The I Love CVille Show With Jerry Miller! - What Is $100,000 Actually Worth In 2025?; What Is $100K Per Year Salary Worth In CVille Area?

Episode Date: April 16, 2025

The I Love CVille Show headlines: What Is $100,000 Actually Worth In 2025? What Is $100K Per Year Salary Worth In CVille Area? What’s Middle Class Income In CVille Area? July 4 Fireworks Returning To Carter Mountain 13th Annual Tom Tom Festival Kicks Off Today UVA & William & Mary Named ‘New Ivy’ Schools Economics Of UVA Season Ticket Price Increases Selvedge Brewery On Ivy Road Has Model Dialed-In Read Viewer & Listener Comments Live On-Air The I Love CVille Show airs live Monday – Friday from 12:30 pm – 1:30 pm on The I Love CVille Network. Watch and listen to The I Love CVille Show on Facebook, Instagram, Twitter, LinkedIn, iTunes, Apple Podcast, YouTube, Spotify, Fountain, Amazon Music, Audible, Rumble and iLoveCVille.com.

Good Wednesday afternoon, guys. I'm Jerry Miller, and thank you kindly for joining us on the Isle of Seville show. It's a pleasure to connect with you guys through our network, the Isle of Seville Network, the water cooler of conversation in the Charlottesville and central Virginia area. We take content that is local to Charlottesville, and we relay it to you. We take content that is global or national, macro headlines, and we try to localize it to the greater Charlottesville area.

The whole concept of the show is, how can we be better informed Charlottesvillians, Alamo Countyians, and Central Virginians, the whole concept of the show. We talk to a lot of people, folks of very different walks of life, folks in finance, folks in development, folks in brokerage, deal brokerage,

folks that are working the front lines in retail and food and beverage at the health system. Last week we had a conversation for 90 minutes, roughly 90 minutes with a board of visitors member that was fired by the governor who offered insight into a one-on-one conversation he had with some would say the most powerful man in the commonwealth, Glenn Yonkin, and why he was fired

from the board of visitors. The response that I've gotten from the Burt Ellis interview has been significant. As I highlighted on previous shows this week that interview We did with Bert Ellis Was the foundation for legacy media? OG media traditional media reporting where multiple newspapers in the Commonwealth the Lee enterprises syndicate pretty much

Used that interview to to offer coverage to their readers across the Commonwealth. I got an email from someone, I have yet to respond to him, and as a result I won't relay his name to you, but he watched our interview on YouTube and he wanted to relay some comments to us. He said, like Burt Ellis, I'm a double who. Interestingly, he copied me on the email and Burt Ellis. So I know my email address is out there to find. He found Burt's email as well. He says in his email, like Burt, I'm a double who,

and I've been sadly watching UVA descend into the woke abyss for several years. This has disturbed me so much that I have changed my estate plans twice. He writes, I agree that a leadership change is crucial for UVA to turn the ship from hard left toward the middle. In fact, I have gone on record at least two years ago predicting that Jim Ryan will be gone in 2025,

either by resignation or termination. And he says he still feels correct. He continues in his email that he does not understand why Glenn Yonkin or Glenn Yonkin's rationale for firing Burt from the Board of Visitors and made no sense to him. He says that the University of Virginia has strayed so far from Mr. Jefferson's founding philosophy that is virtually unknowable now. He references comments that I made. He says, as Mr. Miller indicated, I do not know the university more.

Nothing has evolved so much as the honor system. He says, as you said, it has basically disintegrated from what it once was and from what distinguished it from other universities into something he does not recognize. And he continues about sharing his perspective as a double who of how UVA has changed. I've gotten a couple hundred emails like this or messages, DMs in response to the Bert Ellis interview.

Mr. Ellis has similarly been peppered with response from our interview. And I'm going to invite Bert Ellis back on the show in the very near future to discuss some of these topics at length even further. But I want to take this as an opportunity to kind of spring into other kind of content verticals, if you may. And if you could make that one shot monologue dynamic as you've been doing with PNP and various shots, Judah, that would be appreciated. Thank you, Judah Wickauer, our director and producer. And one of the content verticals I want to spring into is the impact of the University

of Virginia today and whether you recognize it or you can choose to compare and contrast it to the past, I've covered that well, but the impact on the University of Virginia today on the greater Charlottesville, Albemarle County, and Central Virginia areas. The HUD median family household income has been released. We covered that on this program a couple weeks ago. Was that $125,800 for the median family household income, Jaydubs? Yeah. It was 125,800, median family household income, Charlottesville metro area, according to HUD.

And we're gonna have very frank conversations, maybe uncomfortable conversations, about the true value of $100,000 in 2025 in Charlottesville. We're gonna have a very frank conversation on today's show of the true value of $100,000 a year salary in the greater Charlottesville area and where that positions you on the socioeconomic, I guess totem pole or stratosphere.

This is an uncomfortable statement. Are you ready for this statement, Juno? I mean, viewers and listeners, are they ready? A household earning $100,000 a year and income is lower middle class. According to the socioeconomic data HUD benchmark and some other information we're going to pass on to you, this six-figure salary, which prior to COVID was the standard, the benchmark for a lot

of folks, this is my target goal of salary, of income, that in the Charlottesville area, $100,000 a year in earned income is lower middle class. I want to unpack that on today's show. And we'll unpack it from a few variables. We'll unpack it from rent and or mortgage and create a line item for rent and or mortgage. I'm in the real estate game. I know the rental market inside and out like the Pope knows holy water. I'll bust out a mortgage calculator. My preferred one is the one through Bankrate.

Bankrate.com has got, I think, the best mortgage calculator out there. And we'll factor in a mortgage payment for a median home value, which is in Almar County in the city of Charlottesville, called about 470K. The median's right around there. In fact, I think that's actually light.

