Virginia Beach city Real Estate and Livability Trends
In Virginia Beach City, Virginia, the surge in median home values from $259,900 in 2015 to $343,700 in 2022 highlights notable property appreciation, making it an attractive market for investors. Elevated residential energy tax credits in 2018 signal a shift towards energy-efficient home improvements. Steady increases in real estate taxes and a pronounced rise in investment property mortgages by... Read more
Virginia Beach city Market Trends
Virginia Beach's median home values have surged significantly from $259,900 in 2015 to $343,700 in 2022, outpacing both national and state averages. This makes it a compelling market for investors eyeing property appreciation. Residential energy tax credits spiked notably, hitting $2,361.43 in 2018, hinting at a growing emphasis on energy-efficient home improvements. Real estate taxes also... Read more
Median Value of Occupied Housing Units in Virginia Beach city, Virginia Over the Last 8 Years
Virginia Beach has seen a consistent upward trend in median home values over the last eight years, with figures climbing from $259,900 in 2015 to $343,700 in 2022. This represents a sharper increase compared to the national average, which rose from $125,500 to $179,400 over the same period. Moreover, Virginia Beach’s housing market outpaces the state of Virginia, where the median value grew from $245,000 to $339,800. This makes Virginia Beach an appealing option for potential investors and homebuyers seeking robust property value appreciation.
Residential Energy Tax Credit Per Tax Return in Virginia Beach city, VA Over the Last 9 Years
Residential energy tax credits in Virginia Beach city, Virginia have seen considerable variation over the past nine years, with an overall upward trend. In 2013, residents claimed an average of $408.41 per tax return, which notably spiked to $2,361.43 by 2018, marking a high point in the dataset. Though there was a brief dip to $1,355.21 in 2019, the average credit surged again, reaching $2,271.60 by 2021. These fluctuations highlight a growing investment in energy-efficient improvements, which can be appealing for investors and homebuilders aiming to capitalize on sustainability incentives, and may suggest a shift towards greener living in the region.
Average Real Estate Taxes Per Tax Return in Virginia Beach city, VA Over the Last 10 Years
Over the past decade, real estate taxes per tax return in Virginia Beach, Virginia have exhibited a noticeable upward trend. Starting at approximately $3,009.86 in 2012, taxes have incrementally increased each year, reaching about $5,092.35 by 2021. This steady rise, with notable jumps particularly from 2017 onward, could suggest an escalating property value and therefore a potential spike in the real estate market. For potential investors, home buyers, and real estate professionals, this pattern may indicate a robust demand and appreciation of property values in the area. Appraisers and insurance agents might find it useful to incorporate these figures to better assess property values and premiums.
Percentage of Farm Returns in Virginia Beach city, VA Over the Last 10 Years
Over the past decade, the percentage of farm tax returns in Virginia Beach, Virginia has generally shown a slight decline, hovering around 0.14% to 0.13%. Farm tax returns are typically filed by agricultural businesses to report income and expenses to the IRS. These low percentages may suggest limited agricultural activity in Virginia Beach, an insight that could be crucial for those considering investments in rural or farming ventures. While the slight decrease might not prompt immediate concern, it may signal a need for supportive policies to bolster the local agricultural economy.
Number of Mortgages by Occupancy Type in Virginia Beach city, VA Over the Last 5 Years in Virginia Beach city
Over the last five years in Virginia Beach, Virginia, the data suggests a notable shift in the number of mortgages across different occupancy types. Principal residences consistently dominated mortgage counts, peaking at nearly 45,500 in 2021, which may suggest stable local housing demand. Investment property mortgages also rose from 1,441 in 2018 to a high of 3,589 in 2021 before dropping in 2022, possibly indicating transient investor interest or market adjustments. Second residence mortgages remained relatively low but saw a slight increase in 2021. This dynamic is crucial for investors, real estate agents, and insurers as it highlights changing market demands and potential opportunities or risks in the region. Understanding these trends can also guide strategic decisions on property development and valuations.
Economic Outlook
In Virginia Beach City, Virginia, the average taxable income per tax return increased from approximately $61,976.39 in 2013 to around $92,775.56 in 2021, with notable acceleration post-2019, indicating a potentially more affluent market. Simultaneously, average state and local income taxes surged from roughly $6,046.44 in 2012 to an estimated $14,782.05 in 2021, particularly spiking from 2018 onward, pointing to rising fiscal demands. The city experienced steady growth in overall tax... Read more
Average Taxable Income per Tax Return in Virginia Beach city, VA over the last 9 years
Over the past nine years, the average taxable income per tax return in Virginia Beach city, Virginia, has shown a notable upward trend, rising from approximately $61,976.39 in 2013 to around $92,775.56 in 2021. This increase, while steady, particularly accelerated post-2019, suggesting potentially higher earning opportunities or changes in the economic landscape. Investors, developers, and real estate professionals might find this indicative of a growing, perhaps affluently evolving market, while residents and potential movers could view it as a sign of robust economic health.
Average State and Local Income Taxes Per Tax Return in Virginia Beach city, VA Over the Last 10 Years
Over the past decade, average state and local income taxes per tax return in Virginia Beach, Virginia have shown a notable increase, climbing from roughly $6,046.44 in 2012 to an estimated $14,782.05 in 2021. This surge, particularly sharp from 2018 onwards, suggests rising tax liabilities potentially shaped by changes in income levels, tax policies, or economic conditions. For investors or those considering relocation, this trend could indicate growing fiscal demands locally, with potential implications for disposable income and regional budget allocations. Appraisers and insurance agents might also find this data useful for assessing financial risks and insurability tied to shifting local economic landscapes.
