To determine the best cities for homeownership in Virginia, LendingTree looked at data collected in 2013 and 2017 by the U.S. Census Bureau for both metropolitan and micropolitan areas with 10,000 to 50,000 residents. They compared 15 areas on measures that homeowners often use themselves, such as median home values, which are key to determining net worth, and home appreciation, which is key to assessing how well an housing investment has fared. They also looked at local unemployment rates and average commute times, which can help homeowners gauge an area’s overall well-being and livability.
The NRV ranked as number four. Our two large and prominent universities, Virginia Tech and Radford University, have helped attract homebuyers. From 2013 to 2017, the area enjoyed healthy home value appreciation of 5.41%. In the same period, housing costs went up 0.83%. At $181,300, the median home value in 2017 was relatively low for Virginia, but the unemployment rate was just 5.2%, and the average commute time was 21.1 minutes, the second-lowest of all cities surveyed.
Read more about who made the top ten, LendingTree’s methodology, and tips for home buying.
Virginia’s New River Valley: Virginia’s New River Valley is an eclectic mix of interconnected small towns that each offer their own unique vibe and appeal. The region provides an abundance of cultural and social offerings due to the presence of three world-class universities, while retaining the charm and benefits of small town living. The NRV is home to a diverse and innovative business community with companies that range from high-tech startups to foreign-based corporations to specialty agribusiness. These organizations benefit from the collaborative spirit of our region and a loyal, highly-skilled, and educated workforce. The scenic beauty of the region also fosters a deep connection to nature, which is deepened by access to outdoor recreation and the preservation of our natural environment. It’s clear why Virginia’s New River Valley is “A Natural Fit.”
Onward NRV: Onward NRV is a public/private, regional economic development organization whose mission is to attract and retain world class jobs, investment, and talent in Virginia’s New River Valley. It’s also a movement where leaders from business, government, and higher education work together to promote the economic vitality of the region.