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Liz Moore, Broker
While desirable, Williamsburg can be a challenging place for people ages 25-45 to find housing. That’s a time when people are launching, getting jobs and deciding whether to settle down in this area.
And according to the James City County Housing Assessment, people in that age range are also less likely to be homeowners given the cost of a median-priced house is $319,000—pricing that has been high for decades, despite huge national housing price shifts. This can make living in the greater Williamsburg area difficult for even those with moderately high incomes.
“I’ve lived in Williamsburg for more than six years and even with a household income between $60,000 and $75,000, home ownership has been out of reach. Not only are home prices high, but high rents make it nearly impossible to save up for a downpayment,” said Jamison Miller, 41, of Williamsburg.
Broker Liz Moore said that the greater Williamsburg market has become more affordable due to a lot of new construction, which includes new townhome communities.
“New Town is very popular. It’s a great mix of commercial and residential. Settler’s Market is also doing very well. It speaks to the fact that we have a younger market now, which was different when HighStreet was developed,” she said.
Moore’s son who is 25, recently purchased a condo at Promenade@5 for roughly the same payment he would make to rent an apartment in New Town. Moore encourages prospective renters to evaluate their purchasing power and consider home investment before they sign a lease! “Interest rates are likely to increase as the economy continues to improve, which will drive costs to buy up,” she said.
Despite some of the new developments, renting in James City County outpaces inflation, the data also shows a shortage among available rentals. So, whether you buy, rent or renovate, you may not be able to avoid paying top dollar for housing.
“Owning a house is a giant pain. There’s always something breaking or something that needs to be maintained. My version of the American Dream is being able to afford to pay for a rental for the rest of my life,” said Corey Buttram, 37, of James City County.
Efforts by the county and city to address housing shortages are underway. New development approvals in the city at Midtown Row and Quarterpath may offer more options, as well as James City County projects at like Promenade@5 at Williamsburg Crossing, Village at Candle Station in Norge and Whittaker Mill in Upper York County near the Marquis.