Total monthly cost of ownership
Cost to Own a Home in Colonial Heights, Virginia
A $232,000 home here costs
$1,943per 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 $83,500 a year.
A standard mortgage calculator would have told you $1,265. The real number is $678 higher every month, 54% more than the payment most buyers budget for.
Compare Colonial Heights city with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Colonial Heights against Colonial Heights city and Virginia
| Measure | Colonial Heights | Colonial Heights city |
|---|---|---|
| Median home value | $231,700 | $231,700 |
| Median property tax | $2,127 | $2,127 |
| Effective tax rate | 0.918% | 0.918% |
| Median gross rent | $1,162 | $1,162 |
| Population | 18,210 | 18,210 |
The weather behind that power bill
Colonial Heights sits in Colonial Heights city, which averages a high of 89.3°F in its hottest month and a low of 28.3°F in its coldest, with 46.99" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,525 cooling and 3,759 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Colonial Heights city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Colonial Heights city
No other places of this size are published in Colonial Heights city.
Full Colonial Heights city cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Colonial Heights 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 Heights every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Colonial Heights I already own here and may sell
Common questions
How much does it cost to own a home in Colonial Heights?
A $232,000 home in Colonial Heights, Virginia costs approximately $1,943 per month with 20% down at 7.24%. That is $1,265 principal and interest, $177 property tax, $57 homeowners insurance, $250 utilities and $193 set aside for maintenance.
What is the property tax rate in Colonial Heights?
Colonial Heights has an effective property tax rate of 0.918%, based on a median home value of $231,700 and median real estate taxes of $2,127. That is in line with the Colonial Heights city average of 0.918%.
What is the average home price in Colonial Heights?
The median owner-occupied home value in Colonial Heights, Virginia is $231,700, against $231,700 across Colonial Heights city.
Is it cheaper to rent or buy in Colonial Heights?
Median gross rent in Colonial Heights is $1,162 a month, against $1,943 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 Heights?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Colonial Heights, Virginia at today's rate takes a household income of roughly $83,500 a year. That covers the full $1,943 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Colonial Heights, 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.