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Old 08-09-2011, 07:01 PM
 
Location: Fredericksburg, VA
523 posts, read 553,199 times
Reputation: 957

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Roanoke has the second lowest cost of living in Virginia. It ranks only behind Martinsville-Henry County.

Here's the article from roanoke.org

Roanoke Region Cost of Living 2nd Lowest in Virginia
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Old 08-09-2011, 10:27 PM
 
Location: Richmond va
1,542 posts, read 4,001,342 times
Reputation: 626
I miss the low cost of living in Roanoke, but of course the jobs dont pay nearly as much. I am living in Nova now and went from a $27k salary when I lived in Roanoke to $64k, granted I have been here 2 years now and have had a promotion since then but its the exact same line of work. My rent is more than double though and gas prices were .27 less a gallon in Roanoke the last time I was there! 2.47 vs. 2.74.. I think its all relative though when you add up the salary differences. Now I only wish I could live in Roanoke and make this salary living on that low COL.

Quote:
Originally Posted by scott1094 View Post
Roanoke has the second lowest cost of living in Virginia. It ranks only behind Martinsville-Henry County.

Here's the article from roanoke.org

Roanoke Region Cost of Living 2nd Lowest in Virginia
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Old 08-13-2011, 12:45 PM
 
925 posts, read 2,138,104 times
Reputation: 365
Moody's economic update on Roanoke metro. 7/11 from Moody's Economy.com

Recent Performance. Roanoke’s recovery remains fragile. Labor market data are mixed, with the unemployment rate dropping and household employment rising, but establishment employment remains below its year-ago level. The unemployment rate is above the state average, but significantly below the U.S. rate. Consumer finances are healthy, as house price declines have been far smaller than average and credit quality is much better than average. Nevertheless, the weak national performance is weighing on the local economy.
City performance. Recent improvement in the Roanoke City economy will help the metro area’s short-term prospects. The municipality added a significant number of jobs only twice in the past 12 years. But activity is starting to improve—three new construction projects are now under way. The Market building and Center in the Square are undergoing major renovations and Roanoke Gas is replacing piping downtown.
Increased business formation adds to the positive outlook. City records show that 21 businesses opened there in the first quarter, compared with 12 in the first quarter of last year and 15 in 2009. City finances are also recovering. No layoffs are planned for the just-started fiscal year, in sharp contrast with staff reductions that totaled 10% over the last thee years. While city revenues are up more than 2%, workers will go a fourth year without pay increases, although a onetime bonus is possible.
Manufacturing. Manufacturing gains will help push ROA’s short-term recovery. The metro area has an above-average exposure to manufacturing, which was a negative for the economy through much of the last decade. However, manufacturing hit its low in April 2009 and has since added about 1,100 jobs, representing 7% growth. By contrast, manufacturing employment nationally did not stop falling until the end of 2009, and job growth since the trough has been only about 2%. Demand for products manufactured in ROA is rising as the national and international economies expand. One example is the lone steel mill in the metro area, the Roanoke Bar Division of Steel Dynamics. The recently modernized plant operated at 90% capacity in the first quarter, up from 75% a year earlier and 60% in the first three months of 2009. A major customer base for the plant is commercial construction, in which the recovery has been weak so far.
Household credit. Better household balance sheets will also help push the recovery. Credit conditions in ROA are on average better than in the state or nation. Deleveraging has moved at the same pace as the state, although total credit balances seem to be closer to leveling off in recent months. This is plausible, as default rates remain below the state and national averages. ROA had a very small housing cycle, which meant its credit cycle was muted, leaving fewer consumers with credit problems. This better situation has until recently been offset by the lack of job growth. The sluggish labor market reduced income and spending growth. As a result, retail employment is growing near the national pace, rather than exceeding it as the state is doing, or lagging, as the weak job growth would suggest.
The Roanoke economy is recovering. However, even after recovery is complete, the metro area will remain a modest underperformer. Slow population growth constrains the outlook. Help will come from ROA’s modest success in diversifying away from manufacturing. The metro area will capitalize on its growing role as a medical and retail hub for southern Virginia, with its medical services industry benefiting from changing demographics.
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Old 08-15-2011, 07:40 AM
 