But about 470K for a purchase. Then we're gonna start adding other household items to the budget. Groceries, gas, fuel, healthcare, entertainment, clothes, all the items we know that's in a budget. And I think you'll find once we break this budget down, item by item, that the gold standard, or once was a gold standard, 100 grand for Charlottesville,

is probably now the new gold standard, 100 grand for Charlottesville, is probably now the new gold standard 200 or more. And that's an uncomfortable conversation, but I think that's perhaps where you're at. Judah's going to unpack this, I'm going to unpack this. I've said on previous shows that the greater Charlottesville area is not a 40 hour a week work week anymore. You want to surpass that threshold of 125.8? I'm not even sure two income, two workers in the household in a lot of circumstances get you there. And we're going to make the argument that you're looking at a 60 to 80 hour a week

combined household work week. And that could be spread amongst two partners. And I need a better phrase myself. If you have two partners working, each clocking 40 hours a week, that's 80 total. That 80 hours a week with two working partners, I don't think is the norm of what's happening here in Charlottesville. You will unpack that on

today's show. I also want to talk about the fireworks returning to Charlottesville. I want to talk about TomTom Festival kicking off today. Paul Beyer does a hell of a job at the TomTom Festival. I'm going to talk about the economics of season tickets at the University of Virginia. They just released UVA this week on Monday, a new season ticket plan where you basically have to donate a boatload of money if you want season basketball tickets. Do you have the seating chart? It looks like this?

It's from that Facebook message link. If you could put the seating chart on screen soon or relatively soon that would be great. It's on screen. Look at the screen viewers and listeners. This was sent Monday. This was released Monday to Wahoo Nation. I mean this is really going to put things in perspective here of the salary and what it's actually worth in Charlottesville, 100k salary. For example, the Instagram account Wahoops does a really good job of breaking down what was released on Monday by UVA Athletics. This is the new seating plan for men's basketball.

It starts in 2027. Jude, are you ready for this? If you want two tickets and section 319, do you have the seating chart on screen? OK, 319 is the pink section in the arena. So the viewers and listeners can see the pink section. These are the worst seats in the arena, basically the worst seats in the arena. You can make an argument that the gray seats in the corner are worse, but the pink seats are probably what they would

call the worst seats. If you want two tickets in section 319, the pink section, which is not the best view behind the basket, you will pay $7,000 now or $10,000 over five years. That would be $2,000 per year, $1,000 per seat, on top of the fact that you have to donate $3,500 per year for those two tickets. So you're going to do a $3,500 a year donation, Judah. And then you're going to have to either pay $7,000 now or $10K stretched over five years. So that means for two tickets in the pink section, Judah, two season tickets in the pink section Judah, two season tickets in the pink section Judah, you'll pay $27,500 over five years.

If you want two tickets in section 112, section 112 is the yellow section, you're going to pay $142,500 over five years. I'll say that again. If you want to sit in the lower level of the John Paul Jones arena from 2027 to 2032, the lower level, you will pay $142,500 over five years. That is just under $30,000 a year for the lower level tickets, Judah.

That's nuts. That is, we're at the level of Charlottesville, and I've made this comparison in the past. Charlottesville, Virginia is the scion, the birthed baby of a menage-a-trois between Alston, Texas, Greenwich, Connecticut, and Vail, Colorado. If Vail, Alston, and Greenwich had a menage-a-trois and birthed the baby, you would get Charlottesville. And then I had a viewer and listener comment on that menage-a-Toi comparison and say, I like it, Jerry. I think you're right.

You need to add Southampton, New York, sitting in a chair in the corner watching the Menage-a-Toi, and then we're in business. Little creepy and little sexual right there for the I Love Civo Show on a Wednesday. But that's what he compared Charlottesville to. He said, your Menage-a-Trois comparison with Vale, Greenwich and Austin, birthing a baby,

and it turning Charlottesville? Add a dash of Southampton sitting in the corner, New York, and we're in business. We are in a world, ladies and gentlemen, in Charlottesville that to say it's become as expensive is an understatement. And I need to reiterate to you, the viewer and listener, it's the tip of the iceberg. I highlighted on Monday's show the Paul Manning Biotech Institute is now about a year away from opening.

They just announced the first hire of the Paul Manning Biotech Institute, a vice president from publicly traded AstraZeneca. And this guy, I said, is going to be seduced or romanticized to come to this area with a compensation package, I said, that had to be well north of $400,000 to take this job. I got numerous DMs and emails, feedback from viewers and listeners that said that $400,000, when you consider fringe compensation and additional compensation is extremely light and they thought that total compensation

was gonna be north of 600K. Deep Throat, I'm very curious of your take on that. John Blair, I'm very curious of your take on that. Rob Neal, I'm very curious of your take on that on how much the head of the Paul Manning Biotech Institute is going to be paid in total compensation to leave a vice president position at publicly traded AstraZeneca to head a biotech institute that is newly created and newly launched. I highlighted on Monday's show that you're going to have 800 direct hires within the

institute and I've been told somewhere between 5,000 to 8,000 additional people moving to the area just to siphon entrepreneurship or to ride the economic vitality that the Institute produces or births. And the comparison that was made to me by a benefactor of the University of Virginia that listens to this show, we're talking a benefactor that's donated significant money to the university that's very influential individual.

The comparison that was made to me was the research triangle in North Carolina, Winston Salem, Chapel Hill, UNC, Wake Forest and Duke. And they said, look at the economic vitality that has sprung from the biotechnology and the research triangle in North Carolina. It's tens of thousands of people. So to peg it at 5 to 8,000 people of economic vitality indirectly tied to the institute is an understatement. And ladies and gentlemen, when you get 5 to 8,000 people, direct direct and indirect coming tied to the Paul Manning Biotech Institute in one year. I need you to understand what that is going to do to cost of living into median family household income in this

area. You are not going to have these upticks like year over year what was the uptick previous before 125,800 wasn? Wasn't it like, I think it was $124,600, right? It was about a $1,200 uptick. So HUD, Judah, and their 2023 number was $124,600. 600. HUD's median family income in 2024 was 125,800 and uptick of 1200 bucks. The uptick when Paul Manning Institute and Data Science Center is completely up and running, which we're talking about 12 to 16 months from now, this impact is going to be, I mean, I speak straightforwardly here and without exaggeration and hyperbole. The impact of these two schools coming online

at exactly the same time in full capacity will be the most significant impact to the Charlottesville economy that we have seen maybe in a generation. I would ask you the viewer and listener to give me another example when a biotechnology school and a data science school have come online in full force at exactly the same time with two lines of work, two silos, two avenues

of employment, data science and biotechnology are not just the future, they're right now. But these two lines of work, data science, biotechnology, artificial intelligence, all the offshoots from biotechnology and data science, this is the emerging line of work for the world. And the Charlottesville area has two schools coming online at the exact same time. I'll make the statement again, these two schools coming online at the exact same time will have a level of economic impact and stimulus and momentum, positive and con, that we have not seen in at least a generation. And I'm gonna need people like Bill McChesney,

