Total monthly cost of ownership
Cost to Own a Home in Chincoteague, Virginia
A $329,000 home here costs
$2,401per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,691. The real number is $709 higher every month — 42% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Chincoteague against Accomack County and Virginia
| Measure | Chincoteague | Accomack County |
|---|---|---|
| Median home value | $329,200 | $193,100 |
| Median property tax | $1,536 | $962 |
| Effective tax rate | 0.467% | 0.498% |
| Median gross rent | $1,102 | $973 |
| Population | 3,300 | 33,326 |
The weather behind that power bill
Chincoteague sits in Accomack County, which averages a high of 86.1°F in its hottest month and a low of 29.5°F in its coldest, with 43.25" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,358 cooling and 3,957 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Accomack County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Accomack County
Full Accomack County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Chincoteague?
A $329,000 home in Chincoteague, Virginia costs approximately $2,401 per month with 20% down at 6.66%. That is $1,691 principal and interest, $128 property tax, $81 homeowners insurance, $226 utilities and $274 set aside for maintenance.
What is the property tax rate in Chincoteague?
Chincoteague has an effective property tax rate of 0.467%, based on a median home value of $329,200 and median real estate taxes of $1,536. That is lower than the Accomack County average of 0.498%.
What is the average home price in Chincoteague?
The median owner-occupied home value in Chincoteague, Virginia is $329,200, against $193,100 across Accomack County.
Is it cheaper to rent or buy in Chincoteague?
Median gross rent in Chincoteague is $1,102 a month, against $2,401 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Chincoteague — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Virginia.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.