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Now to get into more details about the independent city of Newport News, Virginia. Housing approximately 181,000 residents, the city, as real estate agents in Newport News VA shared with us, experienced a huge spike in population with the development of the railroad and shipyard industries. From the 1950s to the 1960s, the city’s population more than tripled in size and the economy flourished. But more on that later on. First, let’s see more about the housing market.
With the James River in the West and many other smaller rivers, lakes, and ponds, a very high percentage of housing in Newport News, Virginia, are waterfront homes. Realtors in Newport News VA are thrilled about them and you might be surprised to find out that the median home value in Newport News, Virginia, is $209,000. However, only 47% of homes are owner-occupied, but this might be the result of vacation homes in the city. Real estate agents in Newport News VA can attest that the rental prices also influence the owner-occupancy ratio, as they currently average at $1,400.
Based on the types of homes, real estate agents in Newport News VA estimate that about 51% are single-family homes giving plenty of options to choose from for any newcomer. The second most common type of home is located in apartment complexes, averaging at about 31%. Next, about 9% of all housing is in small apartment buildings, which leaves 7% in townhomes and 2% are mobile homes.
Given the significant increase in population, almost 50% of the city’s homes were built between 1970 and 2000. About 31% of the homes in Newport News, Virginia, were built between 1940 and 1970 and 5% are even older than that. This leaves 14% of homes having been built from 2000 on.
During the development of the coal and ship industries, the city evolved and grew in both size and importance. It is the reason why it is called Newport News as after it was consolidated with Warwick County in 1958, the two communities chose to keep the city’s name because it was more widely known. Currently, many residents are employed by the immense Newport News Shipbuilding, the largest industrial Virginia employer, the U.S. Air-Force - U.S. Army, and other military bases, Newport News’ economy is incredibly tied to the military. The city’s location facilitates the boating industry and the city is also important for the connection provided between the rails and the sea. Realtors in Newport News VA will also promote the amazing accessibility enjoyed by the town from the Interstate Highway 64 and the Hampton Roads Beltway.
Considering all of that, the median household income in Newport News, Virginia, is $52,000 with a 1.6% growth over the previous 12 months. Real estate agents in Newport News VA have some numbers that they provided us with so you know what to expect even before you contact them. Based on what realtors in Newport News VA told us, the most common occupations held by the city’s residents are Office and Administrative Support, followed by Sales and Related Occupations. However, the highest-paying professions are Farming, Fishing, and Forestry Occupations with median earnings of $74,000, followed by Computer and Mathematical Occupations, which enjoy median earnings of $71,000.
Real estate agents in Newport News VA also thought to look at how different industries were managed in the city. We found out that the Manufacturing Industry employs the most significant number of employees, followed closely by the Health Care and Social Assistance Industry. Regarding incomes, we know that the Professional, Scientific, and Technical Services offer median earnings of $61,000, while the Public Administration pays median incomes of $51,000.
The James River provides accessibility to water for waterfront houses. Many smaller rivers winding through the city, lakes, canals, and ponds also provide a high percentage of waterfront homes. Now, considering that, think about the increased chances you’ll have to own a private dock, backyard water access, boats, jet skies, and everything else that comes with waterfront homes. If you can see yourself and your family living that kind of lifestyle and want to enjoy proximity to Norfolk, Virginia, then go ahead and contact realtors in Newport News VA, immediately. You won’t be sorry.