I'm gonna need people like Philip Dow, like Jason Noble, I'm gonna need people like Vanessa Parkhill and Janice Breus-Trivillian and Jeremy Wilson and Logan Wells-Claylow, and some of the other viewers and listeners that are watching the show. Heck, I'll straight up call out the Daily Progress and the radio and television reporters that are watching us. Reporters, just leave your comments in the field.

We know you're sourcing the show for your legacy media content. Help us build the show by offering your content here on the show as well. Can someone give me an example in years past or decades past, maybe you, Judah, where we have had this kind of economic stimulus or economic impact of data science and Paul Manning Biotech Institute coming online at the exact same time.

When have we seen that happen to this level, like we're going to see in the next 12 months, in Charlottesville's history. Obviously you can point to the University of Virginia, but that happened over time, right? That wasn't just at one time. You can point to the spy sector, the defense sector, right? A $1.3 billion impact, but that happened over time, right?

That didn't happen just in one calendar year like it's happening right now. We're talking in a maybe even more narrow than a calendar year. Both schools are going to be up and running, caught in a six to 10 month window and full force. When have we ever seen that in the Charlottesville area history? John Blair, that's a great question for you. John Shade, that's a great question for you.

Lonnie Murray, that's a great question for you. Katie Pearl, supervisor Chris Fairchild, that's a great question for you. John Shade, that's a great question for you. Lonnie Murray, that's a great question for you. Katie Pearl, Supervisor Chris Fairchild, that's a great question for you. Institutional Rill to Ray Caddell, great question for you. Counselor Lloyd Snook, great question for you. I sincerely am asking that question and I wanna learn from you guys. When have we ever seen something like that

in one six to 10 month window come online? Comments are coming in faster than I can keep up. This, all right, well we got somebody that understands, that knows the compensation package for the AstraZeneca executive. And this person is asking for anonymity here because of his position. So the AstraZeneca executive, it's a $500,000 to $600,000 base salary with up to 30% in bonuses based on annual key performance indicators, KPIs. So my estimate early in the show that he was north of 400,000 was well short.

Well short. So if you're talking the top dog at the Paul Manning Biotech Institute where 800 direct hires will be made, it's 5 to $600,000 base salary with up to 30% bonus based on annual KPIs. Let's say you hit half your bonus, 15%. And we'll use for the sake of a talk show the 500,000,

the 500,000 as the base pay. We can say compensations flirt with 600 for that position. And some of these folks workin' for this institute are gonna have partners, husbands or wives that work in their household as well. You will have 800 people working directly for a Fontaine Avenue research park, 800, that are individually making median

about a quarter million dollars a year. If they have partners that pushes them well over 300, where are 800 additional families at this type of take-home pay going to live in Charlottesville? I sincerely mean that. How many active listings are in the car footprint right now? Seriously, if I go into the car footprint, how many active listings right now?

go into the CAR footprint, how many active listings right now? That's what, 1,400? I don't have that exact number. I should know that number. I could dig deep into Paragon. I can't do that in the fly. Let's see if I just type in Charlottesville into the MLS. Can you get that number? I mean, I don't know if you can get that without typing in, without using Paragon for me. If I just type in Charlottesville in the MLS, it says 95. I know that number's super low. We're going to unpack that on today's show. Let's go to a studio camera.

We'll weave you in on a two-shot. You, you, you, I've seen you cringing over there with this commentary. And I know you're cringing because you realize the dramatic impact that's about to come down the pipeline. You realize the impact that this is going to have in the Charlottesville, Almar County, and Central Virginia area. You're not cringing because it's an uncomfortable

conversation, because we planned on this. You're cringing because you see collateral damage. I don't want to put words in your mouth. Yeah, I mean, we've already got a problem, and tossing fuel on a fire is always a good idea. So yeah, let's add more people to an already, you know, Causing fuel on a fire is always a good idea. So yeah, let's add more people to an already cramped market. Considering the fact that we just saw a shack going for $300,000.

Asking price. A tear down for a seventh of an acre on Delavan Delavan Street we cover that on this show asking price 300 grand the owner and out-of-market LLC asking price comments are coming in quickly let's go to number one in the family before we get to comments let's thank Charlottesville Sanitary Supply for being a partner of the show 60 consecutive years of being in business let's make it another 60 years John Vermillion Andrew Vermillion Charlottesville for being a partner of the show. 60 consecutive years of being in business. Let's make it another 60 years.

John Vermillion, Andrew Vermillion, Charlottesville Sanitary Supply and online at CharlottesvilleSanitarySupply.com. The Vermillions do business the right way, the honest way, the communicative way. John Vermillion, Andrew Vermillion, Charlottesville Sanitaryitary supply on East High Street. Deep Throat, number one in the family, first headline put on screen, Judah.

You unpack this headline with the who, what, when, where, why, and then all first as you unpack that headline, I'll relay what number one in the family has to say. He says, one thing that makes determining what is middle class more difficult than generations ago is the absolute explosion of student loan debt. You could have two families with $100,000 in income. One of them might have no student loan debt and the other might be paying 10 to 15% after tax income on student loan payments. It is a bigger deal these days because A, the degrees have become much more common and B, much more costly. He adds this deep throat. So $100,000 starting with a clean

slate might be middle class. $100,000 starting out having to pay back tens of thousands or hundreds of thousands of dollars of educational costs you've already undertaken, probably not quite middle class, he says. I will say this, I played a boatload of squash with a 32-year-old name, I'm not going to use his full name. I've said this story in the past, his first name is Matt. He just graduated from the Dardenne School. This guy is one of the brightest people I've been around.

