Of all 50 states in the United States, Virginia is the birthplace to more presidents than any other. Known for its role in founding America, this state combines a historic presence and Southern charm with a metropolitan feel.
From the Washington D.C. suburbs in Northern Virginia to the beautiful mountains and scenic coastline, there are a variety of reasons foreign nationals invest in Virginia real estate. Among an entire state full of opportunities, here are the top six standout cities to consider.
As Virginia's capital, Richmond is a cultural, political, and economic hub for the state. It also has a thriving arts scene, emerging tech startups, and a strong healthcare industry. These strong economic indicators coupled with price points cheaper than elsewhere on the East Coast of the United States make it enticing to foreign buyers. Plus, 57% of households are renters!
Anytime you see “beach” in the name of a place, you know you’re buying coastal property. Known for its tourism and military presence, Virginia Beach offers investors a coastal market with year-round rental demand. The city's strong economy, driven by its defense and tourism industries, ensures consistent returns, making it a popular choice for foreign investors interested in short- or long-term rental properties. No matter how you structure your investment, you should enjoy healthy returns.
Home to the University of Virginia, Charlottesville is a vibrant college town with a strong rental market, particularly for student housing. As the college town continues to grow, there is opportunity at every corner. Its scenic location and historic charm, coupled with a growing demand for rentals, make it a prime spot for investors seeking low vacancy rates.
Location, location, location.
Situated just minutes from Washington, D.C., Alexandria is a prime location for commuters and those looking for big city amenities. With its proximity to the nation’s capital and public transportation bringing potential renters into D.C. on a short trip, Alexandria’s real estate market benefits from high demand among professionals and government employees. Although the prices are higher than elsewhere in the state, it’s clear that there’s a strong demand and the rent prices back it up.
Nestled in the Blue Ridge Mountains, Roanoke offers a balance of affordability and opportunity. The city's growing healthcare sector and outdoor tourism make it an attractive market for rental properties. Plus, rental prices are increasing, demonstrating a strong desire for rental homes in this area. For investors looking for a mix of affordability and steady demand, Roanoke is a hidden gem.
Norfolk, home to one of the largest naval bases in the world, is a city with a steady influx of renters, thanks to its military presence and growing healthcare industry. The rental market remains strong, particularly near the waterfront, making it an appealing option for foreign investors.
If you live internationally, but want to visit your rental properties, it will likely be easy to catch a flight to major airports like Washington Dulles International Airport and Ronald Reagan Washington National Airport.
Or..You could also save yourself the flight and invest from your couch at home! At Waltz, we work with foreign nationals to fully digitize the investment property purchase from start to finish. Explore your options for purchasing Virginia real estate.
All figures are accurate as of October 2024 and may change over time.* Sources for all city-related statistics:
Home price data: Zillow Housing Market
Rental price data: Zillow Rental Market Trends
Property tax data: Smart Asset Property Tax Calculator
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