New River Valley, VA – The New River Valley was rated as the fourth best metro area for homeownership in Virginia by LendingTree.
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.
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.