He's got that positive and contagious energy that you wanna be around. He played college sports. I won't say which sport, because people can probably track him down. He played a varsity college sport at Princeton University. Okay. He is athletic.

He is likable. He's talented. He's a sharp looking guy. He's conversational. He comes from a salt of the earth family, an entrepreneurship family. Didn't come from a lot of money. Wanted to go to Dardent, was

one of the best. I said, what's your debt profile look like? And he turned the conversation around and said, and I learned from him, this guy's 32 years old and I was learning from him all the time. Damn good squash player, very good squash player. And he said, what do you think my debt profile looks like? I paused and I didn't want to insult him. I said, your debt profile I think is like 150K at like seven or eight points. Amateurized over 10 years, I think that's what I said. 10 year schedule on that.

And he said, I wish. Then he told me. He said, I am in student loan debt and debt tied to taking two years pursuing this degree in Charlottesville at Darden, just under $250,000. For two years. Some of that debt is living expenses, housing expenses that were accrued. It's about 100 grand a year for Darden, so 250,000.

And I said, what point and at what kind of interest rate? He said nine and change. Ouch. And then he said, I know what you're thinking next, Jerry. Go ahead and ask it. And what I was thinking next is you're going to go work in finance in Manhattan, you know. And he goes, I know what you're thinking. Go ahead and ask it. What I was thinking next is, you're going to go work in finance in Manhattan. And he goes, I know what you're thinking. Go ahead and ask him. I said, what are you talking about?

Because he said, how are you ever going to pay this back? That's what you're thinking right now. And he said, well, I'll answer it for you. I've gotten to know you over two years. He's working in finance in Manhattan. He's got a base pay of $1.45, $145K. He had a $10,000 moving allowance, sign-on bonus, whatever the hell you want to call it. And he has a chance to get some bonus structure that could add

$30,000, $35,000 to it. And I checked in with him a couple weeks ago, because I'm going to be up there, and I'm going to look to play some squash up in Manhattan, the Brooklyn area. And I've got some friends up there now. May play at Heights Casino or R&T. And I said, have you been playing any squash? We're going to be up in Manhattan.

I would love to hit with you. And he goes, dude, all I do is work. I'm clocking 80 hours a week. I'm trying to get to senior associate. I've gained weight. I'm not playing any squash. I made the mistake of bringing a car to Manhattan and paying a monthly parking fee for my car.

That was stupid. My girlfriend and I, she's working for McKenzie. My girlfriend and I made the mistake of renting a Tony studio or one bedroom in Chelsea. That was a $9,000 a month rent. I'll never do that again. Never have a car here again. We're combined income north of 300,

and we're breaking even with our student loan payment. I haven't played any squash. Maybe I can see you for a drink. Literally said it to me like that, that frankly. Manhattan is also one of the places where 100K goes the least amount. And we're going to talk about that today. And we're going to talk about that today.

So to deep throat's point, folks that have $250,000 in debt, and I'm not saying everyone has $200,000 debt. $150,000 to $250,000 in debt is very realistic. $150,000 to $250,000. At 8 to 10 points on an interest rate, spread over a 30-year schedule, you're getting effing a mortgage right here. Okay, and not everyone's going into a job

like this guy did in finance in Manhattan where he's clipping 200K in his first year. Imagine the folks that are going into jobs that are clipping 80, 90, 100K. How long it's gonna take for them to pay and the difficult issue they're going to have with just managing the debt service each month on top of living each month. So the very challenging conversation we're going to have on today's show, viewers and listeners, is what is $100,000 actually

worth in 2025 and what's a $100,000 per year salary worth in the Charlottesville area. and what's a $100,000 per year salary worth in the Charlottesville area. And I started this by talking about UVA and where it's gone, and how I don't recognize the University of Virginia anymore as UVA pursues this initiative of being a new Ivy, air quotes, new Ivy. It's embracing the moniker of new Ivy. For it to be a new Ivy and to do all these things,

it's had to raise its tuition to levels of new Ivy, of old Ivy tuition levels. And as it's raised tuition to old Ivy tuition levels in Charlottesville to be a new Ivy school, it's basically created a 10.2 square miles to the city of Charlottesville and the county of Albemarle, which is what, like 110, 115,000 people. It's basically created two jurisdictions that are the birth child of Austin, Greenwich, and Vail with South Hampton in the corner of Menage-et-Toi.

We're going to explain to you how and why. First, Judah Wickerwer, you set the stage please for the viewers and listeners. With what $100,000 is actually worth in 2025. So this is, the information that I found is all dealing with these numbers after accounting for applicable taxes and local cost of living premiums.

As I said, 100K goes least far in the borough of Manhattan in New York City. It only gets you about $30,000 in spending power, whereas some of the places where it goes the farthest are in Texas and Oklahoma, where you're seeing upwards of 80, $85,000 of that money actually being worth something. What really surprised me,

Washington, DC is on two lists. It's on the list of places where the money is worth the least, but it's also had some of the most growth in the last year. The value has increased the most and so for DC last year it was worth roughly 49,000. This year that's above 51,000. And as we talked about earlier, I was curious if you thought that that had something to do with so many, with the exodus going on in D.C. I think D.C. is in an eye of a storm that is just beginning.

I think one of the most vulnerable aspects of our country right now is the greater DC area. And the further away you get from DC proper, the more vulnerable the DC area is going to be. Think about it as a donut, okay? You take a glazed Krispy Kreme donut that looks like this. And the whole of the glazed Krispy Kreme donut is DC, called the White House. Call it

a call it like where the power players are, right? That's the whole. The further away you get from that hole to the edge of the glazed Krispy Kreme doughnut, that edge portion is the most vulnerable. That's where you're going to see values plummet. When inventory upticks in DC, the values on the edge of that doughnut are the ones most susceptible to plummet. It's a comparison made to the Charlottesville and Elmora County in central Virginia during COVID and the pandemic,

when the shit got crazy here and values went through the roof, people got priced out teachers, firefighters, police officers, nurses, retail workers, frontline workers. They got priced out of Charlottesville and Amar County. And many of them went to Waynesboro, the tree streets of Waynesboro. They went to Augusta County. They went to the Valley.

