Housing Comps: Pasquotank vs. Hampton Roads Communities

Pasquotank, Suffolk, Norfolk, Virginia Beach, Chesapeake and Portsmouth

Some highlights from the data in this table:

  • Elizabeth City has a dearth of larger apartment units compared to all of the Virginia communities just across the border (may simply be a function of smaller population).
  • Average monthly rent in Elizabeth City/Pasquotank is $885:
    • $350 less than Virginia Beach
    • $275 less than Chesapeake
    • $101 less than Suffolk
    • $68 less than Portsmouth
    • $63 less than Norfolk.
  • Renters in all six markets are financially stressed, with 44% to 47% having to devote more than 35% of income to rent.
  • Homeowners with mortgages in all markets are in only slightly better shape, with 30% to 36% having to devote more than 35% of income to home-related expenses.
HOUSING OCCUPANCY
Pasquotank Suffolk Virginia Beach Norfolk Chesapeake Portsmouth
Total units 16,799 33,372 78,753 95,271 84,403 40,833
Occupied units 85.7% 91.4% 92.3% 89.8% 94.1% 89.9%
Vacant units 14.3% 8.6% 7.7% 10.2% 5.9% 10.1%
Avg. HH size owner-occupied 2.62 2.76 2.69 2.68 2.82 2.53
Avg. HH size renter-occupied 2.71 2.72 2.49 2.52 2.65 2.49
Owner vacancy rate 4.1 2.6 1.9 3.2 1.8 3.1
Rental vacancy rate 7.3 6.9 4.4 7.3 5.6 7.1
UNITS IN STRUCTURE
5 to 9 units 3.5% 3.1% 7.4% 11.3% 5.5% 10.3%
10 to 19 units 2.1% 2.7% 4.2% 8.0% 3.7% 4.7%
20 or more units 1.6% 3.1% 5.7% 9.2% 3.2% 5.1%
VALUE Pasquotank Suffolk Virginia Beach Norfolk Chesapeake Portsmouth
Owner-occupied units 9,174 22,373 105,839 38,066 57,579 20,997
Less than $50,000 10.7% 4.0% 2.5% 3.2% 4.3% 4.3%
$50,000 to $99,999 13.3% 4.6% 1.1% 4.0% 2.1% 6.1%
$100,000 to $149,999 16.9% 9.0% 5.1% 14.6% 6.8% 21.5%
$150,000 to $199,999  20.9%  16.9% 14.7% 27.3% 14.8% 31.1%
$200,000 to $299,999 26.5% 34.0% 37.9% 27.1% 34.3% 25.3%
$300,000 to $499,999 9.7% 24.4% 26.8% 16.2% 31.7% 8.6%
$500,000 to $999,999 2.0% 5.7% 9.7% 6.5% 5.8% 2.8%
$1,000,000 or more 0.0% 1.3% 2.3% 1.2% 0.3% 0.4%
Median (dollars) 171,600 242,000 267,600 202,800 261,600 175,600
MORTGAGE STATUS
Owner-occupied units 9,174 22,373 105,839 38,066 57,579 20,997
Housing units with mortgage 65.8% 77.1% 80.5% 74.2% 81.3% 75.1%
Housing units w/o mortgage 34.2% 22.9% 19.5% 25.8% 18.7% 24.9%
MONTHLY OWNER COSTS AS A PERCENTAGE OF HOUSEHOLD INCOME
Pasquotank Suffolk Virginia Beach Norfolk Chesapeake Portsmouth
Housing units with a mortgage 6,003 17,171 84,737 28,136 46,610 15,671
Less than 20% 26.4% 29.8% 30.2% 26.4% 29.2% 26.5%
20.0 to 24.9 percent 17.7% 15.1% 15.0% 15.8% 16.7% 15.9%
25.0 to 29.9 percent 10.8% 13.9% 14.0% 13.4% 13.5% 14.1%
30.0 to 34.9 percent 9.1% 10.9% 10.4% 10.8% 10.9% 10.1%
35.0 percent or more 36.1% 30.3% 30.4% 33.6% 29.6% 33.5%
Median (dollars) 1,520 1,874 1,831 1,641 1,863 1,525
Housing unit without a mortgage 3,094 5,062 20,395 9,688 10,615 5,149
Less than 10% 32.3% 40.5% 39.6% 33.6% 37.7% 27.2%
10.0 to 14.9 percent 23.0% 20.9% 20.2% 19.6% 22.0% 21.0%
15.0 to 19.9 percent 15.8% 14.7% 11.7% 14.5% 13.7% 15.2%
20.0 to 24.9 percent 6.8% 7.9% 8.0% 8.1% 7.7% 9.1%
25.0 to 29.9 percent 3.5% 3.5% 5.4% 7.1% 4.6% 8.1%
30.0 to 34.9 percent 3.0% 2.0% 3.3% 4.2% 3.1% 5.6%
35.0 percent or more 15.5% 10.6% 11.9% 12.9% 11.2% 13.8%
Median (dollars) 479 494 575 525 535 511
GROSS RENT
Pasquotank Suffolk Virginia Beach Norfolk Chesapeake Portsmouth
Occupied units paying rent 4,878 7,640 57,245 46,417 20,929 15,368
Less than $200 1.3% 3.1% 0.4% 2.9% 1.6% 4.6%
$200 to $299 5.5% 3.5% 0.8% 3.3% 1.7% 3.0%
$300 to $499 10.7% 4.4% 1.6% 3.8% 3.0% 5.6%
$500 to $749 17.4% 15.3% 3.1% 13.5% 7.5% 13.7%
$750 to $999 26.3% 25.2% 18.3% 32.9% 21.5% 28.8%
$1,000 to $1,499 31.7% 30.9% 48.4% 30.2% 40.9% 36.1%
$1,500 or more 7.2% 17.6% 27.4% 13.4% 23.9% 8.2%
Median (dollars) 885 986 1,235 948 1,160 953
GROSS RENT AS A PERCENTAGE OF HOUSEHOLD INCOME
Pasquotank Suffolk Virginia Beach Norfolk Chesapeake Portsmouth
Occupied units paying rent 4,725 7,536 56,234 45,273 20,709 15,152
Less than 15.0 percent 6.8% 7.8% 6.9% 8.7% 9.7% 8.9%
15.0 to 19.9 percent 12.0% 11.8% 12.1% 9.8% 10.6% 9.1%
20.0 to 24.9 percent 14.1% 14.1% 13.4% 11.8% 14.2% 12.4%
25.0 to 29.9 percent 12.4% 10.6% 14.2% 12.7% 13.3% 12.2%
30.0 to 34.9 percent 10.2% 11.8% 11.9% 10.4% 9.5% 10.7%
35.0 percent or more 44.5% 44.0% 41.5% 46.7% 42.6% 46.7%
Source: U.S. Census Bureau, 2009-2013 5-Year American Community Survey