Total monthly cost of ownership
Cost to Own a Home in Gloucester Point, Virginia
A $287,000 home here costs
$2,268per 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 $97,000 a year.
A standard mortgage calculator would have told you $1,565. The real number is $704 higher every month, 45% more than the payment most buyers budget for.
Compare Gloucester County 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.
Gloucester Point against Gloucester County and Virginia
| Measure | Gloucester Point | Gloucester County |
|---|---|---|
| Median home value | $286,500 | $289,200 |
| Median property tax | $1,724 | $1,718 |
| Effective tax rate | 0.602% | 0.594% |
| Median gross rent | $1,053 | $1,144 |
| Population | 11,159 | 39,228 |
The weather behind that power bill
Gloucester Point sits in Gloucester County, which averages a high of 84.8°F in its hottest month and a low of 29.4°F in its coldest, with 51.94" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,287 cooling and 3,944 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Gloucester County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Gloucester County
Full Gloucester County cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Gloucester Point 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 Gloucester Point every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Gloucester Point I already own here and may sell
Common questions
How much does it cost to own a home in Gloucester Point?
A $287,000 home in Gloucester Point, Virginia costs approximately $2,268 per month with 20% down at 7.24%. That is $1,565 principal and interest, $144 property tax, $71 homeowners insurance, $250 utilities and $239 set aside for maintenance.
What is the property tax rate in Gloucester Point?
Gloucester Point has an effective property tax rate of 0.602%, based on a median home value of $286,500 and median real estate taxes of $1,724. That is in line with the Gloucester County average of 0.594%.
What is the average home price in Gloucester Point?
The median owner-occupied home value in Gloucester Point, Virginia is $286,500, against $289,200 across Gloucester County.
Is it cheaper to rent or buy in Gloucester Point?
Median gross rent in Gloucester Point is $1,053 a month, against $2,268 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 Gloucester Point?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Gloucester Point, Virginia at today's rate takes a household income of roughly $97,000 a year. That covers the full $2,268 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Gloucester Point, 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.