We called it fly to you qualify, not drive to you qualify, but fly to you qualify. Because folks were having to go so much further from the epicenter of employment. Those areas were hot when the real estate market was sizzling. And during the pandemic estate market was sizzling and during the pandemic, it was sizzling to a level that we've never seen sizzle before in the history of Charlottesville.

If a home had four walls and a roof, it would sell. People were waiving inspection contingencies. They had escalators, multiple offer situations were the norm, asking prices were a starting point. The finish line was nowhere near the ask, it was way higher. And at that point, that drew that created value for Waynesboro, for the tree streets, for the valley, okay, for Augusta. As the real estate market has cooled some in the Charlottesville, Almar County in central Virginia area, I did not say for the bears that watch the show, Kevin Yancey, I'm talking to you here, I did not say for the bears that watch the show, Kevin Yancey, I'm talking to you here.

I did not say that the real estate market has dropped or is in the red and still upticking and in the black. In certain pockets of Alamaro County, like the Ivy quarter from 240 to 250 to the Lewis Mountain neighborhood, you're going to see a double digit increase in value year over year again. For like the fifth, for like the fifth for like the since COVID probably the fourth or fifth straight year in a row. But the greater central Virginia area in a lot of ways has cooled a little bit has not dropped. It's just the historic

appreciation of say, three to 7% year over year. And what you've noticed is that level of appreciation is not is not driving values and Wnesboro and Augusta in the Chandoa Valley like it did in COVID. So like that area is a smidge vulnerable right now. Now you can make this argument when you get the impact of this biotech institute and this data science school all coming in line at the exact same time, within full force of say, conservatively a 12 month period, maybe that could be another momentum driver that is like COVID and the pandemic of driving values to the valley. Maybe that's what happens. Only time will tell.

I still am very bullish in real estate. That's literally how we make our living as real estate. It's not doing this podcast, folks. But how we make our living as real estate, I'm still very bullish in this area. If you hold it, if you buy it, if you live in it, and you hold it, you're going to do extremely well. If you're buying it and you're trying to flip it

in a couple months, you're going to have some vulnerability potentially. But if you hold it long term, you're gonna do really well. I'm gonna ask you the viewer and listener to this question, where will 800 people making a quarter million dollars or more one person, and if they have a partner, well over 200, where will they live in this area? What is the impact that that is gonna have

on the class A residential homes that are on the market right now? I'm talking the homes in the primo locations. Of course, those are going to be targeted by these wealthy folks. And then the folks that right now we're targeting those wealthy homes, those top level homes, they're going to then focus their attention on the homes right below that super class A level house. focused their attention on the homes right below that super class A level house. Maybe it's an A minus home. And then the folks that were targeting the A minus homes, and I'm not throwing shade at anybody, I'm not throwing shade at anybody. I just want to do a comparison here. This is going to get me into some hot water, but I'm going to make the comparison anyway, okay? And I'm going to do it to a comparison to an area

that I know inside and out, okay? Someone targeting a hole in the ivy area from the 240, 250 split to Lewis Mountain, okay? Your entry point in that stretch is probably 1.1 is your entry point. Million, 100,000. And that might actually be light. Now you can find some offshoots that are less than 1.1,

some offshoots that are under a million, but I can tell you right now you're going to need a quarter million dollars or more to get that house up to IV standards, okay? And that 1.1 million is light. Even if you're buying something at 1.1, 1.2 in that IV area, even 1.3, you're going to have to put a boatload of work into it.

A boatload of work into it. A boatload of work into it. The folks targeting that area, right there, let's call those in the grand scheme of Central Virginia, your Class A plus. From a demand, from an interest, from a target level standpoint. If that Class A plus gets demand from an interest, from a target level standpoint. If that Class A plus gets 800 people going after them that have household compensation north of 300,000 with two income workers,

with two people earning income in the house, north of 300,000, that's gonna have a lot of interest and demand which is gonna drive value up. That's gonna to have a lot of interest and demand which is going to drive value up. That's going to take the buyer today that's looking at that stretch and going to put them on the sidelines or push them out of purchase. Then that buyer of today that still wants to get in that Western Alamaro School District, the Merriweather Elementary, it's not Merriweather anymore, what the hell is it called right now?

Ivy Elementary, the Murray Elementary, the Brownsville Elementary, the Crozet Elementary, the Henley Middle, the Western Alamoro, that school pipeline, some call that Stab West, that pipeline, St. Anne's West, that buyer that today is going to get priced out of that stretch tomorrow is then going to shift their attention to the Crozet area. Crozet area will say if that IV stretch is A+, we'll call that Crozet stretch B plus to A. Heck, we'll give it an even B to A, full letter grade. There's pockets of Crozet that I'll call that B, B minus.

There's pockets of Crozet that are straight up A. That's just facts, okay? And this could upset some people, but this is just how I look at life. This is just realistic. So that person today that was looking at buying tomorrow in that IV area is going to shift to the B to A minus area, the B to A area in Crozet.

That takes the person that was targeting Crozet, because they wanted Western Memorial schools from their kids, and says, good God, we can't afford this area anymore, because all the people that originally were looking at IV, they got priced out of the Biotech Institute, people are now looking at Crozet, so now we have to look at at maybe it's Greenwood,

a suburb of Crozet. Maybe it's that Afton area that's still Western Almaro Schools that's not quite in the Nelson County line, but still Western Almaro Schools, right? Then you're gonna drive value to that Greenwood, Afton area of Alamora County. And that's going to really create demand for housing.

And you're going to have this trickle-down impact. And then before you know it, you're going to say, good God, our median family household, according to the I Love Seville Show, they say HUD is 125,800. We're well above that. But we're having to purchase on the Nelson County line. We're having to purchase in Afton. We're having to purchase in Greenwood.

