Considering Homeownership as an EVMS Resident: A Strategic Guide

Embarking on a medical residency at Eastern Virginia Medical School (EVMS) is a significant milestone and one that brings both challenges and opportunities. Amid the long hours and rigorous training, many residents begin to consider whether purchasing a home is a feasible or advisable step.

This guide is designed to provide clarity on the financial and lifestyle implications of homeownership during residency and to outline key considerations that may support a confident, informed decision.

Cost of Living and Market Overview: Norfolk, Virginia

Norfolk presents a favorable environment for residents seeking affordable housing. With a cost of living index of 91.4, Norfolk is approximately 8.6% lower than the U.S. average and 12.3% lower than the Virginia average .

  • Median home price in Norfolk: $311,750

  • National median home price: $356,700

Given these figures, many EVMS residents find Norfolk’s real estate market approachable even during the early years of training.

Preferred Neighborhoods Among Medical Residents

Several neighborhoods near EVMS are popular for their convenience, atmosphere, and range of housing options:

  • Ghent: Known for its historic architecture, walkability, and vibrant dining scene.

  • Freemason: Offers upscale living with downtown access and scenic views.

  • Downtown Norfolk: Ideal for those seeking looking for walkability, new construction, close proximity to the medical campus.

  • Larchmont and Colonial Place: These residential areas provide a more residential suburb with parks, river access.

Timing Your Purchase: Intern Year vs. PGY-2 and Beyond

The decision to purchase a home during PGY-1 versus waiting until PGY-2 or later should be guided by your financial preparedness, career trajectory, and personal circumstances.

Buying During PGY-1 (Intern Year)
Advantages:

  • Ability to begin building equity immediately

  • Potential to secure favorable interest rates and home prices early

  • Establishment of long-term stability during residency

Drawbacks:

  • Limited time and energy for the home search and purchase process

  • Fewer financial reserves and potentially limited credit history

  • Uncertainty regarding fellowship or employment relocation

Buying During PGY-2 or Later
Advantages:

  • More financial stability and credit development

  • Greater clarity regarding career direction and lifestyle preferences

  • Opportunity to observe the market and determine ideal locations

Drawbacks:

  • Possibility of rising home prices and interest rates

  • Shorter duration of occupancy prior to potential relocation

General Guideline: If you anticipate staying in the area for at least three to five years, purchasing may offer financial benefits over renting.

Renting vs. Buying: A Comparative Perspective

Renting may be advantageous if:

  • You anticipate a short stay (less than three years)

  • You prefer flexibility during transitional training years

  • You are not yet in a financial position to assume the responsibilities of homeownership

Buying may be beneficial if:

  • You are prepared to make a longer-term commitment

  • You wish to begin investing in property and building equity

  • You have access to favorable loan programs (such as physician-specific mortgage products)

Planning for the Future: Exit Strategy and Investment Considerations

Given the transient nature of medical training, it is crucial to consider what may happen after your residency:

  • Can the property be rented? Yes, many Norfolk neighborhoods are ideal for both long- and short-term rentals, allowing you to retain the home as an income-generating asset.

  • Can it be sold easily? Properties in desirable locations with good maintenance records typically perform well on the market.

  • Does the area show value appreciation? Norfolk has demonstrated consistent, modest growth, and has shown great interest from investors with lots of new developments downtown.

Framing your purchase as both a residence and an investment provides a more comprehensive understanding of its potential value.

Financing Options for Medical Residents

Numerous lenders offer specialized loan programs for medical professionals, which may include:

  • No or low down payment options

  • No private mortgage insurance (PMI)

  • Favorable loan terms based on future earning potential

I collaborate with trusted local lenders who understand the unique needs of residents and can help you begin the pre-approval process with ease and clarity.

Low-Maintenance Living Solutions

If your schedule leaves little time for maintenance or home improvements, we can explore housing types that minimize upkeep, such as:

  • Condominiums or townhomes with HOA coverage

  • Newly constructed or renovated homes

  • Properties with professional management services

A Real Estate Professional Who Understands Your Journey

As a real estate agent who works extensively with medical residents, I understand the specific constraints and needs associated with your training schedule. My approach emphasizes:

  • Flexibility and discretion

  • Virtual consultations and digital document handling

  • Tailored searches based on your priorities and career goals

My mission is to simplify your transition into homeownership and help you make a strategic, confident decision.

Take the First Step Toward Ownership

If you are an EVMS resident considering the purchase of a home, I invite you to reach out for a personalized consultation. Whether you are ready to begin the search or simply gathering information, I am here to provide expert guidance every step of the way.

Let’s explore your options together and determine if homeownership could be a smart and rewarding part of your residency experience.

📩 Contact me today to schedule a consultation. Your future home and future investment could be closer than you think!