Planning to buy an apartment in Virginia but don’t know where to look? Virginia has always been known as a good place to buy a home. Nowadays, however, home prices are slightly above the national average. Nevertheless, there are still many great places where you can find the home of your dreams. Therefore, A2B Moving and Storage decided to show you the best places to buy an apartment in Virginia.
Things to think about before researching best places to buy an apartment in Virginia
There are many things that you need to consider when looking to buy an apartment. Especially when you are buying a home in a new city. Naturally, the first thing that you need to think about is apartment prices. Next, if you plan to use that apartment as a rental property you also need to consider average rent prices or, the so-called price-to-rent ratio. There are many places in the country where median home prices are high while the average rent is low. In such places, you would need a lot more time to pay off your investment than in places where home prices are low and rent prices are high.
If you are planning to buy an apartment and live there, you also need to think about the cost of living, job opportunities, education opportunities, and more. But before we start dissecting start the best places to buy an apartment in Virginia and you start searching for the best moving companies Northern VA has to offer, let’s take a look at numbers for the state itself. We will look at:
- Real estate prices
- Average rent
- Cost of living
Cost of living in the state of Virginia
As we already mentioned, these days, home prices in the state of Virginia are above the national average. In January 2023, the median home value here was $385,000 – $25,000 more than in 2022. This means that the median home value in Virginia is exactly 18,100 above the national average. Also, an important thing to consider is the rate of home appreciation, which in the state of Virginia was 7.7% between 2021 and 2022. When it comes to renting, the average rent in Virginia in February 2023 is $1,931 – $47 less than the national average.
The cost of living is another important factor that you need to consider if you are planning to buy an apartment for yourself. And the good thing is that the cost of living in the state of Virginia is below the national average. The cost of living for one person with rent in Virginia is $2,030 – $82 less than the national average. For a family of four, the average cost of living in this state is $4,570 – $220 below the national average.
A list of the 5 best places to buy an apartment in Virginia
Now that you know the average home, rent, and living costs for the whole state, it is time to take a look at what are the best places to buy an apartment in Virginia. Once you pick a place from the list, we will send you the finest local movers Northern VA has to offer to help you relocate. Here is our list:
- Sterling
- Falls Church
- Arlington
- Ashburn
- Alexandria
Sterling, VA
Sterling is a suburb of Washington D.C. located in Loudoun County. It has a population of 31,202 and it is considered one of the best places to live in the state. But before you jump into searching for the best moving companies Sterling VA has to offer, you should first look at the numbers. The median home value in Sterling is $585K – 16.7% more than last year. The bad thing is that the year-to-year appreciation rates through the last decade have averaged 0.01%. However, as you can see, things have turned for the better between 2022 and 2023. Also, this place has above-average schools, low crime rates, and lively nightlife, and it’s great for families. So it is a pretty good place to live if that is what you are looking for.
Another good thing is that rents for studio apartments are much higher than the national average – $2,550. So if you are buying an apartment as a rental property, you can expect to pay off your investment rather quickly. Rents for 1-bedroom apartments average around $1,688, 2-bedroom apartments $1,995, 3-bedroom apartments $2,785, and 4-bedroom apartments $2,700. This means that for a rental property, you should focus on buying a studio apartment. The cost of living here is 39% above the national average, which means that a single person in Sterling spends around $2,935 on rent. For a family of four, the average cost of living here is $6,658.
Falls Church, VA
Another good place to buy an apartment in Virginia is Fall Church. It is another Washington D.C. suburb but this one is located in Falls Church City County. It has a population of 14,494 and it is considered one of the best places to retire in the state of Virginia. So, it is a good place to retire, but why it is a good place to buy an apartment? Before you start hunting for the finest moving companies Falls Church VA has, let’s take a look at home and rent prices. The median home value in Falls Church in January 2023 was $600K. Between 2022 and 2023 appreciation rates in this town were + 4.2%. This means that the value of your property will increase as the years pass.
That is a good thing no matter whether you are buying an apartment for yourself or you are planning to rent it. If you are planning to buy an apartment as a rental property, this place is perfect. At least if you buy a 1-bedroom, 2 –bedroom, or 4-bedroom apartment. Studios and 2-bedroom apartments rent prices in Falls Church are low, so try to avoid buying this type of home. For example, the average rent for a studio apartment in Falls Church is $1,700 while rent for a 1-bedroom apartment averages around $2,362. The average rent for a 2-bedroom apartment here is $3,107. For a 3-bedroom apartment, it is around $2,995 – $112 less than for a 2-bedroom apartment. Finally, the average rent for a 4-bedroom apartment is $4,700. The cost of living here is the same as in Sterling.