And we're not even sure we can do that. And then my husband or my wife is having to drive 40 minutes with traffic just to get to UVA and the health system where we work. Or downtown next to the I Love Seaville studio at one of the 13 hedge funds around here. And that's when the community completely changes. And I'm going to ask you the viewer and listener this question, okay? I'm going to ask, I sincerely am asking people like Rob Neal or John Blair or Bill McChesney,

Georgia Gilmer, Jason Howard, like the OG of Charlottesville here, I'm gonna seriously ask you this question. Can you explain to me in Charlottesville's history where our community has seen an impact similar to what's coming down the pipeline with data science school and Paul Manning Biotech Institute coming online at exactly the same time.

Spread amongst those two schools, deep throat, you got to give me this. Chad Wood, I'm asking you this question. Neil Williamson, I'm asking you this question. Stephanie Wells-Rhodes, I'm asking you this question. Conan Owen, I'm asking you this question. Michael Guthrie, I'm asking you this question. Juan Sarmiento, Tim Carson, I'm asking you this question. Tom Powell, I'm asking you this question. Michael Guthrie, I'm asking you this question. Juan Sarmiento, Tim Carson, I'm asking you this question. Tom Powell, I'm asking you this question. When biotech and data science come online at exactly the same time, deep throat, you've got to give

me this number. Conservatively, I will say conservatively, conservatively, 8,000 incremental new households with quarter million dollars or up salaries living in this area targeting Charlottesville and Elmora County. You combine the economic impact of the data science school and the economic impact with the Paul Manning Biotech Institute. And you put them in one pot and you add up all the direct jobs and indirect jobs

from those two schools coming in line, online at exactly the same time. I will say conservatively 8,000 combine direct and indirect incremental, which means new, new families, households to this area clocking a quarter of a million dollars or more in household income. You give me that number? I'm asking my friend that question right there. Combine 8K with those two. You think that's fair deep throat. Respect your opinion tremendously. Where is that incremental household base going to live?

Anywhere they want. I mean, obviously... I don't even think the answer is anywhere they want. No, I mean... You know why I don't think it's anywhere they want? Because not everybody's going to be selling. Exactly. We still have how many people holding dearly to the 3 and 4 percent rates secured during COVID? Yeah.

What's your mortgage rate? Can I ask you? It's in the mid threes somewhere. Look at that. You got a piece of gold you're living in. I know. Mid threes. Where are they gonna live? Have we ever, ever, ever? I don't think we've ever seen an influx of... In the history of Charlottesville. Definitely not. I don't know that answer. Not for one specific reason. In a calendar year, yeah, in a 12-month period, have we ever, ever And the two schools that are coming online at the same time are the two lines of professional work that are the most in vogue, the most hireable, the most sexy, the most well compensated, lucrative, appealing, attractive lines of work in the world right now. You pick up the journal, you turn on Bloomberg, you turn on CNBC, anything.

All you're effing hearing is biotechnology, data science, artificial intelligence, chips, semiconductors. That's all you're hearing. Robots. That's all you hear. hearing. Robots. That's all you hear. Comments coming in. Conan Owen. We have his photo now. Conan Owens? No, not yet. You didn't get it yesterday? No. Will you promise Conan Owen who's watching the show that you will get his photo? Will you promise him? I promise you, Conan. For tomorrow's show, will you promise me? Yes.

Please. Thank you. I don't have the timeline, but some combo of UVA, Martha Jefferson Hospital expansions, plus INGIC would be about as close as I could get to that. Did UVA, Martha Jefferson Hospital expansions, and INGIC happen in the same 12-month period of time, though, Conan? I don't have that answer. I'm genuinely asking you that question, Conan? I don't have that answer. I'm

genuinely asking you that question, sir. I don't know. I want to crowdsource knowledge so we all get smarter. That's what the show is about. Jason Howard, we've dubbed him the Mayor of Rio Road. Jerry Miller, the only event I can think of that's created a rapid change here was COVID. We bought well before then, but in 18 months, our assessment doubled on our home. As for the 45 minute commute to work, that may be something new if you're used to our traffic, but covering from NOVA, 45 minutes to get to work

was not unusual or even on the upper end of average commutes. Great comment from Jason Howard. Great comment from Jason Howard. Deep throat. Respect this man tremendously, he knows I do. He says, on that 8,000 number, he says, yes, maybe 8,000 total direct and indirect induced jobs from both the data science school and the Paul Manning Biotech Institute,

when all the directs and indirects are counted after both institutes are fully up to speed. And they're both fully up to speed. And they're both up fully to speed within the same year. That's my words there. He says, but that 8,000, I'm not sure if it's 250,000 median average. I'll push back on that respectfully. I think that 250 number is right there, But I'll respectfully push back on it.

He says, many of the indirect and induced jobs will not be 250K jobs. And some of the people are abandoning other local jobs and maybe killing some other local businesses in the process. I'll respectfully push back on that too. I will respectfully push back on deep throat here. The current worker base in the Charlottesville metro area, the current worker base in the Charlottesville metro area is not deeply experienced with biotechnology and data science. There are exceptions to that and that's why Glenn Yonkin, I'm doing a Google,

biotechnology Charlottesville. He was here for, yeah, here it is. Where the F is that? Afton Scientific, memory is good, Jerry, the memory is good. Pharmaceutical, here it is, Afton Scientific to expand biopharmaceutical facility in Almaro County. You guys can learn more about this if you take your phones

out and Google Afton Scientific to expand biopharmaceutical facility in Almaro County. Then you will be reading exactly what I'm reading. The pharmaceutical manufacturer, and this was released in October of last year. This is down Avon Extended, kind of where the entry to Wegmans is, is where Afton Scientific is located.

Glenn Yonkin was in town to highlight Afton Scientific, a manufacturer of sterile injectable pharmaceuticals. And the fact that Afton Scientific will invest over $200 million to expand its bio-pharma manufacturing facility in Almarra County. The project will create hundreds of new jobs. Virginia successfully competed with several states for the project.

