15 Jan 2019
Whether you are considering a job transfer or you are looking to move somewhere that offers the most in the way of things to do, opportunities, and a potential for a great future, Virginia Beach is an exceptional choice. Voted #3 in Money Magazine's 10 Best Cities to Live, in thier Novemeber 2018 article, there's a lot to boast about in our sunny seaside city.
What Makes Virgnia Beach Special
With a current population of about 450,000 residents, Virginia Beach is the most populous city in Virginia and the 41st most populous city in the nation. We've come a long way since April 26, 1607, when the first English colonists landed on our beach in Cape Henry, which by the way, is one of many national parks and great place to visit here. You can see the original Cape Henry lighthouse constructed in 1792 and the second Cape Henry Lighthouse, just 350 feet away, built in 1881. There are 264 parks and park facilities in Virginia Beach, covering over 4,000 acres including neighborhood and community parks, metro parks, signature parks, natural areas, waterway accesses, trail linkages, open space preservations areas, and park athletic facilities.
Sandbridge Beach is a particularly unique area to consider within Virginia Beach for families and retirees as well as investors. Located a short drive south of the Oceanfront District, Sandbridge is a more secluded beach hideaway of pristine sand dunes and dancing sea oats. It is a relaxing and peaceful community where the pace is more laid back. Bordered by the Atlantic ocean and Back Bay, there are no hotels, and very little land left to expand on (this keeps property values particularly steady) keeping the area more family oriented. With multiple restaurants, The Sandbridge Market, a gift shop, The Sandbridge Fishing Pier, as well as Back Bay National Wildlife Refuge, there is plenty to enjoy just outside your front door. From nesting bald eagles, osprey, whales, dolphins, foxes, and sea turtles, if you love wildlife, you'll love Sandbridge. Vacationing families travel to Sandbridge year after year and it is considered one of the best kept secret beaches in the Nation. Vacation rental ownership in Sandbridge is continuing to grow as more families opt to buy a condo or beach home and rent it to other families when they aren't enjoying it themselves. The average gross annual income of beach homes in Sandbridge is $45,000. A larger beach home on the oceanfront in Sandbridge can earn as much as $120,000+ depending upon the size and amenities offered. Many of our clients have purchased their beach homes or condos as part of a unique retirement plan, keeping them rented for several years and enjoying the income, with plans to retire to the area down the line.
If you have children or are planning a family, Virginia Beach is once again, one of the best places to find top nationally rated schools. For 2019 we're ranked #843 out of 10,759 in the nation. Virginia Beach Public Schools is the largest school division in Virginia and the 50th largest in the nation. Got a teacher in the family? Virginia is ranked #56 out of 132 for best places to teach too! VBCPS earned full state SOL accreditation in 2017 and the class of 2017 outperformed the region and the nation on the SAT and achieved the division's highest cohort-based on time graduation rate and lowest dropout rate.
Virginia Beach Jobs
Employment in Virginia Beach is steadily climbing. Tourism breathes life into our area even in past economic challenges for the nation. The average annual family income is $82,947 and unemployemnt is 3.1%, below the national average. Professional and business services had the largest employment increase from June 2017 to June 2018, adding 2,700 jobs. The local rate of job growth in professional and business services was 2.5%, close to the industry's national rate increase of 2.6%. Virginia Beach's leisure and hospitality supersector had the second largest increase over the year, adding 2,600 jobs. The local rate of job growth in the supersector was 2.6%, faster than the national rate of 1.6%. Two other supersectors had job increases greater than 1,000 over the year. Manufacturing added 2,000 jobs, and trade, transportation, and utilities added 1,200 jobs. The local rate of job growth in manufacturing was 3.8%, faster than the 2.3% gain nationally. The future is bright with projected job growth for 2019-2022 is 2.6%.
The median home price in Virginia Beach is $255,000 with values going up 2.4% over the past year. Projected growth for 2019-2020 is 2.3%. Some of the key factors to consider locally that keep values growing and dependable are the previously discussed great schools along with location along the coast. Home prices are higher on the oceanfront but there are a plethora of affordable homes in wonderful neighborhoods, both condos, and single family homes starting around $120,000.
Virginia Beach is growing rapidly for retirees with people age 50 and over, growing 22% in the past 8 years. While statistics are great, here's a little more about what makes Virginia Beach a wonderful place to retire: According to Bankrate.com, out of 172 cities, based on weather, cost of living, crime rate, tax burden, walkability, and senior care, Virginia Beach ranked 21st place. But Virginia Beach's main selling point for retirees is the great mix of urban, suburban, and even rural areas within the city. Offering 35 miles of coastline, over 264 parks, and 213 clear days a year, Virginia Beach residents have plenty of time to enjoy all there is to offer comfortably.
Let us know about your plans! The Beach Pros Real Estate Team is here to help you reach your goals and dreams (757) 426-1565.