Total monthly cost of ownership
Cost to Own a Home in Colonial Beach, Virginia
A $243,000 home here costs
$2,033per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $87,000 a year.
A standard mortgage calculator would have told you $1,325. The real number is $708 higher every month, 53% more than the payment most buyers budget for.
Compare Westmoreland County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Colonial Beach from a five-year rolling sample, and with about 3,930 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Westmoreland County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Colonial Beach against Westmoreland County and Virginia
| Measure | Colonial Beach | Westmoreland County |
|---|---|---|
| Median home value | $242,800 | $244,000 |
| Median property tax | $2,351 | $1,506 |
| Effective tax rate | 0.968% | 0.617% |
| Median gross rent | $763 | $991 |
| Population | 3,930 | 18,683 |
The weather behind that power bill
Colonial Beach sits in Westmoreland County, which averages a high of 88.4°F in its hottest month and a low of 28.5°F in its coldest, with 45.19" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,416 cooling and 3,880 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Westmoreland County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Westmoreland County
No other places of this size are published in Westmoreland County.
Full Westmoreland County cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Colonial Beach averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Colonial Beach every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Colonial Beach I already own here and may sell
Common questions
How much does it cost to own a home in Colonial Beach?
A $243,000 home in Colonial Beach, Virginia costs approximately $2,033 per month with 20% down at 7.24%. That is $1,325 principal and interest, $196 property tax, $60 homeowners insurance, $250 utilities and $203 set aside for maintenance.
What is the property tax rate in Colonial Beach?
Colonial Beach has an effective property tax rate of 0.968%, based on a median home value of $242,800 and median real estate taxes of $2,351. That is higher than the Westmoreland County average of 0.617%.
What is the average home price in Colonial Beach?
The median owner-occupied home value in Colonial Beach, Virginia is $242,800, against $244,000 across Westmoreland County.
Is it cheaper to rent or buy in Colonial Beach?
Median gross rent in Colonial Beach is $763 a month, against $2,033 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Colonial Beach?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Colonial Beach, Virginia at today's rate takes a household income of roughly $87,000 a year. That covers the full $2,033 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Colonial Beach, 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.