Housing Comparisons

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

Some highlights from the data in this table:

  • Residential housing remains far more affordable in Elizabeth City than in neighboring cities to the north. The median home price of $162,800 is almost $11,000 lower than the median home price in Portsmouth, the most affordable community in Hampton Roads, and $34,000 below Norfolk, the next most affordable.
  • Average monthly rent in Elizabeth City/Pasquotank at $837 is much more affordable as well:
    • $402 less than Virginia Beach
    • $326 less than Chesapeake
    • $185 less than Suffolk
    • $130 less than Portsmouth
    • $128 less than Norfolk.
  • Renters in all six markets are financially stressed, with 42% to 47% having to devote more than 35% of income to rent.
  • Homeowners with mortgages in all markets are in better shape, with 29% to 34% having to devote more than 35% of income to home-related expenses.
  • More choices for Elizabeth City renters will be coming soon, with the 120-unit Morgan Pointe complex under construction a stone’s throw from Farm Fresh, and a 216-unit complex planned at the intersection of Halstead Boulevard and Body Road.
Pasquotank Chesapeake Norfolk Portsmouth Suffolk Virginia Beach
HOUSING OCCUPANCY
Total housing units 16,867 85,540 95,699 40,876 33,862 179,842
Owner-occupied units 9,243 57,644 37,731 20,528 22,044 105,999
Occupied units paying rent 5,084 21,730 47,583 15,843 8,319 57,584
Pct of housing units occupied 86.6% 94.0% 90.3% 89.9% 91.0% 91.9%
Pct of housing units vacant 13.4% 6.0% 9.7% 10.1% 9.0% 8.1%
Homeowner vacancy rate 3.8% 1.7% 3.3% 2.9% 2.7% 2.0%
Rental vacancy rate 7.8% 5.9% 6.9% 6.8% 6.1% 5.3%
Ave. HH size owner-occupied 2.60 2.82 2.64 2.49 2.77 2.68
Ave. HH size renter-occupied 2.60 2.61 2.49 2.56 2.69 2.54
Median Home Price $162,800 $254,900 $196,700 $173,700 $240,200 $263,200
MORTGAGE STATUS
Owned units with a mortgage 66.0% 79.8% 73.1% 73.4% 76.3% 79.7%
Owned units with no mortgage 34.0% 20.2% 26.9% 26.6% 23.7% 20.3%
MEDIAN MONTHLY HOUSEHOLD COSTS*
With a mortgage $1,428 $1,816 $1,600 $1,533 $1,840 $1,826
Without a mortgage $477 $532 $536 $524 $520 $566
Renter $837 $1,163 $965 $967 $1,022 $1,239
PERCENTAGE OF HOUSEHOLDS PAYING 35% OR MORE FOR HOME-RELATED COSTS*
With a mortgage 31.2% 28.0% 33.8% 32.8% 28.7% 29.0%
Without a mortgage 20.0% 10.9% 12.7% 15.0% 10.5% 10.5%
Renter 45.4% 42.0% 47.3% 46.2% 45.5% 41.7%
Source: US Census Bureau American Community Survey 2009-2014
* For owners, includes mortgage/home-equity-loan debt, taxes, insurance and utilities; for renters, rent and utilities
Updated June 23, 2016; 2015 American Community Survey publishes in December.