Afton Scientific's multi-million dollar expansion in Alomar County is a powerful testament to Virginia's thriving life sciences industry, said Glenn Yonkin. There's other, Afton Scientific's expansion is a win for Alomar County and will attract more than 200 new jobs. They highlight the Paul Manning Biotech Institute in this release coming online.

I'm going to say this again, and this is not to toot our own horn. I do not know a platform or a media brand or a content creator in central Virginia that from before day one, because we knew this donation was coming from the Manning family, before the donation was announced, I don't know a single outlet that was touting the impact of data science and biotech institutes like we have on this show. And the reason it's very smack dab in the middle of the news cycle is the institute on Fontaine just hired its leader. And we now have Intel with somebody that's inside the room that I trust tremendously

that's saying this guy's base pay is between $560K a year with KPIs with 30% bonus tied to key performance indicators. I mean, you're talking to a guy here that easily could crack $3.25 million if the cookie crumbles the right way. Philip Dow highlights the infrastructure. We don't have the infrastructure to handle the influx that's coming to our area. Think about traffic.

Absolutely think about traffic. Think about the schools. There's a reason with the private schools in this area that there's waiting lists to get into these schools. Understatement, waiting lists to get into these schools at the private schools. Why do you think a lot of these private schools are looking to expand, do capital improvement projects

to expand enrollment? Unbelievable what's happening. Why isn't this being discussed? This is the problem you have with news deserts that have sprung up. So I'm going to ask you this question. What's $100,000 per year salary worth in Charlottesville? That's a good question. I'm going to ask you this question. What's $100,000 a year salary worth in Charlottesville when you're about to have 8,000 people coming to the area over Charlottesville?

Okay, deep throat, you'll give me this, right? That if the number is 8,000 with data science and Paul Manning Biotech Institute combined, what do you think the median salary is Deep Throat on that 8,000? I'm very curious to see what he says on that. Has he said it already in the comments? Give me just a number real quick

if you're still watching here. What do you think the 8,000 is, the median salary on those 8,000 with the biotech school and the data science school? Median salary. Pump that into the DM. I'm curious of what its number. I guarantee you that the median is over 100. I guarantee you it's over 100.

I'm curious to see what he says. This is a very forward thinking individual that knows data better than I do. I will bet you it's well over 100. So this takes it a step further. And let's take it a step further, okay? Knowing this stuff is happening because you're a loyal viewer and listener of the I Love Seville Show. And you know that the I Love Seville Show

is where knowledge originates in central Virginia. And then the other media outlets are just ripping us off. Okay? Knowing that this is what's happening in central Virginia, how or why would anyone ever give up How or why would anyone ever give up a 2.5%, a 3% or 4% loan? Who would ever do that? And you see the throttle nature of what this will do to inventory. It's going to throttle it. And as inventory continues to be throttled,

what happens to values? They keep going up. And the value of your $100,000 goes down. There it is. And this, we started about the impact of the University of Virginia on how we don't recognize the uni. When I went to the University of Virginia 25 years ago, it's crazy, 25 years ago, you know

what the University of Virginia was about? It's about academics. It's about going to class. It's about going to Coupe de Ville's and listening to Benny Dodd on a Tuesday on Eliywood Avenue, or having five dollar steak and potatoes at Buddhist biker bar on a Monday, or pounding shots at a Biltmore going to a fraternity party at Phi Kappa Psi, Easter's, midsummer's, is about a four-year rite of passage that we called college that was much more similar to Animal House Than what it is now and what it's become now is new ivy and

new ivy means incubator Means technology means change the world, means birth the next generation of Pulitzer Prize winners, means create companies that will cure disease and unfortunately replace millions of workers. This evolution of Thomas Jefferson's University of Virginia is an evolution into an academic gold standard that is less about right of passage from young adulthood into adulthood and then go get a nine to five. And today is instead about young adulthoods, young adults becoming the pioneers of their profession. And that has good and bad. Why is no one talking about this?

Bob Schada knows this community inside and out. He says $100,000 afford you a decent apartment if you have a roommate. He may not be wrong. That's a, I believe that's knowing Bob shot the mayor of Birdwood, a tongue in cheek joke there. Yeah. $100,000 get you a decent apartment in the Charlottesville area if you have a roommate. A three-bedroom, two-bathroom at the villas at Southern Ridge,

I know because I have one, is running for $2,600 a month. There's a waiting list. That used to be country green apartments where you never visited after dark. Never. And that was country green apartments. 18, 7, 14, 18, 20 years ago. That was country green apartments

You have a condo complex down 5th Street extended and off Olenchburg Road Where 20 years ago you did not go and visit? unless you live there or had friends there after dark because of fear of crime and or had friends there after dark because of fear of crime. And 20 years later, not even 20, that same complex is churning 2,600 times 12, $31,200 a year in rent for a landlord. And three and two and a half years, you're collecting,

You're collecting, in two and a half years, you're collecting half the rent. You're collecting, in two and a half years of rent, the total you collect in those two and a half years is more than 50% of what the condo cost to purchase. no cost to purchase. That's insane. And that is the impact of the University of Virginia today. First what it was when I went there, when it was about carrying some textbooks and a Jansport backpack, walking down Rugby Road in your Birkenstocks with some cargo shorts and a tank top on, checking out the girls that were sunning in their bikinis in the Mad Bowl, heading to Newcomb Hall

for some chicken tenders and some Chick-fil-A and some waffle fries. Going to music appreciation class, Ken Elzinga's economics class, Larry Sabato's government class. Enjoying some philosophy around the rotunda and then walking back to Lambeth Commons or your fraternity room at Phi Kappa Psi and

stopping at Coops for a couple beers before you took a nap Don't happen like that anymore We didn't get to a lot of topics on today's show and we missed a lot of comments. Vanessa Parque has a really good one. Owen Brenner loves when I whisper. I'll whisper some more Owen. Did you get Owen's photo that we can put on screen? I need to get it in there. Can you promise Owen Brenner that we'll have his photo on screen too? Owen Brenner? I don't... Owen Brenner and I'm gonna send Owen a friend request. I just sent you a friend request Owen. Promise Owen and Conan that you're gonna have their photos on screen. I'm

seeing his photo. But Owen is, I need a good place where I can find a photo of him. Go to his Facebook page. I'm on his Facebook page. I'm on his Facebook page too. I'm typing his profile picture. There's a great photo. That?

