Over 15,000 highly-skilled workers exit the military in Hampton Roads each year and the region is home to over 70,000 university and community college students. The military, manufacturing, the Port of Virginia, high technology, and tourism are major drivers in Hampton Roads’ $54 billion economy. The military has long been a mainstay of the Hampton Roads economy, and today the region boasts the largest concentration of military personnel in the nation, with forces stationed at such critical defense facilities as Naval Station Norfolk (the largest naval facility in the world), Langley Air Force Base, Oceana Naval Air Station, Little Creek Amphibious Base, Fort Eustis, Fort Monroe, and Fort Story, and more. Total military and civilian defense-related employment in Hampton Roads surpasses 111,000.
The article says that state capitols and college towns are also more "recession proof." This explains Richmond - VA's state capitol's - appearance. Richmond & Hampton Roads also have a good number of colleges, including University of Richmond, VCU & MCV, and VA State U. in Richmond and William & Mary, Hampton U., CNU, Norfolk State, & VA Wesleyan in the Hampton Roads area.
Two Virginia cities make top 10 list of places to buyby on August 11, 2009
Good Morning America cited data from Zillow this morning which heralded Virginia Beach as the number one place, and Richmond as the number seven place, to buy a home right now. Here’s what Zillow is seeing…
In Virginia Beach:
- Median home value: $223,800, down 1 percent from a year ago
.
- Property values are up 7 percent compared to five years ago.
- Houses cost an average of $139 per square foot.
- Buyers are paying 2 percent less than the listing price.
In Richmond:
- Median Home Value: $ 207,000, down 7 percent from a year ago.
- Property values are up 5 percent compared to five years ago.
- Houses cost an average of $119 per square foot.
- Buyers are paying 3 percent less than listing price.
The Top 10 Places to Buy a Home
Every Region in the Country Has a City on the List
By ELISABETH LEAMY and SHEILA EVANS
Aug. 11, 2009 —
When you go to buy a house, a market with cheap prices is not the only factor you should consider. Rather, look for communities with a strong job market and stable housing values. Some common threads: cities with military bases, state capitals and college towns all fare well because they are more "recession proof," according to Zillow, an online real estate company. A strong tourism industry helps, too.
Virginia Beach, Va.
Median home value: $223,800, down 1 percent from a year ago. Property values are up 7 percent compared with five years ago. Houses cost an average of $139 per square foot. Buyers are paying 2 percent less than the listing price.
Click here to learn more about Virginia Beach's housing market and click here for a list of available properties.
Albany, N.Y.
Median Home Value: $190,700, down 3 percent from a year ago. Property values are up 4.4 percent compared with five years ago. Houses cost an average of $123 dollars per square foot. Buyers are paying 3 percent less than listing price.
Click here to learn more about Albany's housing market and click here for a list of available properties.
San Diego, Calif.
Median Home Value: $346,000, down 14 percent from a year ago but with shrinking declines. Thirty-six percent of homes on the market are foreclosure resales. Forty percent of homes are being sold for less than the owners paid for them. Eighty-nine percent of home values are decreasing, but the declines are slowing and the bottom is in sight. Houses cost an average of $219 per square foot.
Click here to learn more about San Diego's housing market and click here for a list of available properties.
Austin, Texas
Median Home Value: $172,800, down 12 percent from a year ago. Property values are up 3 percent compared with five years ago. Buyers are paying 9 percent less than listing price. Houses cost an average of $98 per square foot.
Click here to learn more about Austin's housing market and click here for a list of available properties.
Madison, Wis.
Median Home Value: $207,600, down 4 percent from a year ago. Property values are flat compared with five years ago. Houses cost an average of $113 per square foot. Buyers are paying 3 percent less than listing price.
Click here to learn more about Madison's housing market and click here for a list of available properties.
Greenville, S.C.
Median Home Value: $132,000, down 1 percent from a year ago. Property values are up 3 percent compared with five years ago. Houses cost an average of $83 per square foot. Buyers are paying 4 percent less than listing price.
Click here to learn more about Greenville's housing market and click here for a list of available properties.
Gainesville, Fla.
Median Home Value: $ 157,800, down 11 percent from a year ago. Property values are up 3.2 percent compared with five years ago. Buyers are paying 5 percent less than listing price. Houses cost an average of $106 per square foot.
Click here to learn more about Gainesville's housing market and click here for a list of available properties.
Knoxville, Tenn.
Median Home Value: $ 141,900, down 2 percent from a year ago. Property values are up 5.1 percent compared with five years ago. Houses cost an average of $89 per square foot. Buyers are paying 4 percent less than listing price.
Click here to learn more about Knoxville's housing market and click here for a list of available properties.
Richmond, Va.
Median Home Value: $ 207,000, down 7 percent from a year ago. Property values are up 5 percent compared with five years ago. Houses cost an average of $119 per square foot. Buyers are paying 3 percent less than listing price.
Click here to learn more about Richmond's housing market and click here for a list of available properties.
Flagstaff, Ariz.
Median Home Value: $274,000, down 14 percent from a year ago. Property values are up 4 percent compared with five years ago. Buyers are paying 8 percent less than listing price. Houses cost an average of $164 per square foot.
Click here to learn more about Flagstaff's housing market and click here for a list of available properties.
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