Arlington, VA
Arlington is a city with a population of 235,764 located in Arlington County considered the third best place to raise a family in the country. This alone makes it one of the best places to buy a home in Virginia. But before you start checking what are the best moving companies Arlington VA has to offer, you need to look at home prices, rents, and the cost of living. For starters, the median home value in Sterling is $643,300 with a home appreciation rate of 8.06% – much higher than in both Sterling and Fall Church. High home prices do not look appealing at first glance, however, when you consider that this place has some of the best public schools in the country, low crime rates, and provide many opportunities for outdoor activities it becomes clear why this place made it on our list.
If you are planning to buy a rental property, you should know that the average rent in Arlington is higher than the national average. The average rent for a studio apartment here is $1,819. The average rent for a 1-bedroom apartment is $2,277. 2-bedroom apartment rents average around $2,895. If you buy a 3-bedroom apartment, you can expect to rent it for around $3,745 per month. And if you buy a 4-bedroom apartment, you can expect a monthly rent of $4,250. Unfortunately, the cost of living here is 49% higher than the national average, which is understandable considering the things that this place offers. The cost of living for one person with rent in Arlington is 3,146. A family of four here averagely spends $7,137 per month.
Ashburn, VA
Ashburn is one of the best suburbs to live in in the state of Virginia. It is a suburb of Washington D.C. located in Loudoun County with a population of 44,950. Similarly to Arlington, this place also boasts highly rated public schools, low crime rates, lively nightlife, and lots of opportunities for outdoor activities. Now, we know that you are probably thinking about what are the best moving companies Ashburn VA has to offer. But before you actually hire professional movers and start packing your stuff, it is important to look at some numbers. The median home value in Ashburn is $600K. A year-to-year appreciation rate here is +9.2%, which is a good sign for anyone looking to buy a property here. Unfortunately, for people looking to buy a rental property, this place might not be the best choice due to fairly low average rent prices.
For example, the average rent for a studio in Ashburn is $1,700. The average rent for a 1-bedroom apartment is $1,939. A 2-bedroom apartment here rents for $2,549 per month on average. If you rent 3-bedroom apartments, you can expect a monthly earning of around $2,800. The average rent for 4-bedroom apartments is $3,050. So, this place is primarily good for people that are buying an apartment for themselves. The average cost of living for one person with rent in Ashburn is $2,550, while a family of four averagely spends around $5,498 per month.
Alexandria, VA
If you are a young professional, then, for you, Alexandria is one of the best places to buy an apartment in Virginia. It is a city located in Alexandria City County with a population of 158,185 considered one of the best places to live in Virginia and one of the best places for young professionals in the country. Ok, this all sounds great, but before you sell your current home, put your items in some storage Alexandria VA has and actually buy a home here, you need to look at some numbers and, of course, use a calculator. At the beginning of 2023, the median home value in Alexandria was $595K with a home appreciation rate of + 15.0%. When it comes to renting prices, if your goal is to buy a rental property, then aim for 4-bedroom apartments.
Rents for smaller apartments are pretty low. However, 4-bedroom apartments rent for $4,795. If you are interested in smaller apartments, know that studios rent for $1,755, 1-bedroom apartments rent for $2,043, 2- bedroom apartments rent for $2,485, and 3-bedroom apartments rent for $2,650 per month on average. Considering the price-to-rent ratio, it is clear that the only smart thing here is to go for 4-bedroom apartments. When it comes to the cost of living, the average cost for a single person with rent here is $2,632, while a family of four spends around $5,893 per month.
Focus on living costs, home appreciation rates, or price-to-rent ratio depending on your goal
Those are the best places to buy an apartment in Virginia. As you can see, some places are better if you are looking for a place to live while others offer good investment opportunities. If you are looking for a place to live in the state of Virginia, then home appreciation rates and the cost of living should be your primary focus. If, on the other hand, you are looking to buy a rental property, then the price-to-rent ratio should be a primary concern.
References:
https://livingcost.org/
https://www.niche.com/
