Virginia Beach named Top Ten Best Places to Grow Up (insurance, mortgage)

[shellytc]

With all the bashing of the area, I thought I would share a light!! US News And World Reports Names Virginia Beach as the top spot to grow up. Check out the article here:

America's 10 Best Places to Grow Up - US News and World Report

Shelly

[ChessieMom]

Very cool! I agree VB is a terrific place to raise a family! And that site that the article mentions - vbparents.com - it's up. I checked it out yesterday.

[Randomdude]

Now if only the median family income could afford the median house price.....

[Erma]

https://edis.commerce.state.nc.us/do...e/VA/51810.pdf
doesn't look too shabby to me. maybe some just need to curb their spending to afford the median house price.

[Randomdude]

Originally Posted by Erma

https://edis.commerce.state.nc.us/do...e/VA/51810.pdf
doesn't look too shabby to me. maybe some just need to curb their spending to afford the median house price.

Median 2008 house price- $243,473
Median household income- $63,389

Affordale housing is defined by HUD as housing that costs less then 30% of a homeowners gross income

Affordable Housing - CPD - HUD

So, what percent of a family with the Virginia Beach median be spending?

Well, at 5% interest on a 30 year loan, we find the payment is about $1307 a month. This is exactly 25% of the monthly gross income.

Oh wait, guess what, we havent included taxes, utility costs, or insurance cost. So lets go ahead and slap another $500 on top of that conservatively.

So, the median homeowner in Virginia Beach spends about $1,807 on housing a month, conservatively. That is about 34% of the median household income.

So what income would it take for this to be afforable you ask?

About $73,500 Which is about 5000 a year more then the median family income, and about 10k more a year then the median houshold income.

The median household price is higher then the median household income can afford, period, as defined by HUD. How it "looks" to you is completely irrelavent.

[ChessieMom]

Originally Posted by Randomdude

Median 2008 house price- $243,473
Median household income- $63,389

Affordale housing is defined by HUD as housing that costs less then 30% of a homeowners gross income

Affordable Housing - CPD - HUD

So, what percent of a family with the Virginia Beach median be spending?

Well, at 5% interest on a 30 year loan, we find the payment is about $1307 a month. This is exactly 25% of the monthly gross income.

Oh wait, guess what, we havent included taxes, utility costs, or insurance cost. So lets go ahead and slap another $500 on top of that conservatively.

So, the median homeowner in Virginia Beach spends about $1,807 on housing a month, conservatively. That is about 34% of the median household income.

So what income would it take for this to be afforable you ask?

About $73,500 Which is about 5000 a year more then the median family income, and about 10k more a year then the median houshold income.

The median household price is higher then the median household income can afford, period, as defined by HUD. How it "looks" to you is completely irrelavent.

Ya know what? That is the case most places. The houses are STILL overpriced, and there are very few places that do not have the same situation. I bought my house 11 years ago. I make just above the median income, and my mortgage is far FAR less than the amount above. I'm doing just fine. I love it here.

[cityboi757]

You guys always complain.. It's really a bore. Virginia Beach is an awesome place to grow up. Why can't it be left at that? Ask anybody how they liked growing up in VaBeach and they all loved it. WTF does growing up in a city have to do with salaries and price of houses and all that nonsense? Every city is dealing with houses overpriced and salaries not rsing as fast

[vbbryan725]

My $.002 Virginia beach was a great place for me to grow up I could'nt have asked for a better childhood. I loved my neighborhood and schools and circle of friends, I felt so sheltered within my neighborhood and nothing bad ever happened, and I loved being able to walk from one side of the neighborhood to the next at dark to see a friend when I was 15 and feeling safe! I am now 24, and wanting to move preferably to SoCal but im not bashing va beach at all when I say I want to move its just alot to see and do out there and I want a change, but on topic VB was the greatest place to grow up IMO!

[rtandc]

Va Bch was a great place for me to grow up in, my kids loved growing up here also. Even though my kids are grown and gone off on their own I am still active in various high school events and activities (Friday night football games and various band competitions etc) The kids today seem to have as much fun as I did growing up if not more.

I have to agree with cityboi757, what does the price of homes and the median household income have to do with this topic......Nothing.......

[Randomdude]

Originally Posted by ChessieMom

Ya know what? That is the case most places. The houses are STILL overpriced, and there are very few places that do not have the same situation. I bought my house 11 years ago. I make just above the median income, and my mortgage is far FAR less than the amount above. I'm doing just fine. I love it here.

1. That is not the case in "Most" places. Check Atlanta, GA, Indianapolis, IN, Dallas, TX, Houston, TX, Pittsburgh, PA, Raleigh, NC, Providence, RI, Phoenix, AZ, Memphis, TN. Prices in all those cities are FAR more inline with the prevailing income.

2. You bought your house eleven years ago. That is the key. It is the people who were in the housing market the last 5 years that got completely blown out of the affordability equation. For example, my Mom bought the house Im living in for 80k in 2003. The appraised value is now 160k. That is a 100% increase in 6 years. I doubt anyone in the area got a 100% raise over any six year period without a significant promotion.