If you’re a first time home buyer in Virginia, you’ll want to pay close attention to a newly-released study by Nerdwallet that evaluated places in Virginia with populations of 5,000 or more to determine the most favorable location for 1st time buyers.
Out of the 183 locales in Virginia that met the population minimum, Fisherville was ranked number one.
Top places for first-time homebuyers in Virginia
Apparently, word has gotten out about the top place for first-time homebuyers in Virginia: Fishersville’s population grew 8.28% from 2010 to 2013, the second-largest gain in the top 10. As well, home prices jumped 10% in the same period. Homeowners here paid a median property tax of 0.51%, almost half the median rate for all the cities analyzed, according to the U.S. Census Bureau’s 2013 American Community Survey.
This town of about 5,400 is one of the most affordable options in the state. Home values in Bluefield, which sits in the western part of Virginia, grew 10.12% from 2010 to 2013. The median home value of $103,400 made Bluefield the second-most affordable community in the top 10.
This Lynchburg suburb saw its population grow 7.43% from 2010 to 2013. Forest’s median home value of $212,400 is the second highest in the top 10, its median property tax of 0.55% is far below the study’s median of 0.93% and monthly ownership costs of $1,527 are below the recommended maximum.
Richlands’ median home value from 2010 to 2013 grew over 44%, the biggest jump in the state. Low property taxes of 0.49% are tied for the lowest in the top 10. Another possible selling point: Richlands is outside the picturesque George Washington and Jefferson National Forests. However, 16% of families here live in poverty, which is the second-highest percentage in the top 10.
This town has become increasingly popular in recent years, as shown by the nearly 24% jump in home values. Even with that spike, homes remain affordable: Abingdon’s median home value of $203,800 is well below the median of $280,400 for all cities in this study. Abingdon’s downtown is also walkable and full of local retailers and restaurants.
>> read the full story at nerdwallet.com