Northern Virginia is home to nearly a third of the state’s residents. Its popularity comes from a combination of location and better than average economy.
For those considering becoming residents of Northern Virginia the average costs of living can be helpful in deciding which area will be the best fit. The below numbers are the average costs of living for each county. These numbers are compared to the national average of 100. So, any number under 100 would mean that it is less expensive to live in the area and any number over 100 would mean that it is more expensive.
Loudoun County 152.80
Fairfax County 162.90
Fauquier County 125.80
Prince William County 130.60
Stafford County 125.30
Needless to say, it is significantly more expensive to live in Northern Virginia than other parts of the country. This should be taken into consideration by home buyers. Yet, don’t let these numbers deter you. The state offers much more than higher than average living costs.
Northern Virginia is home to some of the country’s largest companies and government contractors which help contribute to its economy. These companies offer high paying jobs, which contribute to the higher than average costs of living, but its’ these high paying jobs that make living in Northern VA affordable.
Do you have children? The state’s tops schools are located in Fairfax County and Loudoun County. Thomas Jefferson High School for Science and Technology is the highest ranking school in the state and ranked 4th in the nation. It’s located in Alexandria, Virginia within Fairfax County. Loudoun County’s top rated school is Briar Woods High in Ashburn.
Today’s Northern Virginia Real Estate Market
After a seasonally slow market during the winter, Northern Virginia’s RE market saw an increase in sales and median sale prices as the warmer weather crept in. Price appreciation has been moderate, keeping a reasonable fluctuation between a buyer’s and seller’s market.
As is most of the country, Northern Virginia is still experiencing tight lending guidelines. This is making it hard for some buyers to get loans. Patience is the key for buyers. In time, the right home will come along. In the meantime, narrow your search as much as possible.
Keep school zoning, average living costs and job opportunities in mind. Narrowing down the area you would like to live in according to these plus and minuses will help you buy the perfect Northern Virginia home for all of your needs.