Location: Roanoke VA
2,031 posts, read 6,141,579 times
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Roanoke has been moving away from its history as a manufacturing area into the medical, research, education field. With our delicate ecosystem I hope the
area can continue to have a high quality of life relative to the more robust areas of the state. Hopefully, unsustainable growth will never become an issue
in the region as we will lose our desirable quality of life.
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Old 08-15-2011, 06:35 PM
 
Location: Beautiful place in Virginia
2,658 posts, read 10,479,417 times
Reputation: 1278
Quote:
Originally Posted by badger74 View Post
Moody's economic update on Roanoke metro. 7/11 from Moody's Economy.com

Recent Performance. Roanoke’s recovery remains fragile. Labor market data are mixed, with the unemployment rate dropping and household employment rising, but establishment employment remains below its year-ago level. The unemployment rate is above the state average, but significantly below the U.S. rate. Consumer finances are healthy, as house price declines have been far smaller than average and credit quality is much better than average. Nevertheless, the weak national performance is weighing on the local economy.
City performance. Recent improvement in the Roanoke City economy will help the metro area’s short-term prospects. The municipality added a significant number of jobs only twice in the past 12 years. But activity is starting to improve—three new construction projects are now under way. The Market building and Center in the Square are undergoing major renovations and Roanoke Gas is replacing piping downtown.
Increased business formation adds to the positive outlook. City records show that 21 businesses opened there in the first quarter, compared with 12 in the first quarter of last year and 15 in 2009. City finances are also recovering. No layoffs are planned for the just-started fiscal year, in sharp contrast with staff reductions that totaled 10% over the last thee years. While city revenues are up more than 2%, workers will go a fourth year without pay increases, although a onetime bonus is possible.
Manufacturing. Manufacturing gains will help push ROA’s short-term recovery. The metro area has an above-average exposure to manufacturing, which was a negative for the economy through much of the last decade. However, manufacturing hit its low in April 2009 and has since added about 1,100 jobs, representing 7% growth. By contrast, manufacturing employment nationally did not stop falling until the end of 2009, and job growth since the trough has been only about 2%. Demand for products manufactured in ROA is rising as the national and international economies expand. One example is the lone steel mill in the metro area, the Roanoke Bar Division of Steel Dynamics. The recently modernized plant operated at 90% capacity in the first quarter, up from 75% a year earlier and 60% in the first three months of 2009. A major customer base for the plant is commercial construction, in which the recovery has been weak so far.
Household credit. Better household balance sheets will also help push the recovery. Credit conditions in ROA are on average better than in the state or nation. Deleveraging has moved at the same pace as the state, although total credit balances seem to be closer to leveling off in recent months. This is plausible, as default rates remain below the state and national averages. ROA had a very small housing cycle, which meant its credit cycle was muted, leaving fewer consumers with credit problems. This better situation has until recently been offset by the lack of job growth. The sluggish labor market reduced income and spending growth. As a result, retail employment is growing near the national pace, rather than exceeding it as the state is doing, or lagging, as the weak job growth would suggest.
The Roanoke economy is recovering. However, even after recovery is complete, the metro area will remain a modest underperformer. Slow population growth constrains the outlook. Help will come from ROA’s modest success in diversifying away from manufacturing. The metro area will capitalize on its growing role as a medical and retail hub for southern Virginia, with its medical services industry benefiting from changing demographics.
Does this mean that Roanoke has hit the bottom of the real estate downturn?
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Old 08-16-2011, 11:11 AM
 
Location: Roanoke VA
2,031 posts, read 6,141,579 times
Reputation: 898
Quote:
Originally Posted by titaniummd View Post
Does this mean that Roanoke has hit the bottom of the real estate downturn?
We never had overly inflated home prices to begin with so we didn't go way down in this market like many.
Home prices here have been down especially in the more expensive sections of town but not drastically.
People are buying homes and also selling. I just sold one so I guess it is not all doom and gloom everywhere at least!
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Old 08-16-2011, 05:47 PM
 
925 posts, read 2,138,104 times
Reputation: 365
Moody's projects flat home prices through 2012 and then pretty decent increases.
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Old 08-21-2011, 01:51 PM
j1n
 
Location: Southeast of the Northwest Territories
1,237 posts, read 4,147,494 times
Reputation: 445
Quote:
Originally Posted by Teebyrd86 View Post
I am living in Nova now and went from a $27k salary when I lived in Roanoke to $64k, granted I have been here 2 years now and have had a promotion since then but its the exact same line of work.
What line of work are you in?
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