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American Colonialism, Plenty of Golf
and a Small Town Quaintness are Reasons Retirees Come to Williamsburg,
Virginia
Cost of Living: Above the National Average
| Located in southeastern Virginia,
along with Yorktown and Jamestown, Williamsburg
(population 11,800) sits in the state's Historic
Triangle, and the center of town, the restored, 173-acre
Colonial Williamsburg, is one of the largest tourist
attractions in the country, drawing nearly four million
visitors a year. Originally Middleton Plantation,
a 1632 fortified settlement, Williamsburg was named
Virginia Colony's capital in 1698 after Jamestown burned
down. It soon became a center of pre-Revolutionary
War activities, and today, the town attracts retirees
seeking a small town ambiance, golf and a strong dose of
American history. |
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Of Williamsburg's population, nearly 25% is comprised of
people age 45 or better, and the town has a good mix of
these older residents, families, students (The College of William and Mary is
here) and tourists. The cost of living
is high, roughly 40% above the national average; the
median single family home price is $415,000, but living in
Williamsburg gives residents easy access to the beach
(Virginia Beach is an hour east), the mountains (three hours
to skiing) and the cultural amenities in Washington, D.C.
(two hours north). Homes come in all shapes and
sizes, but just as in most markets, the real estate game in
Williamsburg has slowed. While the average house here
has four bedrooms, 2,500 square feet and sells in the
low-$400,000s, this size of residence is larger than what
many retirees want or need.
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Smaller condos and town homes (1,000 sq. ft.) are
available for less than $200,000, as are some single-family homes,
although inventory starts to open up in the mid-$200,000s.
Welcoming homes with two to three bedrooms, between 1,500 sq. ft
and 2,500 sq. ft. and located on leafy streets in well-kept
neighborhoods are for sale from $250,000 to $350,000.
Stately historic homes and homes built to look as though they date
from the 1600s and 1700s (gorgeous brick Georgians, Colonials,
etc.) can be found in the $500,000 and up range. Williamsburg
is also home to a number of higher-end planned developments.
Colonial Heritage is an elegant active adult community with town
homes, carriage homes and single family homes priced from $260,000
to $460,000. Governor's Land at Two Rivers is a private golf
community with homes from $600,000 to $3 million. Kings Mill
is a resort development on the James River and has homes starting
at $950,000. The most well known of all of Williamsburg's
planned communities is probably Ford's Colony, often noted as the
best planned development in the U.S., with three 18-hole golf
courses (which have won Golf Digest's highest award) and
homes priced from $275,000 to $1.5 million and higher.
This is an
interactive map. Click on the arrows in the upper left hand
corner to move the map to the East, West, North or South, and click on the +/- signs to zoom in
and out.
Real estate is assessed at 100% of fair market
value, and the tax rate in the city of Williamsburg is $0.54 per
$100. In the county of James City, it is $0.825 per
$100. The annual tax on a $300,000 home in the city would be
$1,620 and in the county it would be $2,475. The sales
tax is 5%. On retirement income, taxpayers age 65
and older are eligible for a deduction of $12,000, which may be
reduced when annual income exceeds $50,000 (single) or $75,000
(married). Social Security is
exempt from state taxation. Williamsburg,
Virginia, Continued...
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