To Buy Or Not To Buy in Virginia Beach

The following is a list of price-to-rent ratios, the median existing home price divided by the average annual rent you’d pay for a comparable home in the area.

Virginia Beach home purchases have seen an increase due to many factors.  Younger buyers are more educated about home buying processes and see value in purchasing homes now, when prices seem to be more reasonable.  Also, many studys show that rent may be higher than mortgages.  Take a look at the information below and ask yourself —to buy or not to buy?

Price-to-rent Ratio
Area Current 15-Year Average
1989-2003
Atlanta 15.72 13.42
Austin 22.88 15.79
Baltimore 16.75 11.30
Boston 21.87 16.50
Bridgeport-Stamford, CT 28.27 19.39
Charlotte, NC 22.09 16.17
Chicago 16.64 15.80
Cincinnati 15.63 14.58
Cleveland 13.47 13.24
Columbus, OH 17.60 15.68
Dallas 17.83 16.43
Denver 21.92 16.30
Detroit 7.16 9.87
Fort Lauderdale 15.95 13.36
Hartford 19.32 13.51
Honolulu 34.63 23.11
Houston 16.67 13.33
Indianapolis 16.60 14.12
Jacksonville 15.62 12.12
Kansas City, MO 17.10 13.62
Las Vegas 13.21 14.96
Los Angeles 14.67 12.12
Memphis 16.34 15.75
Miami 16.44 12.19
Milwaukee 21.36 15.02
Minneapolis 14.77 13.48
Nashville 23.18 16.99
Nassau-Suffolk, NY 20.83 12.09
New Orleans 16.69 13.17
New York 14.67 9.42
Oakland 29.83 29.02
Oklahoma City 13.97 11.32
Orlando 12.89 12.49
Philadelphia 14.61 9.66
Phoenix 12.86 12.07
Pittsburgh 11.95 9.85
Portland, OR 26.14 17.36
Raleigh, NC 24.59 17.42
Richmond, VA 22.24 14.93
Riverside, CA 12.69 16.59
Sacramento 15.06 15.59
Salt Lake City 20.02 14.34
San Antonio 16.90 12.63
San Diego 21.19 18.18
San Francisco 30.05 24.38
San Jose 29.80 23.33
Santa Ana, CA 28.21 20.54
Seattle 25.78 17.77
St. Louis 16.72 13.01
Tampa 14.46 13.31
Trenton, NJ 19.03 13.83
Virginia Beach 22.82 16.52
Washington, DC 15.62 11.79
West Palm Beach 14.59 13.06
United States 10.85 9.02
Notes: Current ratio for third quarter of 2009, the most recent data available. Metro areas are generally labeled by the largest city in that area Sources: Fiserv, PPR, Moody’s Economy.com

Search all Virginia Beach VA homes for sale.

April Partida is a Professional, Experienced and Results Oriented, Top Virginia Beach VA Realtor committed to meeting your needs.

April has distinguished herself as a leader in the Virginia Beach Virginia real estate market. April assists buyers looking for Virginia Beach VA real estate for sale and aggressively markets Virginia Beach homes for sale. April is also a Short Sales and Foreclosures Resource Specialist (SFR). Avid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure.

You can reach April at 757-227-1777 or by email, april@remaxvb.com.

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