Average Total Tax Liability Per Tax Return in Virginia Beach city, VA Over the Last 10 Years
Over the past decade, Virginia Beach city, Virginia has seen its average total tax liability per tax return steadily climbing, from $10,803.68 in 2012 to a notable $16,222.87 in 2021. This ongoing increase hints at a growing economic base and, potentially, a rise in household incomes or property values. This data is particularly relevant for prospective investors, builders, and real estate agents, highlighting a robust economic environment but also suggesting higher financial responsibilities for residents. For insurance agents and appraisers, these trends could impact property valuations and insurance premiums, reflecting the city's evolving fiscal landscape.
Cost of Living in Virginia Beach city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,134 | $1,621 | $1,664 | $1,928 | $2,001 |
| 1 adult 4 children | $2,134 | $1,324 | $1,270 | $1,928 | $2,135 |
| 2 adults 3 children | $2,134 | $1,324 | $1,445 | $1,928 | $1,714 |
| 1 adult 3 children | $2,134 | $1,081 | $1,051 | $1,928 | $1,889 |
| 2 adults 2 children | $1,527 | $1,084 | $1,225 | $1,691 | $1,262 |
| 1 adult 2 children | $1,527 | $810 | $832 | $1,691 | $1,354 |
| 2 adults 1 child | $1,527 | $857 | $1,006 | $922 | $1,090 |
| 1 adult 1 child | $1,527 | $553 | $613 | $922 | $1,031 |
| 2 adults | $1,306 | $688 | $787 | $0 | $844 |
| 1 adult | $1,282 | $375 | $394 | $0 | $754 |
Safety trends & Data
Virginia Beach city, Virginia has experienced a notable decline in most property crimes over the past five years, especially with significant drops in burglary and larceny-theft. Embezzlement cases fell sharply from 52.00 in 2018 to only 14.00 in 2022. However, fraud remains a concern, peaking at 261 incidents in 2022. These trends might signal improving security for investors and residents, though persistent fraud issues merit... Read more
Property Crime Trends in Virginia Beach city, VA Over the Last 5 Years
Over the past five years, Virginia Beach city, Virginia has seen a noticeable decline in most property crimes, particularly significant drops in burglary and larceny-theft. Despite an overall reduction, fraud has shown some fluctuation but remains a concern, peaking at 261 incidents in 2022. Embezzlement and arson have seen substantial decreases, with embezzlement dropping from 52.0 cases in 2018 to just 14.0 in 2022. For potential investors, real estate agents, and residents, these trends suggest improving security, albeit with some persistent challenges in fraud-related crimes.
Demographics
Virginia Beach city tends to have a fairly balanced gender distribution, with a slight lean towards more female residents. Educational attainment levels show a notable proportion of the population with bachelor's or higher degrees, suggesting that higher education is relatively common. The age distribution data indicates a predominantly younger population, with significant portions under 35, which could imply a vibrant community with a considerable workforce. Racial demographics reveal a... Read more
Race Distribution in Virginia Beach city, Virginia (2022)
Educational Attainment in Virginia Beach city, Virginia (2022)
Age Distribution in Virginia Beach city, Virginia
Citizen Population in Virginia Beach city, Virginia (2022)
Political Trends & Data
Virginia Beach City in Virginia displayed a competitive political scene in the 2020 U.S. Presidential Election. Democrats potentially secured around 51.6% of the vote, while Republicans were not far behind with roughly 46.1%. Minor parties had little influence, with the Libertarian party capturing just 1.8%. Such close margins suggest that even minor shifts in voter sentiment could dramatically impact future election results. This competitive landscape could be a factor for buyers considering... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Virginia Beach City in Virginia saw a slight leaning towards the Democratic party in the 2020 U.S. Presidential Election, with Democrats potentially receiving around 51.6% of the vote. Republicans followed closely, capturing approximately 46.1%. Minor parties had a minimal impact, with the Libertarian party nearby getting 1.8% and other parties receiving less than 1%. This tilt hints at a competitive political landscape, where small shifts in voter preference could significantly sway future election outcomes.
46.15% of voters voted for the Republican party in the 2020 Presidential Election
51.55% of voters voted for the Democrat party in the 2020 Presidential Election
1.85% of voters voted for the Livertarian party in the 2020 Presidential Election
0.45% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Virginia Beach City, Virginia, the student-to-teacher ratio has notably varied, dropping from about 19 in 2014 to around 14 in 2023. This decline, which brings the ratio closer to the national average, might make the area more appealing to families seeking better educational environments. Real estate professionals and appraisers can use this trend to potentially gauge an increase in property values and marketability. Insurance agents might also notice shifts in policy interest due to... Read more
Student-to-teacher ratio in Virginia Beach City, Virginia over the last 10 years
Over the last decade, the student-to-teacher ratio in Virginia Beach City, Virginia, has notably fluctuated. Starting at roughly 19 students per teacher in 2014, it peaked again in 2016 at about the same level before steadily declining to approximately 14 in 2023. While this trend shows significant improvement, it is still generally higher compared to the national average of 14 students per teacher. These shifts may have implications for those considering investing in property or moving to the area, as lower student-to-teacher ratios are often associated with better educational outcomes, possibly making the area more attractive to families. Appraisers and real estate agents might find this useful in assessing property values and marketability, while insurance agents could see changes in policy interest due to perceived enhancements in community services.
