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Rent to Own Homes in Virginia
Thriving, scenic Virginia is home to some of the country’s most important organizations and many of the United States’s most compelling historic sites. In Northern Virginia, residents work in the area's abundant federal offices such as the Pentagon, CIA headquarters, the USGS and Marine Corps Base Quantico. The region also sports many other enterprises, including Northrop... Read More
Thriving, scenic Virginia is home to some of the country’s most important organizations and many of the United States’s most compelling historic sites. In Northern Virginia, residents work in the area's abundant federal offices such as the Pentagon, CIA headquarters, the USGS and Marine Corps Base Quantico. The region also sports many other enterprises, including Northrop Grumman, Capital One, General Dynamics and the Gannett Company.
At the opposite end of Virginia, in the Hampton Roads region, are three of the state’s biggest cities: Virginia Beach, Norfolk and Chesapeake. With 448,479 residents, Virginia Beach is by far the state’s largest independent city. Its location at the mouth of the Chesapeake Bay adds to its appeal, which is already considerable since the city has the longest pleasure beach in the world.The below results are primarily rent to own homes in :
Thriving, scenic Virginia is home to some of the country’s most important organizations and many of the United States’s most compelling historic sites. In Northern Virginia, residents work in the area's abundant federal offices such as the Pentagon, CIA headquarters, the USGS and Marine Corps Base Quantico. The region also sports many other enterprises, including Northrop... Read More
Thriving, scenic Virginia is home to some of the country’s most important organizations and many of the United States’s most compelling historic sites. In Northern Virginia, residents work in the area's abundant federal offices such as the Pentagon, CIA headquarters, the USGS and Marine Corps Base Quantico. The region also sports many other enterprises, including Northrop Grumman, Capital One, General Dynamics and the Gannett Company.
At the opposite end of Virginia, in the Hampton Roads region, are three of the state’s biggest cities: Virginia Beach, Norfolk and Chesapeake. With 448,479 residents, Virginia Beach is by far the state’s largest independent city. Its location at the mouth of the Chesapeake Bay adds to its appeal, which is already considerable since the city has the longest pleasure beach in the world.The below results are primarily rent to own homes in :
Lying between the northern and southern regions is the Greater Richmond area, the site of the state capital and a combined metropolitan population of 1.25 million residents. The region is known for its robust arts and entertainment scenes, a busy shipping port, many Virginia state agencies and a number of Fortune 500 companies and business start-ups.
The Commonwealth of Virginia also offers its residents diverse amenities, exciting recreation and helpful services. The Virginia state parks system alone manages 36 sites, including Shenandoah River, Natural Bridge, Powhatan and Staunton River Battlefield.
Buying a Home in Virginia?
Slow and steady growth is the best way to describe Virginia’s housing market. That’s good news for both home buyers who want consistent value and sellers who want a strong return on their investment. Throughout the state, home sales increased 5.26 percent in the last year. The median sales price remained relatively flat, increasing just 1.7 percent to $266,500. Meanwhile, homes sold 5.24 percent faster than in previous years. Even with this increase in selling pace, home buyers have ample time to review their options with homes staying on the market an average of 69 days. Low interest rates of 3.91 percent also encouraged potential home buyers to look for a new home.
Home prices in Northern Virginia are considerably more expensive than the state average. Here, median home sales prices are at $479,000, a 4 percent increase over last year. Similarly, the average sales price is up 3 percent to $548,808. Homes sell within 54 days of being placed on the market, but that’s a 20 percent increase over last year. Within this region, Falls Church City experiences the highest home prices, selling for a median price of $810,000.
Hampton Roads homes are more affordable, with a median sales price of $229,900. Homes here linger a bit longer on the market, selling within 77 days.
Popular Neighborhoods in Virginia?
As evidenced by the state’s real estate prices, Northern Virginia is a desirable place to live. Some of the region’s most treasured neighborhoods include Arlington Ridge and Aurora Highlands, prized for their walking distance to the Pentagon, lovely homes and plentiful area restaurants. Those neighborhoods can be pricey, though, so if you’re looking for more affordable homes, check out Lake Barcroft.
