Virgina Beach - a "best" place to live AND save money? (Virginia Beach: best cities, sales)

[citychik]

Hello, all ~
On another website where they have list of best places to live and save money, Virginia Beach ranked #6 out of their top 15. I was quite surprised, simply because I wouldn't think any coastal/resort town on the Atlantic would be affordable enough to save money. Also, lists like that tend to favor the Midwest. East Coast states rarely come up on lists for affordable living or places to save.

They cite these reasons:

Median income: $67,001
Unemployment rate: 4.5%
Median home listing price: $264,900
Median monthly rent: $1,600
Average gas price: $1.552
Average cost of groceries: $32.24
Sales tax: 6%

Some of their figures are a bit different from what City-Data has to say, it seems.

They describe Virginia Beach (pop.: 450,980) as having the lowest sales tax among their top 15 best cities, and state that housing, groceries, and gas costs are relatively low for the Atlantic coast. Is that true?

In addition, they say that the median income in Virginia Beach is "well above" the national median income (but I know there are other ways to measure income that may be more realistic).

So, for these reasons, they say it is easier to build up some savings in Virginia Beach than in many other places. I live in NYC now and am looking for a place to relocate where I can save up some money for a few years -- NYC has bled me dry and kicked my butt, quite frankly. However, I'm a bit hesitant about the Midwest. Having always lived close to the ocean, I think I'd miss it terribly.

I only visited VB once, many years ago, and don't remember much about it. What do you guys think about VB being on this list I found and do you agree/disagree that you can save $$ there? Do you think any other cities or town in Virginia could more accurately be described as a great place to make a living and save money? Of course individual spending habits play a major role in that, but NYC is so expensive that nothing is ever left over to enjoy what's here, even when I'm disciplining myself to be very very frugal.

Would you recommend VB as a place to find work and affordable housing (rentals only - I don't intend to buy)? Also, how is the social (dating) scene for a divorced woman over 40?


I'm posting in the general Virginia forum because I don't know what regional sub-forum would be correct for VB. Thanks in advance for any insights!

Edited to add: Oh, I see my thread has been moved to the Hampton Roads sub-forum. Thank you, Mods!

[Spazkat9696]

I have no issue saving money and living here. That being said I know a lot of people do. This is a high cost of living area, and a lot of people swear they are unable to find a good job. Our gas price is typically lower than the national average and I know you can get a decent apartment for less than 1600 a month. Not sure about the grocery price, but for a family of 3 we spend about $400 a month, Harris Teeter.

[The Dissenter]

Where did they get the $67k median annual salary from? That's what I want to know.

[Spazkat9696]

Originally Posted by The Dissenter

Where did they get the $67k median annual salary from? That's what I want to know.

It's the median not the average, and it's only for VAB. I can believe it.

[vboryork]

Originally Posted by The Dissenter

Where did they get the $67k median annual salary from? That's what I want to know.

It is likely median household income being referenced and not median salary. VB, as far as I can tell, has a lot of 2 earner households which would boost that number considerably. A married couple where both work would only need to make $33.5k each in order to be considered a median household.

Originally Posted by citychik

Would you recommend VB as a place to find work and affordable housing (rentals only - I don't intend to buy)?

The BLS data on this metro show that the area is average to slightly below average in terms of wages when compared to the country as a whole. Although I would imagine that the military skews this downward somewhat as many military benefits, like the housing allowance, are not technically considered wages but do provide a huge benefit to those receiving them.

https://www.bls.gov/regions/mid-atla...giniabeach.htm

The devil is in the details when you look at these kinds of studies... lists can be useful but you need context.

I wouldn't consider this a great place to save money nor a overly poor place, I think it is probably pretty mediocre. Whether it is good for you or not would be entirely dependent on your skill set and expectations, but I wouldn't just move here thinking you are gonna save a bunch of cash. It is not cheap and wages are not stellar despite what that list might tell you.

That said, if you get a good job offer and enjoy beach/water-related activities, I think you can have a lot of fun here and find a place to live for a reasonable amount of money.

[jillybean720]

I would disagree. What they aren't mentioning:

- Home prices are actually pretty high. I'm not sure what they mean by "low for the east coast," but I grew up in a small town in CT where houses are definitely cheaper. Houses in GA and FL are generally cheaper. And the Carolinas...plus you have to watch out for homeowner's insurance rates if you're buying. Our insurance here is significantly higher than it was in northern VA, and some insurance companies won't even offer insurance at all due to proximity to the ocean (just had this happen; Esurance gave us a policy, then cancelled it a month later because we're "too close to the ocean." We live in the Salem area, which is NOT close to the ocean...).
- We may have a lower sales tax, but if you eat out or buy certain types of prepared foods, there's an additional tax there.
- Utilities seem to be pretty high around here, especially water/sewage/trash.
- I know a LOT of people who have a hard time finding jobs that will pay $50k+. I'm thinking the low unemployment rate is partly because some people gave up on trying to find a job worth working while paying for daycare, so they became SAH parents. This is us - my husband is a SAHD. No point in working to just pay for daycare.

I don't want to sound like I'm all doom and gloom about this area. I do like it here, but I think calling this an area where it may be easier to save money is quite a stretch.

[The Dissenter]

Originally Posted by Spazkat9696

It's the median not the average, and it's only for VAB. I can believe it.

I see now it was income NOT salary. That sounds a little more realistic. Income could be two job household, even a job with a military retirement coming in.

There are areas that are great for saving money and bang for the buck. I don't think VA Beach and vicinity is one of them. I'd look at Tampa or Jacksonville, FL if being close to the beach is a must, the Ohio Valley (Cincy, Louisville, Indianapolis) for more bang for the buck than NYC.

[Spazkat9696]

Originally Posted by The Dissenter

I see now it was income NOT salary. That sounds a little more realistic. Income could be two job household, even a job with a military retirement coming in.

There are areas that are great for saving money and bang for the buck. I don't think VA Beach and vicinity is one of them. I'd look at Tampa or Jacksonville, FL if being close to the beach is a must, the Ohio Valley (Cincy, Louisville, Indianapolis) for more bang for the buck than NYC.

I will say my electric bill seems out of control for some reason.

You couldn't pay me olive in the Ohio valley. We did it and I was depressed by how run down, old, and gloomy everything was. Oh and don't get me started on the weather. I couldn't do Florida either. The heat is too much, and the schools are horrible.

If you are able to afford this area it's actually a great place to live. There are so many activities both indoor and outdoor, a lot of which are free, that it's easy to find things to do. VAB has a lot to offer. Is it NYC? No but there's only one NYC.

[Lockdev]

Virginia Beach to save? Probably not. Rents and house prices are pretty high. Food prices are far more expensive than what I was used to in Michigan.

The only thing I can think of that is "cheap" in this area is car insurance. That's likely due to Virginia's "1%" fault law. Meaning, if you're even 1% at fault, the other insurance company isn't paying you.

The 6% sales tax is decent, but remember that we have other taxes that are ridiculous, like the personal property tax on cars and the restaurant tax(which is as high as 13% in places like Newport News). Real Estate tax is also set at %1 and homeowners insurance is typically expensive here due to the hurricans, so that can get pricey if you're living in a $300k+ house.

[lovnova]

Originally Posted by Spazkat9696

If you are able to afford this area it's actually a great place to live. There are so many activities both indoor and outdoor, a lot of which are free, that it's easy to find things to do. VAB has a lot to offer.

This is a key point. If you have a good job or other source of income this is a great place to live. Unfortunately a lot of people here don't fall into that category. They are stuck in a rut, mad and unhappy.