Okay. What's wrong with that photo? Two guys next to, at a wedding in suits. Okay. And he's gonna hopefully accept my friend request and then you can find some other photos that we can post on there. Vanessa Parkhill, her photo.

How would that help me find more? Because I'm sure that's not the only image she has on his Facebook page. And as you friend- Why wouldn't you be able to find it? As someone accepts your friend request, you have more access to their album of photos. Until they accept your friend request, you don't have carte blanche of every photo to their album of photos. Until they accept your friend request, you don't have carte blanche of every photo on their album. It's called privacy settings. I think you're assuming a lot.

I'm not assuming a lot. This is how it works. You have access to people's photos when you're friends, when you're not friends on Facebook, privacy settings keep you from having full access to their Facebook page. Okay. Vanessa Parkhill.

So it's also possible that these high tech folks are coming from even higher priced housing markets like Silicon Valley and they will think the real estate here is a steal. Meanwhile, longtime residents are wondering what the heck is happening. Bingo. Yeah. Martha Freeman, bingo. It has become increasingly difficult to live here as a single person. I moved here in 2008, bought a home using equity from my home in

Pennsylvania and bought at the bottom of the market in early 2009 outside of the county. In spite of multiple pay increases and earning a good living, I am now working overtime every other week to help pay the bills. At least I love my job and currently have the ability to work overtime because my department has been so understaffed. We have had difficulty hiring in part due to the high cost

of living. Great comment from Martha Freeman. Martha Freeman needs to be part of the family here. Let's add her to the list. I sent you a friend request, Martha Freeman. Can you please accept it? Great comment from you, Martha. Philip Dowell's watching in Scottsville.

He says, Jerry and Judah, I learned so much from your show. Thank you. Thank you for watching the show. Travis Hackworth is watching in Danville. He says, that debt load that you talked about with graduate students is part of the reason people are running for the hills from major metropolitan areas where living expenses are insanely high.

Danville, Dan Vegas, one of the more popular areas in the Commonwealth. In large part because of its affordability. I will ask the question, where is the job? Where are the jobs, the new jobs, the incremental jobs? What's the job market like there? And that's no shade on Danville, Travis. You know that. Alright, I didn't get to a lot of topics today again because I had a lot to say on these topics. I want to highlight a couple of options before I get off air. First, I want you to put the Selvage Brewery lower third on screen if you could please.

I want to commend the team at Selvage Brewery for having experience absolutely dialed in. They have consistency with their staff. The beer they brew is damn good. I really hope Casey and the team at Selfish Brewery hears this, the beer is damn good. And they've done a really good job of being a family attraction. and they've done a really good job of being a family attraction. Interestingly, they auto-gratuity 15% on every bill.

They tell you when you check out there's 15% auto-gratuity already included. You can tip on that if you want, on top of that if you want. But perhaps that is what's led to consistency in staff. They've done it really well. There's a handful of breweries locally that have seemed to have figured out the model. Pro Renata is another one. What John Shabe is doing in Crozet, his team at Pro Renata, I've called it the Disney world of Crozet, where if they've become an experiential destination, you go to Pro Renata to experience life, music, fire pits, the

views of the Blue Ridge Mountains, music venues everywhere, sports bar, a playground for kids, arcade games, and if you've noticed now Star Hill is copying Pro Renata and what the talent is doing at John Shabe's team. Star Hill, guys, has now introduced pinball machines. Star Hill Crozet is introducing pinball machines to the brewery. This is exactly what Pro Renata led the charge on. And I know it's frustrating getting copycatted, but copycatted is a form of flattery. And Star Hill's trying to hang on. I'll just cut to the chase. They are trying to hang on. I can't imagine how much hemorrhage is happening

at Star Hill Dairy Market right now. Yeah. I can't imagine the level of loss that's happening with Star Hill at Dairy Market each month. Just look in the windows. I'll talk about the economics of UVA season tickets tomorrow where the athletic department is now asking for tens if not hundreds of thousands of dollars just to keep your seats at the John Paul Jones arena. The odd thing is it's happening

after a down stretch for the basketball team. The last four or five years have been a down stretch for the basketball team. The last four or five years have been a struggle for Virginia Men's basketball and yet they're asking for more money. That's maybe the craziest part of it. Yeah I think you're right and the unfortunate thing is is they have to do it because all the other schools are doing it. It's a keeping up of the Joneses effect. Stupidity. Other headlines that I missed, Judah? Am I on a one-shot? Yeah. Thank you. I think I covered everything. TomTom Festival kicks off today. Let's talk about the fireworks tomorrow. All right. We got 4th of July fireworks from Carters Mountain.

I love community events. And UVA and William & Mary named new Ivy League schools. Being named a new Ivy League school is akin to when Charlottesville was named the best place to live. It's got pros and cons to it. When Charlottesville was named the best place to live in America, look at what it did to housing values. UVA being named a new Ivy League school, we should mark it on a timeline, like a historical

timeline and see what happens after UVA gets named a new Ivy League school, moniker, just like what happened when Charlottesville was called best place to live in America. All right, I hope you enjoyed the program. We went 80 minutes straight today. Find me somewhere else that's doing local news for 80 minutes straight without taking a break. And we don't ask you for any money. We don't ask you to subscribe to our Patreon.

We just do it because we enjoy it. The only thing I ask of you is that you hit the like button. If you like today's show, hit the like button, please. Tag a friend in the comments and say, you should really watch this show because you can learn something. And please subscribe to our YouTube channel. That's literally the only thing I ask of you,

and it can take you five seconds, folks. Please do that. Judah Wickauer, very good at what he does. For Judah Wickauer, my name is Jerry Miller. Thank you kindly for watching us on a glorious and gorgeous Wednesday afternoon in Charlottesville, Virginia..