In the Hampton Roads area, Norfolk’s West Freemason neighborhood offers historic homes with river views, and the Western Branch neighborhood of Chesapeake is perfect for commuters. In Virginia Beach, many locals prefer the walkability and ample amenities of the Hilltop neighborhood and the outdoor recreation and rural feel of Lagomar.
Richmond also has a variety of attractive neighborhoods, from the mixed and eclectic realm of The Fan to the charming bungalows and American Four Square homes of Woodland Heights. Pope Avenue and Church Hill are also local favorites.
Buying vs. Rent to Own Homes?
If you’re entering the real estate market for the first time, buying a home the conventional way can be daunting. Rent-to-own arrangements, on the other hand, provide a little more comfort and financial benefits. The need for an immediate down payment is eliminated with a rent-to-own option; the down payment isn’t required until the end of the rent-to-own contract period. Buyers will pay an option fee at the outset, along with monthly rent and a monthly rent premium. Both the option fee and the monthly premium are usually credited back to the buyer’s down payment at the close of the contract. As an added bonus, rent-to-own buyers can move directly into their new homes, eliminating the need for delayed move-in dates pending escrow closure.
Cost of Living in Virginia?
All things considered, Virginia is a fairly affordable state to make your home. Overall, the cost of living here is 8 percent higher than the national average. That’s not too bad considering the state’s desirable location on the Atlantic Ocean and Chesapeake Bay, proximity to Washington D.C. and bountiful recreation, services, institutions and jobs.
The bulk of that elevated cost of living is a result of Virginia’s high housing costs. For every dollar that most other Americans spend on housing, Virginia residents spend $1.33. All other living essentials are below the national average, including food, utilities, transportation and health care.
This slightly higher-than-average cost of living is also balanced by other factors, including the state’s favorable adjusted median family income and plentiful, high-paying technology and knowledge-based jobs.
Virginia is No. 1 in so many respects, and national publications frequently take notice. The state was named No. 1 for the best school system in the Mid-Atlantic and Southeast by Wallet Hub and No. 1 for the highest quality of life by Forbes Magazine. The list of accolades for all of Virginia’s many assets and conditions is lengthy and highlights the state’s wide appeal to businesses, residents and visitors.
With an ideal location just north of North Carolina, south of Washington D.C. and along the Atlantic Coast, there are many reasons to be excited about living in Virginia. Unsurprisingly, the state’s location contributes to its strong real estate market and slightly expensive housing prices.
These moderately high home prices are balanced, though, by other living expenses that are below the national average. So while housing is 33 percent higher in Virginia than in other parts of the nation, its overall cost of living is just 8 percent more expensive than the norm.
These strong home prices are supported by many historic and high-quality homes in appealing neighborhoods like Norfolk’s West Freemason and the Raleigh Court neighborhood of Roanoke. With so many inviting areas, it’s no wonder Virginia is a top-rated state.
Summary
Virginia is No. 1 in so many respects, and national publications frequently take notice. The state was named No. 1 for the best school system in the Mid-Atlantic and Southeast by Wallet Hub and No. 1 for the highest quality of life by Forbes Magazine. The list of accolades for all of Virginia’s many assets and conditions is lengthy and highlights the state’s wide appeal to businesses, residents and visitors.
With an ideal location just north of North Carolina, south of Washington D.C. and along the Atlantic Coast, there are many reasons to be excited about living in Virginia. Unsurprisingly, the state’s location contributes to its strong real estate market and slightly expensive housing prices.
These moderately high home prices are balanced, though, by other living expenses that are below the national average. So while housing is 33 percent higher in Virginia than in other parts of the nation, its overall cost of living is just 8 percent more expensive than the norm.
These strong home prices are supported by many historic and high-quality homes in appealing neighborhoods like Norfolk’s West Freemason and the Raleigh Court neighborhood of Roanoke. With so many inviting areas, it’s no wonder Virginia is a top-rated state.