Virginia Beach is a beautiful area situated in the southeastern portion of the state of Virginia. The beach and community is family-friendly and offers numerous advantages to residents. The job opportunities are plentiful, and the average income is higher than the national average. The schools are exemplary, and the crime rate is low. You have numerous neighborhoods to find your home, and the area is loaded with culture activities. The city is home to dog parks, excellent restaurants, and stroll on the boardwalk. You can surf, kayak, canoe, ski, parasail, and fish. You will always be on vacation while living in Virginia Beach.
Median Income and Demographics in Virginia Beach
The census bureau (https://www.census.gov/quickfacts/table/PST045216/51810) puts the population of Virginia Beach at 452,745. 62.3% are white, 8% are Hispanic, and 20% are African American. 6.9% are Asian. The unemployment rate is 4.4%, and the poverty rate is 10.9%.
Median Home Prices in Virginia Beach
The median home price in Virginia Beach stands at $263,200. This is quite a bit above the national average. The cost of living is a little higher than the national and state average. The cost of housing is way above the national average.
Crime Rates in Virginia Beach
The crime rate in Virginia Beach is below the national average. It is safer than half of the other cities in the country. There are about 10,500 crimes reported each year, but only 630 of those are considered violent.
The average test scores in Virginia Beach stand at 83%, which is way above the national average. There are 90 public schools in the city. 33% of the people have a college degree, and 90% of the people have completed high school. Kingston Elementary School and Kemps Landing Magnet are two of the best schools in Virginia Beach.
Mortgage Loan Options in Virginia Beach
You can normally obtain a fixed-rate loan or an adjustable-rate loan. If you are planning to live in your residence long-term, a fixed loan is probably the best option. Your rate will not change throughout the life of the loan; therefore, you will always know what your monthly payments will be. You can get a 30, 20, 15, or 10-year terms. The longer your term, the lower your monthly payments will be; however, you will be paying more money throughout the life of the loan.
If you are planning to be in your home short-term or if you get a high interest rate, an adjustable rate mortgage might be the best option. You just need to know that your monthly payment amount might increase after the initial period expires. Therefore, you need to make sure you can cover the increased payments.
Some of the loan options include:
- FHA loans: The Federal Housing Administration created these loans to help people afford purchasing a home. You do not need perfect credit, and you only need 3.5% to put down on the home.
- VA loans: The Veterans Administration created these loans to assist individuals who have served in the United States military obtain a home. You do not need to put any money down on the loan, and the closing costs are minimal.
- USDA loans: These loans are backed by the US Department of Agriculture and are intended for low to moderate income earners who live in certain rural areas.
- Conventional loans: These loans are more difficult to get, as they require good credit and a larger down payment. However, they might be less expensive.
Virginia Beach is home to a fascinating aquarium, a farmer’s market, and numerous military bases. You can enjoy festivals throughout the year, and the area is a paradise for golf lovers. If you are needing to purchase a home in the city, you have numerous options available to you. Find the best lender who can help you, and find the home of your dreams.