“The Portsmouth Department of Economic Development will foster an environment that creates a superior quality of life for its corporate citizens and residents by being receptive and responsive to the change landscape of the local community and global economy.”
Source: Portsmouth Virginia Department of Economic Development - Vision
Number and Types of Housing Units
•From 2000 to 2006 housing units in the City of Portsmouth increased by 1,048 from 41,605 to 42, 653. The 2.5% increase in housing units is greater than the 1.8% increase in households.
The greater increase in housing units than in households indicates that supply is exceeding demand.
Source: Portsmouth Virginia Department of Economic Development Community Planning & Development Program: 5 Year Consolidated Plan – p.59
The City of Portsmouth maintains a list of vacant residential structures, which identifies 3,001 vacant units:
–95 vacant units that are boarded or are unsecured missing doors or windows. It is expected that these units are most in need of renovation.
–The City’s Utilities Department reports, as of November 2008, 1,816 units in Portsmouth have inactive meters due to utility shutoffs. While an inactive meter does not indicate condition it may show neglect due to deferred maintenance of a vacant unit.
–Utility meters at 791 of the units have been inactive for over a year.
Source: Portsmouth Virginia Department of Economic Development
Community Planning & Development Program: 5 Year Consolidated Plan – p.63
Community Planning & Development Program: 5 Year Consolidated Plan – p.63
After several years of a robust housing market with large increases in values, the housing boom is in a bust cycles characterized by declining values and increased foreclosures.
As of February 2009, the City has documented over 600 residential units that are in foreclosure.
As of February 2009, the City has documented over 600 residential units that are in foreclosure.