Quick facts: Suffolk, VA

Quick Facts

106
Cost of Living
above US average
98,537
Population
4.63
Crime Rate per 1000
below US average
$87,758
Median Income
above US average
$469,000
Median House Price
above US average
$1935
Average Rent
above US average
7%
Poverty Rate
below US average
3.2%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $87,758.

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Income Needed to Buy

βœ— Stretch
$147k/year
Based on $469,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $147k vs median $87,758
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Income Needed to Rent

βœ“ Affordable
$83k/year
Based on $1935/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($87,758) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Suffolk, VA

Suffolk, Virginia, located in the southeastern part of the state, is a vibrant city known for its rich history, diverse culture, and beautiful landscapes. As the largest city in Virginia by land area, Suffolk boasts a mix of urban and rural environments, offering residents and visitors alike a range of recreational activities. The city is home to numerous parks and waterways, including the scenic Great Dismal Swamp, which is ideal for hiking, birdwatching, and kayaking. Suffolk's historic downtown area features charming shops, restaurants, and local art, showcasing a blend of traditional southern hospitality and modern conveniences. The city's economy is diverse, with strong sectors in agriculture, manufacturing, and technology, contributing to its growth. The annual Suffolk Peanut Festival celebrates the region's agricultural roots, drawing large crowds and providing entertainment for families. With its strategic location near major highways and proximity to the Hampton Roads area, Suffolk enjoys accessibility to various cultural institutions, beaches, and recreational facilities. Overall, Suffolk combines small-town charm with the benefits of city living, making it an attractive place to call home.

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