53 / 100

Portsmouth city, VA

RANK #467 / 996  ·  POP 97,384  ·  VA

PROJECTED GROWTH: +0.9%

Portsmouth city's economy is holding up, but population decline raises questions about long-term trajectory.

[01] Why Portsmouth city?

Portsmouth, Virginia, a historic seaport founded in 1752, distinguishes itself with its Olde Towne district, featuring cobblestone streets and a collection of 18th and 19th-century homes. Located across the Elizabeth River from Norfolk, Portsmouth is part of the Hampton Roads metropolitan area. Commuting to Norfolk is possible via tunnels and bridges, though traffic can be a factor, or by taking the Elizabeth River Ferry, which offers a scenic and practical alternative for pedestrians and cyclists. The city offers waterfront parks, marinas, and views of the Elizabeth River, providing a coastal feel. Notable outdoor spaces include Portsmouth City Park and Hoffler Creek Wildlife Preserve, offering opportunities for hiking, bird watching, and water sports.

Life in Portsmouth offers a blend of historic charm and community, with neighborhoods like Olde Towne and Churchland fostering social connections. The city's economy is closely tied to its maritime and defense sectors, with the Norfolk Naval Shipyard being a major employer. Recent economic developments include investments in maritime, logistics, and offshore wind industries, as well as residential projects. Portsmouth Public Schools serve the city with a number of elementary, middle, and high schools. The city's central location and comparatively lower cost of living attract a range of residents, including families and those commuting to nearby cities.

[02] Market Snapshot

Housing Ratio
3.5x

Undervalued relative to economy

GDP Growth
-1.1%

Contracting economy

Home Prices
-0.7%

Prices declining

Climate & Terrain
0.5

Moderate climate & terrain

Price/Rent
11x

Strong rental yield

Housing looks undervalued at 3.5x — home prices are low relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Portsmouth city U.S. National

The Numbers

DEMOGRAPHICS
Population
97,384
-0.07% YoY
Median Household Income
$57,154
Median Home Value
$213,300
-0.67% 12mo
Median Rent
$1,225
Average Annual Pay
$67,867
+1.2% YoY
Employment
43,620
+0.6% YoY
Income-to-Home-Value
0.268
More affordable than average
Migration Inflow
6.22%
of pop. from another state

Market Activity

REAL ESTATE
Building Permits (2024)
300
Single-Family Permits
188

[05] Capital Investment

$11,824M
TOTAL
PROJECT AMOUNT STATUS
Coastal Virginia Offshore Wind (CVOW) Project
Dominion Energy, Siemens Gamesa, Ørsted North America
$10,700M Under Construction
Globalinx VA Data Center
Globalinx Data Centers
$500M Planned
Rivers Casino Portsmouth & Entertainment District
Rush Street Gaming
$340M Operating
New Port Subdivision (Residential Development)
Canopy Development
$150M Under Construction
Lineage Logistics Cold Storage Facility
Lineage Logistics (formerly Preferred Freezer)
$84M Operating
SimIS Holdings Hyperscale Data Center
SimIS Holdings
$50M Planned

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth -1.1% 4 percentile
Population Growth -0.1% 26 percentile
Income Growth +5.8% 7 percentile
Vacancy Rate 1.6% 18 percentile
Home Price Change -0.7% 24 percentile
Rent Growth +5.6% 84 percentile
Price/Rent 11x 76 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Portsmouth city, VA a good place to move to?

Portsmouth city has a Boom Town Index score of 53/100, ranking #467 among 996 U.S. counties. With job growth at +0.6% and a median household income of $57,154, it's an above-average county on economic indicators.

Is Portsmouth city affordable?

The median home value in Portsmouth city is $213,300 with median rent at $1,225/month. The income-to-home-value ratio is 0.268, which is more affordable than the national average.

Is Portsmouth city growing or shrinking?

Population growth: -0.1% year-over-year. Job growth: +0.6%. Home values changed -0.7% in the past 12 months.

Are people moving to Portsmouth city?

Yes — 6.22% of Portsmouth city's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

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