
Age Distribution in Suffolk city, Virginia
Citizen Population in Suffolk city, Virginia (2022)
Political Trends & Data
Suffolk City in Virginia, marked by a slight Democratic leaning in its political landscape, could see this preference subtly shaping local policies and development initiatives. In the 2020 U.S. Presidential Election, Democrats captured around 58% of the vote, while Republicans were close behind with 40%, signaling a competitive yet modestly Democratic-leaning environment. Minor parties, including the Libertarians, collectively garnered under 2%, suggesting limited sway in local decision-making... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In the 2020 U.S. Presidential Election, Suffolk City in Virginia showed a notable preference for the Democratic party, with an estimated 58% of votes. Republicans garnered around 40%, indicating a competitive political landscape with a slight Democratic leaning. Minor parties such as the Libertarians and others collectively captured less than 2% of the vote, reflecting their limited influence in this region.
40.45% of voters voted for the Republican party in the 2020 Presidential Election
57.77% of voters voted for the Democrat party in the 2020 Presidential Election
1.46% of voters voted for the Livertarian party in the 2020 Presidential Election
0.32% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Suffolk City, Virginia, the student-to-teacher ratio has seen a gradual decline over the past decade, even dipping below the national average of fourteen students per teacher in 2019 and 2020. This trend could indicate improving education quality, potentially making the area more attractive to families who prioritize education. Real estate agents might leverage this as a strong selling point, while appraisers could anticipate an increase in property values. For investors, a lowering ratio... Read more
Student-to-teacher ratio in Suffolk City, Virginia over the last 10 years
Over the past decade in Suffolk City, Virginia, the student-to-teacher ratio has generally declined, approaching and even briefly dipping below the national average of fourteen students per teacher in 2019 and 2020. This trend may suggest improving education quality, which could make the area more attractive to families prioritizing education. Real estate agents might find this a useful selling point, while appraisers could see an uptick in property values. For those looking to invest, a lowering ratio could indicate a strengthening local education system, potentially driving long-term growth and stability in the housing market.
